In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Shrink wrapping machines are primarily used for the packaging of the various products. It also provides transparency of the packaged content. The shrink wrapping is the process that involves the application of the temperature sensitive films. The shrink wrapping machines offers the configuration functionality that is required to address the packaging requirements of the various products. It helps to keeps the product clean and makes it temper resistant.
The shrink wrapping machine can be used for the wrapping of overwrap on pallet loads boxes, cartons and beverage cans. It can also be used for the covering of the food items such as meats, cheese and vegetables.
The low operational cost associated with the packaging coupled with the increasing demand for the better packaging solution on the account of increasing disposable income of the population across the globe is anticipated to be the major reason driving the growth of the global shrink wrapping machines market. Additionally, the increasing demand for the better transportation of the goods and material is also major reason supporting the growth of the global shrink wrapping machines market.
The global shrink wrapping machines market can be segmented on the basis of type and end-use industry. On the basis of type, it is sub-segmented into automatic and semi-automatic. Automatic sub-segment is anticipated to be the fastest developing sub-segment during the forecast period. The growing technological development across the globe is anticipated to be the major reason promoting the growth of the sub-segment during the forecast period. On the basis of the end-use industry, it is sub-segmented into pharmaceutical industry, food and beverage industry and logistics industry.CLICK TO DOWNLOAD FREE SAMPLE
The increasing demand for the better packaging of the products so that it can be sustained for a long time is anticipated to be drive the global shrink wrapping machines market during the forecast period.
The shrink wrapping machines enables the complex packaging of the products with different shapes and size. It provides trouble free and efficient operation. Additionally, the various technological development associated with the shrink wrapping machines is anticipated to drive the market growth of the global shrink wrapping machines market.
The shrink wrapping machines needs high investment associated with the setup and it also used the plastic materials which is not environment friendly in nature.