PORTLAND, Oregon, January 16, 2019 /PRNewswire/ --
Augmenting need for extending shelf life of products, ease of handling and transportation of goods, enhanced protection during shipment of packaged goods, and low operational cost are expected to drive the growth of the global shrink wrapping machine market
Allied Market Research published a report, titled, Shrink Wrapping Machine Market by Process (Automatic, Semi-Automatic, and Manual), Product Type (L-Bar Sealers, I-Bar Sealers, and Other), and End User (Food & Beverages, Personal Care, Pharmaceutical, Industrial & Household, and Others): Global Opportunity Analysis and Industry Forecast, 2018 - 2025. The report provides in-depth analyses of the key winning strategies, drivers & opportunities, market share & estimations, key market segments, and competitive landscape. According to the report, the global shrink wrapping machine market garnered $617 million in 2017 and is expected to reach $1,032 million by 2025, registering a CAGR of 6.5% from 2018 to 2025.
The growth of the global shrink wrapping machine market is driven by factors such as increase in shelf life of products coupled with benefits such as ease of handling & transportation and enhanced safety offered by them. However, stringent government regulations and restricted quantity and height of the wrapping would hinder the market growth. On the other hand, growing popularity of e-commerce and increasing need to retain freshness of perishable goods during transportation would create new opportunities for the market players in future.
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Automatic segment to be lucrative through 2025
Among processes, the automatic segment captured more than half of the total market share in 2017 and is expected to dominate the market through the forecast period. Moreover, it is projected to grow at the fastest CAGR of 7.6% from 2018 to 2025 due to its higher production capacity as compared to semi-automatic shrink wrapping machines and increasing demand for consumer products. The report also analyzes the semi-automatic and manual segments.
L-bar sealers segment to garner largest revenue share through 2025
The L-bar sealers segment contributed more than two-thirds of the total market revenue in 2017. Moreover, it is projected to maintain its lion's share throughout the forecast period, registering the fastest CAGR of 7.1% from 2018 to 2025. This is attributed to their widespread applications and advanced wrapping mechanism. These sealers can cut the shrink wrap film around the product with a single movement of the gears, which in turn improves the production time. The research also analyzes I-bar sealers and others.
Food & beverages shrink packaging segment to contribute highest revenue, pharmaceutical segment to grow fastest
Food & beverages shrink packaging segment accounted for 47.1% of the total market revenue in 2017 and would maintain its dominance through 2025. This is attributed to the high intake of frozen and ready-to-eat food & beverages among consumers worldwide and increased consumption of alcoholic and non-alcoholic beverages especially in China, Japan, India, U.S., and Germany. However, the pharmaceutical segment is projected to grow at the fastest CAGR of 8.3% through the forecast period due to surge in online pharmacy and medical supplies. Moreover, the need for safer transfer of medicines boosts the demand for shrink wrapping machines in the pharmaceutical industry. The study also analyzes personal care, industrial, and household among other end users.
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Asia-Pacific to be remunerative through 2025
Asia-Pacific accounted for the largest share of 40.1% in 2017 and is anticipated to continue its dominance during the forecast period. Moreover, this is expected to grow at the fastest CAGR of 7.9% from 2018 to 2025 due to the remarkable growth of the ecommerce in the region, especially in China and India. The other regions analyzed in the report include North America, Europe, and LAMEA (Latin America, Middle East, and Africa).
The key market players analyzed in the report include Aetna Group S.p.A. (ROBOPAC), Axon, Clamco, Duravant LLC, Massman Automation Designs LLC, Robert Bosch Packaging Technology GmbH, Standard-Knapp, Inc., Texwrap Packaging Systems, Tripack, and Conflex Incorporate. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
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SOURCE Allied Market Research