NEWARK, Del, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The packaging tensioner market is likely to hold a valuation of US$ 1.5 billion by 2033. The market value is US$ 1.1 billion as of 2023. The packaging tensioner market is projected to expand by 3.2% from 2023 to 2033.
The demand for packaging tensioners in a wide spectrum of industries has seen considerable growth owing to the booming e-commerce and manufacturing sectors worldwide. As businesses increasingly focus on sustainable packaging practices, the demand for packaging tensioners will likely surge.
The packaging tensioner market primarily fetches its significant revenue from the e-commerce and retail chains. It is due to tensioners' essential role in securing products for safe and efficient shipment, meeting the demanding logistics needs of these sectors. The food and beverage industry also utilizes the maximum potential of packaging tensioners in bulk packaging and shipping.
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Manual packaging tensioners are popular in industries as they require less initial investment, relatively lower training, and limited space. It becomes easier for small-scale enterprises to incorporate manual tensioners in their setup than automated ones. Also, plastic packaging tensioners are the most preferred choice for factory units due to their high versatility, less wear and tear, and ease of use.
“The packaging tensioner market still has a lot of scope for innovations as brands can develop sustainable and eco-friendly ways to meet the demand for green packaging practices. They can also target emerging economies where the packaging industry is still in its nascent phases for effective market expansion”, opines an FMI analyst, Ismail Sutaria.
Key Takeaways from the Packaging Tensioner Report:
- The packaging tensioner market is expected to develop at a modest rate of 3.2% from 2023 to 2033.
- Plastic packaging tensioner dominates the global market with an overall revenue share of 75.6%.
- India is the leading market for packaging tensioners, with a growth rate of 5.7% through 2033.
- India is followed by China (5.1%), Thailand (4.6%), South Korea (3.9%), and the United Kingdom (3.5%) in terms of packaging tensioner consumption.
- China is the highest exporter of packaging tensioners and packaging tensioner-associated products.
Competitive Landscape of the Packaging Tensioners Market
In recent years, the packaging tensioner market has maintained a steady course. With many companies efficiently catering to local and global demands, the market has reached a state of saturation.
The limited scope for innovations and constrained applications has dissuaded businesses from developing new packaging tensioner solutions. These prospects include diversifying into complementary packaging accessories and expanding their global footprint through strategic collaborations and innovative marketing strategies.
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Key Developments in the Packaging Tensioner Market
- Parksons Packaging, a prominent player in India's paper packaging industry, has successfully finalized its acquisition of MK Printpack Private Limited. This strategic move is set to usher in new opportunities for both companies, fostering an expansion of their market presence across the Indian subcontinent and beyond.
- Signode, a global industry leader specializing in protective packaging systems, unveiled its latest innovation, the BXT3. This advanced battery-powered handheld strapping tool is designed to handle plastic strapping ranging from 9mm to 32mm in width.
Key Companies
- Allstrap Steel and Poly Strapping Systems
- M.J. MAILLIS GROUP
- Fromm Packaging Systems Inc.
- Nefab Packaging Inc.
- Caristrap International Inc.
- Signode Protective Packaging Solutions
- MESCORD
- VG Enterprises
- American Strapping Company
- Multitech Products Pvt. Ltd.
- SPECTA AG
- Future Packaging
- Global Strap CC
- Jiangsu Trumpstrap Packaging Technology Co., Ltd.
- Matco Packaging LLC
- Royal Packaging Industries
- Lifex
- DSB Packaging
- Rhino Strapping Products, Inc.
- Carolina Strapping and Buckles Company (CS&BC)
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Packaging Tensioner Market Segmentation
By Material:
- Plastic
- Polyester
- Polypropylene
- Metal
- Steel
- Aluminium
By Operation:
- Manual
- Battery-operated
By End-use:
- Food & Beverages,
- Pharmaceuticals
- Chemicals
- Building & Construction
- Agriculture
- Automotive
- Logistics & Transportation
- Homecare
- Others (Textile, Cosmetics & Personal Care)
By Region:
- North America
- Latin America
- Europe
- Asia
- The Middle East & Africa
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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