According to the latest market study released by Technavio, the global wrapping equipment marketis expected to grow at a CAGR of more than 6% during the forecast period.
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Technavio has published a new report on the global wrapping equipment market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Wrapping Equipment Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Sharan Raj, a lead analyst at Technavio for research, "The increasing demand from the food and beverage packaging sector, the growth of the organized retail sector, and demand from large pack manufacturers are some of the key factors contributing to the growth of the global wrapping equipment market."
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The market research analysis categorizes the global wrapping equipment market into three major product segments. They are:
- Stretch wrapping
- Shrink wrapping
- Others
Global wrapping equipment market for stretch wrapping
The global wrapping equipment market for stretch wrapping is expected to reach USD 2.16 billion by 2021. The growth of this market is mainly driven by the growing sales of retail items, increasing efficiencies in film manufacturing and layering, and unitization wrapping. Stretch wrapping is more cost-effective compared with shrink wrapping. In addition, stretch wrapping requires less raw materials as compared to other types of wrapping. Reduced energy consumption and limited manpower requirement compared with shrink wrapping are the key factors contributing to the cost-effectiveness of stretch wrapping, as external heat application is not required after wrapping a stretch film.
"Stretch wrapping is primarily used in pallet unitization. This segment is expected to see high growth due to increase in manufacturing activities and spending on consumer goods," says Sharan.
Global wrapping equipment market for shrink wrapping
Shrink packaging is known for its functional benefits like ease of handling and durability. The food and beverage industry is one of the main end-users focusing on shrink wrap technologies. The industry is expected to grow at a CAGR of 6.3% by 2019, which will have a direct impact on the growth of shrink packaging machinery.
Shrink wrapping has a wide range of applications because of its adaptable features. It is used as security, containment, and safety packaging in many applications. For example, tamper evident shrink is used to wrap money in banks when it is shipped through armored vehicles. This type of shrink wrap can change color or can display a warning message if an attempt is made to cut or tear the shrink wrap. This type of wrapping can also create an air tight barrier when exposed to heat, which makes it an efficient packaging for industries, manufacturers, shippers, banks, and even government offices.
Global wrapping equipment market for others
Wrapping equipment for other types of wrapping includes stretch hood, overwrap, and horizontal flow wrap. Stretch hood wrap is used for industry packaging for beverages, large cartons, and others. The stretch hood packaging segment has the fastest growth in Europe. It shows 20% annual growth because of its high packaging integrity and flexibility during the unitizing of various product loads.
Overwrap is used for packaging meat, vegetables, fruits, and others. Finally, horizontal flow wrap is used to wrap cosmetics, soap, chocolates, and biscuits. Increased demand from all the various industries will account for the steady growth of this segment throughout the forecast period.
The top vendors highlighted by Technavio's market research analysts in this report are:
- ARPAC
- BEUMER
- Mollers North America
- Pro Mach
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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