Pallet Banding Machine Market to Reach US$ 4704.7 Mn by 2032 Amid Rapid Expansion of Packaging Industry | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The U.S. is projected to hold the largest market share of around ~92% in the North American pallet banding machine market in 2022. Rising adoption of advanced packaging solutions, flourishing export business, and heavy presence of leading pallet banding machine manufacturers are some of the key factors driving growth in the U.S. pallet banding machines market
NEWARK, Del, Aug. 10, 2022 (GLOBE NEWSWIRE) -- As per FMI, the global pallet banding machine market size is expected to grow from US$ 2921.0 Mn in 2022 to US$ 4704.7 Mn by 2032. Rapid expansion of packaging industry, growing demand for advanced packaging solutions, and innovations in pallet banding machines are some of the key factors proving impetus to the growth of pallet banding machine market.
Pallet banding machines are used for shipping and transportation of bulky and heavy goods as they ensure the safety of the package while in transit. From small businesses who have limited shipping and packaging needs to mass production businesses who have a major packaging needs pallet banding machines are used by all types of manufacturers.
Pallet banding machines are of three types which include fully-automatic pallet banding machine, semi-automatic pallet banding machine, and mobile pallet banding machine. As per FMI, demand for semi-automatic pallet banding machines will outpace other machine types due to rising end user preferences for semi-automatic machines.
Pallet banding machine market is going to see steady growth over the forecast period due to the rising end-use application such as food & beverages, pharmaceuticals, consumer products, shipping & logistics, etc.
Similarly, increasing concerns to protect products from damage during transportation is expected to boost pallet banding machine market growth during the forthcoming decade.
Key Takeaways from Global Pallet Banding Machine Market
By machine type, semi-automatic pallet banding machines are expected to increase 1.7 times the current market sales during the forecast period.
Based on end use, the food & beverages segment is expected to grow at 4.5% CAGR during the forecast period (2022 and 2032), holding around 48% of the market share in 2032.
North America is expected to remain the most dominant market for pallet banding machines, growing at a CAGR of 5.7% through 2032.
The U.S. is set to hold around ~92% share of the North American pallet banding machine market in 2022.
The pallet banding machine in India is likely to grow at a CAGR of 8.6% during the forecast period.
“Automatic pallet banding machines are cost-effective, save time and do work without much effort. Manufacturers are investing more in automatic pallet banding machines to achieve production efficiency and reduce the manual efforts” – comments FMI analyst
“The Growing Food & Beverage Industry is Fuelling the Demand for Pallet Banding Machines”
The increasing importance of banding to protect food & beverage products has become crucial. Pallet banding is important to maintain the quality and usability of goods during the transportation of food commodities.
Food and beverages require extra protection to prevent spoilage and contamination and proper banding with the help of a pallet banding machine protects the food during transportation. Use of pallet banding machines in the food and beverage industry includes meat and fish packaging, cardboard boxes of wraps and fries, frozen products at freezers and cold stores, etc.
The use of pallet banding machines that provide a simple and cost-effective method for food and beverage packaging while increasing their durability is contributing to the market growth. Therefore, the growing food and beverage industry will continue to fuel the demand for pallet banding machines during the assessment period.
Who is Winning?
Some of the leading pallet banding machine manufacturers include Signode Packaging Systems Corporation, ISG PACK, FEIFER, TransPak, Cyklop International, Reisopack, Vestil Manufacturing Corp., Sorma Group, The Plastic Strapping Company Ltd, Qingdao Ausense Packing Equipment Co.,Ltd, Allstrap Steel & Poly Strapping Systems LLC, Shenzhen Henno Packaging Technology Co., Ltd, Mosca GmbH, Propel Packaging Technology Limited, Strapack, Inc., Jia-in Industry Co., Ltd., W rent, s. r. o., Plasticband, S.A., ErgoPack, and Jining Myway Machinery Co., Ltd.
These key players are continuously upgrading their products to make them highly efficient. Besides this, they are establishing alliances and partnerships with end users to increase their revenue share.
Future market insights, in its new report, offers an unbiased analysis of the global market for pallet banding machine market by machine type (Fully-Automatic Pallet Banding Machine, Semi-Automatic Pallet Banding Machine, Mobile Pallet Banding Machine), by banding type (Horizontal Banding, Vertical Banding), by speed (Less than 20 pallets/hour, 20-30 pallets/hour, 30-40 pallets/hour, Above 40 pallets/hour), by end-use (food & beverages, pharmaceuticals, consumer product, shipping & logistics, automotive, textile & handcraft, building & construction, others (chemical, agriculture, and allied industry, etc.)) across seven regions.
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