The market for Pallet Stretch Wrapping Machines Market is expected to reach US$ XX Bn in 2027.
Globally, the pallet stretch wrapping machines market is expected to grow with a CAGR of 5.4% during the forecast period from 2019 to 2027 and was recorded to have a market value of US$365.0 Mn in 2018. Pallet stretch wrapping machines are used for wrapping goods with the pallet. The goods are placed upon the pallet and are wrapped together, which increases the safety of the goods while shipping. Additionally, the pallet provides support to the products and the items, which reduces the safety issues while transporting the material.
There are various factors driving the market, one of which is increasing demand from the food and beverage industry for the pallet-wrapping machine. The food and beverage industry is growing rapidly with increasing delivery services and safety issues concerning stale food that needs effective packaging. In addition, the products can be damaged while transporting due to unstable wrapping. Therefore, the demand for the pallet stretch wrapping machine is increasing, which leads to driving the market.
In 2018, the food & beverage segment, which accounted for more than 1/4th market share of the overall market, led the overall pallet stretch wrapping machines market. The food and beverage industries are growing at a rapid rate due to the high demand for food products geographically. Therefore the food products are needed to be shipped properly from one region to another to reduce the losses and damage caused during transportation. Therefore, pallet stretch machines are used by the food & beverage industries.
The global pallet stretch wrapping machines market is led by Asia-Pacific due to increasing manufacturing, healthcare, automotive, consumer products, textile, chemicals, and other industries in the region, which requires the machines to pack the whole system or the product over the pallet. As a result, the region acquires more than 30% of the market share. The wrapping of pallets and products together increases the safety of the product. Additionally, various key players in the region are investing in developing new technology and product.
Some of the prominent players operating in the pallet stretch wrapping machines market include Arpac LLC, Hangzhou Youngsun Intelligent Equipment Co. Ltd., Robopac SPA, Italdibipack S.p.A., Wulftec International Inc., Fromm Packaging Systems, Inc., Atlanta Stretch Spa, Tosa s.r.l., Phoenix Wrappers, Inc., Lantech, Inc., Fhope Packaging Machinery Co., Ltd, Webster Griffin Ltd., Packway Inc., and Jia-in Industry Co., Ltd.
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
The pallet stretch wrapping machines market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global pallet stretch wrapping machines market based on machine type, end-use, order type, and geography.
The market for Pallet Stretch Wrapping Machines Market is expected to reach US$ XX Bn in 2027.
The Pallet Stretch Wrapping Machines Market is expected to see significant CAGR growth over the coming years, at 5.4%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Muller Load Containment Solutions, Arpac LLC, Robopac SPA, Hangzhou Youngsun Intelligent Equipment Co. Ltd., Italdibipack S.p.A., Fromm Packaging Systems, Inc are some of the major players in the global market.