Stretch Wrap Machines Market is expected to reach US$ 1,356.0.8 Mn by the end of 2026
Stretch wrap machines are used as end-of-line packaging solutions for various industries. Stretch wrapping is one of the most commonly used specialized plastic packaging systems. In our report, we have categorized the market into four different segments: product type, automation level, end users, and regions.
The global stretch wrap machines market is estimated to be valued at US$ 758.1 Mn by the end of 2018 and is expected to reach US$ 1,356.0.8 Mn by the end of 2026 with a CAGR of 7.5% over the forecast period. Between 2018 and 2026, the market is anticipated to reach US$ 597.8 Mn.
Factors influencing the growth of the global stretch wrap machines market
Growth of the food and beverage industry as well as the global pharmaceutical industry are among major factors influencing growth. The global packaging industry is shifting toward more efficient as well as flawless packaging solutions. As a result, the global market has witnessed rapid growth in the production of new stretch wrap machines as well as the replacement of shrink wrap machines with stretch wrap ones. Increase in the production and consumption of processed food and growth in the demand for chilled & frozen products are also among key factors driving the demand for advanced packaging machines, which is expected to propel the demand for stretch wrap machines during the forecast period
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Traffic congestion, which is a ruthless impact of urbanization, is a major concern for commuters. According to the TomTom’s traffic data, traffic jams have increased 13% globally after 2008. In 2010, traffic congestion delayed people by 9 billion hours and wasted 7 billion gallons of fuel across the world. To save products from getting spoiled and wasted for a longer period, they need to be packaged well and in a proper manner. This is, in turn, fueling the demand for advanced packaging techniques that also include stretch wrap machines.
Global stretch wrap machines market segmentation and forecast
The global stretch wrap machines market is segmented on the basis of product type, automation level, end users, and by region/country. On the basis of product type, the market can be segmented into turntable, rotary arm, robotic, and others. On the basis of automation level, it has been segmented into manual, semiautomatic, and automatic. On the basis of end users, it has been segmented into food & beverage, pharmaceutical, consumer, construction, chemical, automotive, and industrial. On the basis of regions, the market has been segmented into North America, Latin America, Europe, China, SEA & Pacific, Middle East & Africa, and India.
Global stretch wrap machines market analysis, by product type
The turntable type stretch wrap machines segment is projected to account for 58.8% of the global stretch wrap machines market by the end of 2026 with a CAGR of 7.6% over the forecast period.
Global stretch wrap machines market analysis, by automation level
By automation level, the semiautomatic stretch wrap machines segment is projected to dominate the global stretch wrap machines market in 2018. The semiautomatic stretch wrap machines segment is forecasted to account for a 69.0% market share by the end of 2026.
Global stretch wrap machines market analysis, by end users
The food and beverage segment is projected to dominate the end users segment followed by the pharmaceutical and industrial segments. The food and beverage segment is estimated to reach US$ 355.0 Mn between 2018 and 2026.
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Global stretch wrap machines market analysis, by region
From a regional perspective, Europe is estimated to represent 29.7% of the market volume share in 2018. The market in Europe is expected to increase at a volume CAGR of 5.7% over the forecast period. Sales revenue of stretch wrap machines in Europe is expected to reach US$ 424.3 Mn by the end of 2026 at a CAGR of 7.5% over the forecast period. Market growth in China and India is expected to remain high compared to the global average between 2018 & 2026 and at CAGR of 8.5% and 8.2% respectively.