NEWARK, Del, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The global banding machine market is projected to grow from US$ 4.7 Bn in 2022 to US$ 7.5 Bn by 2032, exhibiting a CAGR of 4.7% during the forecast period (2022-2032).
Rising adoption of banding machines in end-use industries like food & beverage, pharmaceutical, electronics, e-commerce, and logistics is providing a major impetus to the growth of banding machine market.
A banding machine is used to band, bundle or display the products. It helps in protecting delicate and high-end materials. The machine applies a band material made up of plastic or paper to keep a strong hold on the products without causing any damage. It bands in a particular sequence consistently without any error.
Banding machines are used in various end-use industries as they can band or pack the products more efficiently and speedily as compared to the manual banding done by the workers. Thus, rapid expansion of these industries will eventually accelerate the growth of banding machine market during the forecast period.
In manufacturing industries, it is considered that “banding can be branding”. Banding machines help industries to print the brand logo or other branding identity without inclusion of any sort of additional labelling requirements. Thanks to the aforementioned reasons, demand for banding machine is likely to grow at a steady pace during the forthcoming years.
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Key Takeaways from Banding Machine Market
- Based on strapping speed, the 1.0-1.5 sec/straps segment is expected to lead the market and increase by 1.7 times the current market value during 2022-2032.
- By end-use, the shipping & logistics segment is estimated to hold the major portion of around 32% of the global banding machine market by the end of 2022.
- East Asia and South Asia banding machine markets are estimated to witness significant growth owing to a high presence of manufacturing industries such as food & beverage, which need packaging.
- The U.S. banding machine market is likely to create an absolute incremental growth opportunity of US$ 448.1 Mn during the forecast period
- Japan’s banding machine market is anticipated to grow at 6.2% CAGR during the forecast period.
“Rising demand for the manufacturing robots and the machines which can band efficiently & consistently is expected to drive the market for banding machine in the coming years and create a lucrative opportunity for the key players," says a FMI analyst.
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Rapid Growth in the Food & Beverage Industry Is Driving the Banding Machine Market
The banding machine is used extensively in the food and beverage industry as food and beverage products require more security and safety to prevent the product from being contaminated.
Products can be banded more effectively by the banding machines, which reduces the packaging risk of the industry. According to The Food and Drink Federation, the food and drink industry is the largest manufacturing sector and the industry’s output was more than 4.5% in the year 2021. The industry’s total business investment was also hiked by 7.9% from the year 2020.
Thus, it is estimated that due to robust growth seen in the food and beverage industry, the market for banding machines would grow significantly as banding machines are being used intensively in the food and beverage industry.
Who is Winning?
Some of the leading players operating in Banding Machine Market include Dynaric, Inc, StraPack, Inc., Transpak Equipment Corp., Signode Industrial Group LLC, Fromm Holding AG, ATS-Tanner Banding Systems AG, and FELINS, Soundpoen packing solution Co., Ltd.
Also, some of the noticeable players in the market are Bandall International., Avi International Packaging Co.., The Plastic Strapping Company Ltd, Pack Machines Private Limited., millenium Packaging, TPC Packaging Solutions, and others.
Most of these banding machine manufacturers are adopting strategies such as new product launches, mergers and partnerships, collaborations, acquisitions, and partnerships to expand their global footprint.
Banding Machine Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global banding machine market, analysing historical demand from 2015-2021 and forecast statistics for 2022-2032. The study reveals market growth projections on the banding machines market based on the operation (semi-automatic and automatic), strapping speed (1.0-1.5 sec/straps, 1.6-2.0 sec/straps and above 2.0 sec/straps), and end use (food & beverage, e-commerce, pharmaceuticals, electrical & electronics, household, shipping & logistics and printing) across seven regions.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.2. Impact of Covid-19
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
TOC Continued…!
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The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations.
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