The growth of the global shrink wrapping machine market is driven by factors such as an increase in the shelf life of products coupled with benefits such as ease of handling & transportation and enhanced safety offered by them.
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.
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.
An 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.
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Food & beverages shrink packaging segment to contribute the 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.
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.
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