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.
Request InsightsPurchasing power in the couPurchasing 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. Request Insights
Strapping machines are either manual or automatic machines which are used for strapping or to seal one or more than one products together. Strapping machines are perfect solution for industries which are looking for better options for packaging of their products. Further, strapping machine uses a roll of strapping which is further rolled around the boxes, packages or other products to seal them tightly. Moreover, strapping machines are highly used in shipping industries where proper packaging of products or parcels is one of major concern. However, strapping machines have a number of applications in different places such as commercial printing, food packaging, general packing, postal services and others. Their of plenty of different type of strapping machines are present in market such as pallet strapping machines, table top strapping machines and other strapping machines.
Global strapping machine market is projected to flourish at a robust compound annual growth rate (CAGR) of 4.8% over the forecast period i.e. 2017-2024. Further, global market of strapping machine is expected to reach at revenue of USD 6.7 Billion by the end of 2024. Growing food and beverage industries and packaging industries are expected to be the dynamic factors behind the growth of global strapping machine market during forecast period.
In terms of region, global strapping machine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Further, North America region is anticipated to witness a significant growth during the forecast period due to growth of food and beverages industries and growing consumer’s good packaging industries in North America region. Moreover, Europe region is anticipated to grow at a steady pace during the forecast period.CLICK TO DOWNLOAD FREE SAMPLE
Development of new food & beverages industries, increasing disposable income of the consumers and growing middle class are some of the major factors which have made Asia Pacific region fastest growing market for strapping machines. Additionally, Asia Pacific region is expected to flourish at a compound annual growth rate (CAGR) of 5.8% during the forecast period. Economies such as India, China and Japan are expected to be the major contributors to the growth of strapping machine market in this region.
Our-in depth analysis of the global strapping machine market includes the following segments:
Global strapping machine market is further classified on the basis of region as follows:
Global strapping machine market is primarily driven by factor such as growing consumer goods industries and increasing food & beverages industries. Use of strapping machines in these industries for packaging of products is likely to drive the growth of global strapping machine market in near future.
Moreover over strapping machines are very reliable in terms of proper packaging of products such as box or bundling of woods and at the same time guaranty their safety too. Further, rising demand for better solution of product packaging in industries such as food & beverage, printing and other is expected to be driving the growth of global strapping machine market during forecast period.
Additionally, technological advancements with strapping machines are also a major factor which is escalating the demand for strapping machines in industries. Moreover, increasing disposable income of the consumers and rising demand for packaged food items are some of the dynamic factors behind the growth of global strapping machine market. Furthermore, these factors are likely to drive the growth of strapping machine market in near future.
However, providence of safety measurements to strapping machines while manufacturing is a major challenge to the global strapping machine market. Additionally, availability of conventional machines for strapping purposes and use of aluminum as an alternative material for strappings are major factors which are anticipated to dampen the growth of global strapping market.
Overview of the Parent Market
Analyst View
Segmentation
The global strapping machine market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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