Shrink - Sleeve Wrapping Machinery Market
Market Insights on Shrink - Sleeve Wrapping Machinery covering sales outlook, demand forecast & up-to-date key trends
Shrink - Sleeve Wrapping Machinery Market By Product Type, Technology, Performance, End User & Region - Forecast 2022-2032
Shrink - Sleeve Wrapping Machinery Market Outlook (2022-2032)
The sales of shrink-sleeve wrapping machinery are likely to grow at an average CAGR of 5.5% during the forecast period. The shrink-sleeve wrapping machinery market size is projected to be valued at US$ 15.19 Bn in 2022 and is expected to surpass US$ 25.95 Bn by 2032.
Shrink - Sleeve Wrapping Machinery Market Value (2022)
US$ 15.19 Bn
Shrink - Sleeve Wrapping Machinery Market Forecast Value (2032)
US$ 25.95 Bn
Shrink - Sleeve Wrapping Machinery Market CAGR (2022-2032)
What are the Key Players in the Shrink - Sleeve Wrapping Machinery Market Doing?
The adoption of packaging solutions, e-commerce logistics, and food and beverage packaging solutions are all on the rise due to the demand from various SMEs. However, the large enterprises that employ pallet wrapping solutions highly need automation equipment.
Furthermore, a sizeable portion of the global shrink-sleeve wrapping machinery market is taken up by multinational corporations based in developed countries like North America, Europe, and other places.
It is anticipated that major manufacturers are likely to relocate their production facilities to emerging markets, including Asia Pacific, Central, and South America, the Middle East, and Africa. By making this change, they want to increase their sales and service networks in these areas and capture a larger shrink-sleeve wrapping machinery market share.
Players in the shrink-sleeve wrapping machinery market are spending a lot of money on enhancing their R&D skills as well as concentrating on obtaining pertinent industry insights and consumer trends that aid in formulating corporate plans.
Such actions may provide businesses with a competitive edge over rivals. Moreover, companies in the shrink-sleeve wrapping machinery sector are becoming more engaged with launching strategies like targeted marketing, CSR initiatives, etc., as a way to increase their global prominence.
Growth Opportunities for Players in the Shrink-Sleeve Wrapping Machinery Market
Several prominent market participants in the global shrink-sleeve wrapping machinery manufacturers are concentrating more on forming successful joint ventures, acquisitions, or partnerships to increase their respective consumer bases. By being able to serve their assigned target bases both domestically and abroad, companies stand to increase them.
Over the projection period, this factor, together with promising developments in developing countries from the Asia-Pacific region, including India, China, Taiwan, Indonesia, etc., are anticipated to increase the commercial opportunities for shrink-sleeve wrapping machinery manufacturers.
By cutting trade taxes and levies, governments in developing nations like India, China, Taiwan, and Indonesia, among others, are introducing measures to entice international investors to the corresponding industrial sectors and create more employment.
Furthermore, some of the world's rising economies are showing significant progress when it comes to boosting the food industry. Additionally, as the markets for this wrapping equipment are among those most impacted by packaged food and beverages, it can be predicted that these rising nations are likely to witness growth in the adoption of shrink-sleeve wrapping machinery during the forecast period.
Shrink - Sleeve Wrapping Machinery Market Overview
Global FMCG market online sales grew by 26% in 2016, revealed by Kantar Worldpanel’s quarterly FMCG E-commerce Index. FMCG goods have limited shelf life and costs low. This necessity has led the global FMCG manufacturers to look for efficient and low-cost packaging and packaging systems.
The large volumes of FMCG goods have to be bundled in a faster way. Shrink-sleeve wrapping machines are used to wrap the polyethylene (PE) shrink films around the group of products both similar and non-similar. PE films can be printed or non-printed or clear or opaque.
When heat is applied the film will hold the bundle tightly. Global shrink-sleeve wrapping machinery market is growing at a healthy phase. In last decade the major innovations have happened to improve the performance and speed of these machines.
Manufacturers of shrink-sleeve machinery are striving to improve the machine’s performance furthermore. Growing worldwide consumer goods consumption levels directly or indirectly driving the shrink-sleeve machinery market.
Global Shrink - Sleeve Wrapping Machinery - Market Dynamics
Globally shrink - sleeve wrapping machinery market is witnessing a healthy growth due to increased demand for high speed and low-cost shrink-sleeve wrapping by FMCG industry players. FMCG industries are labor intensive and the labor cost constitutes the large part of the operating costs.
Shrink-sleeve wrapping machines help the FMCG manufacturers to cut down the labor cost. FMCG players may outsource the packaging to contract fillers or packaging companies. This may result in huge packaging cost charged by contract fillers or packaging companies.
To avoid this FMCG manufacturer started in-house packaging using machines such as high-speed shrink-sleeve wrapping machinery. Shrink-sleeve wrapping machinery available in the variety of models. The flexibility in bundling different products and the changeover times are still to be improved.
Still, more than 60% of the installed machines worldwide requires the manual placing of the products on the conveyer belt. A fully automated low-cost shrink-sleeve wrapping machines segment will be the next big opportunity for shrink-sleeve wrapping machinery manufacturers.
Growing raw material inflation is the restraint for the growth of shrink-sleeve machinery market. Steel, aluminum, and plastic are used as the major raw materials in the manufacturing of shrink-sleeve wrapping machines.
Global Shrink - Sleeve Wrapping Machinery - Market Segmentation
The global shrink - sleeve wrapping machinery market is segmented on the basis of product type, technology, performance and end user industries. On the basis of product type, the global shrink - sleeve wrapping machinery market is segmented into intermittent motion shrink-sleeve machines, continuous motion shrink-sleeve machines.
On the basis of technology, the global shrink - sleeve wrapping machinery market is segmented into automatic and semi-automatic. On the basis of end use industries, the global shrink - sleeve wrapping machinery market is segmented into food & beverages, personal care & cosmetics, home care, pharmaceuticals and others.
Food & beverages are expected to dominate the global shrink-sleeve wrapping machinery market. Pharmaceuticals is the other attractive segment to look for.
Global Shrink - Sleeve Wrapping Machinery Market - Regional outlook
Shrink - sleeve wrapping machinery market has been segmented on the basis of the region into North America, Latin America Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Middle East & Africa (MEA), and Japan. Shrink - sleeve wrapping machinery market in Western Europe is dominating the global shrink-sleeve machinery market.
The matured markets like Germany, Italy, and France are contributing to this fact. In APEJ China and Korea are expected to drive the regional growth over the forecast period. Many APEJ countries like India and China have small players but large in number.
Global Shrink - Sleeve Wrapping Machinery Market - Key players
Some of the players in the global Shrink - Sleeve Wrapping Machinery market are Polypack, 3M Company, Texwrap, Packaging Systems, ARPAC LLC, Axon, Duravant, Eastey Enterprises, Kliklok-Woodman, Massman Automation Designs LLC, PakTech, PDC International Corp, Standard-Knapp Inc., Gebo Cermex and Tripack, Shrinkwrap Machinery Co. Ltd., etc.
Regional analysis includes
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.