The global packaging tensioner market is set to enjoy a valuation of US$ 1.0 Bn in 2022, and expand at a CAGR of 4.8% to reach US$ 1.6 Bn by 2032. Top 3 countries in the global packaging tensioner market is estimated to hold around 30-35% of revenue share in 2022.
In terms of material, the plastic segment of the packaging tensioner market grew a robust 2.7% year-over-year in 2021. Demand for metal segment increased at 1.8% CAGR between 2020 and 2021, according to the study.
The consumption of manual packaging tensioner segment saw soaring growth in 2021 with worldwide demand up 3.2% year-over-year. A new forecast by Future Market Insights (FMI) estimates that manual packaging tensioner revenues will nearly 1.6 times between 2021 and 2025 with a five-year compound annual growth rate (CAGR) of 3.0%.
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The packaging tensioner market is estimated to witness a positive growth with increasing need for securing the bulk products during transportation. A new forecast by FMI analysis anticipate that the packaging tensioner market will create an incremental $ opportunity of US$ 609.8 Mn in 2022.
Surge in demand for strapping among various industries such as food & beverage, chemical, and others is anticipated to fuel the sales of packaging tensioner. The packaging tensioner market is projected to grow 1.6 times the current market value during the forecast period.
In 2021, the U.S. packaging tensioner market grew by 1.9% year-on-year, with total sales of packaging tensioner expected to reach US$ 172 Mn through 2022.
The overall packaging tensioner market grew at a CAGR of 2.1% over the historic period of 2015 to 2021. Growing need for safe shipping of the various products and rising demand for strapping in the e-commerce industries is aiding the growth in the packaging tensioner market.
As per Future Market Insights (FMI), the packaging tensioner market is slated to grow at a CAGR of 4.8% over the forecast period (2022-2032). Plastic tensioners are used for various industrial and commercial uses due to safety benefits as it is safer to handle than steel tensioner and is cost-effective when used as an alternative to steel tensioning.
Rising application of packaging tensioners in food & beverages for packaging food products, healthcare products, e-commerce logistics and electronics packaging solutions will boost the market.
Besides this, growing adoption of rigid packaging in several industries is expected to create conducive environment for strapping tensioners market players. On the back of increasing demand for automatic tensioners and safer packaging solutions, the demand in the packaging tensioner market is projected to rise at a healthy rate over the assessment period.
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Competitive Landscape
The packaging tensioner market is expected to be fragmented and very competitive. Key participants use a variety of showcasing methods, including new product launch and mergers. Most of the key players operating in the packaging tensioner market are switching towards the usage of advance packaging. Leading players similarly utilize new product development as an essential method for growing their market presence among customers. Some of the recent developments in the market are as follows:
- In Jan 2022 Samuel Packaging Systems Group announced to expand their operations in York County. The company will create an estimated twenty new jobs and investment about US$ 11.5 Mn.
- In July 2020, FROMM Packaging Systems introduced its new product named Smart S-series, 3 in 1 battery powered strapping tools. With the launch of this new series Fromm demonstrates its innovative power and quality as the market leader.
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Packaging Tensioner Market by Category
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
- South Asia
- East Asia
- Middle East & Africa
- Oceania