According to a new report published by Allied Market Research, titled,"Shrink Wrapping Machines Market by Process, Product Type, End -User,: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global shrink wrapping machines market is expected to reach $617.0 million by 2025, from $1,032.0 million in 2017, growing at a CAGR of 6.5% from 2018 to 2025. The L-bar sealers segment dominated the global market in terms of revenue, accounting for highest share in 2017 and is expected to witness significant growth during the forecast period.
Shrink wrapping machine is an appliance that is used to shrink wrap polymer plastic film for packaging application. It is used in heat shrink packaging that includes a sealer and heat source to apply heat to the shrink wrap. There is wide range of shrink wrapping machines based on shrink wrapping type, which includes centerfold shrink wrap, shrink sleeves, shrink tubing, shrink banding, and shrink tape. These machines are used to serve food & beverage, industrial packaging, medical, pharmaceutical, and manufacturing industries. Based on machine type, it is categorized into L-bar sealers, I-bar sealers, and others. The shrink wrapping machines consist of sealer, vacuum stacker, shrinking tunnel, conveyer, stacking position, and end sealer & cutter.
The growth of the global shrink wrapping machines market is driven by rise in use of shrink wrap in personal products such as perfume, shampoos, luxury items, and others. In addition, increase in shrink wrapping machines due to its increasing use to wrap many types of packaging such as cartons, boxes, beverage cans, and pallet loads is further expected to boost the demand for shrink wrapping machines across the world. Growth in the retail items market along with increase in online sales market is anticipated to provide potential growth opportunities for the key players operating in the market. However, government regulation to limit the use of plastic films and restriction on packaging quantity and size is expected to restrain the growth of the global shrink wrapping machines market. Moreover, rise in e-commerce industries is expected to offer lucrative growth opportunities for the shrink wrapping machine industries in the near future.
The I-bar sealers segment accounted for second highest revenue generation in the global shrink wrapping machine market in 2017, and is projected to grow at a significant CAGR during the forecast period. Based on end-user, the food & beverages segment is expected to account for the highest market share throughout the forecast period. The I-bar sealers save packaging material and labor cost to provide productivity and marketability, which boost their demand in the market.
Based on process, the automatic segment is expected to account for the largest share in the global market during the forecast period, owing to increase in use of shrink wrapping in pharmaceutical and food & beverage industries in Asia-Pacific. Moreover, U.S. in North America region is expected to hold the highest market share. The U.S. Packaging & Wrapping LLC is one of the largest wholesale suppliers of all types of shrink wrapping machines including L-bar sealers and I-bar sealers in North America.
Key Findings of the Shrink Wrapping Machines Market:
- In 2018, the L-bar sealer segment dominated the global shrink wrapping machines market, in terms of revenue, and is projected to grow at a CAGR of 7.1% during the forecast period.
- The automatic segment is anticipated to grow at a CAGR of 7.6% during the forecast period.
- The food & beverages segment generated highest revenue in 2017 and is anticipated to grow at a significant CAGR.
Prominent players, such as 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 have adopted various strategies to expand their market foothold.