Excessive Market Fragmentation to Push Manufacturers to Devise Strong Supply Chain and Pricing Strategies
The global stretch wrap machines market is highly fragmented on account of the presence of a large number of small and medium scale manufacturers spread across key geographies. This fragmentation is fueling the need for future ready growth strategies especially in terms of an efficient global supply chain and enhanced retail networks to reach the end consumer.
Stretch wrapping technology has witnessed a steady evolution since the time it was first launched in the industry. Smart technology and high-speed production processes have been catalysts in the metamorphosis of stretch wrap machines into more sophisticated engines driving automation in the global packaging industry. Designed with custom patterns, new-age stretch wrap machines ensure that minimum quantity of material is used to protect products being loaded. Result – reduction in materials, costs, and damages to the load, thereby bringing in more operational efficiency.
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Technological innovations are catalyzing rapid changes in the adoption of stretch wrap machines across multiple industries and boosting sales in the global market as a consequence. A new research by Persistence Market Research pegs the consumption of stretch wrap machines at 231,810 units by the end of 2026. Revenue from the sales of stretch wrap machines is projected to touch US$ 1,356.0 Mn by 2026, exhibiting a robust growth rate of 7.5% during the eight year period from 2018 to 2026.
Manufacturers are also making strategic modifications to their pricing strategies. Price optimization along with an enhanced product portfolio is critical to augment market share in the global market and manufacturers are fast moving along this route. Launching application specific products with a dedicated focus on research and development initiatives for product innovation has become the norm in the global stretch wrap machines market. Long-term supply relationships with key end-use industries is another growth strategy being adopted by manufacturers of stretch wrap machines to cement their footing in the global market.
Key Players in the Global Stretch Wrap Machines Market Eyeing the Developing Markets of the Asia Pacific
The market for stretch wrap machines currently shows high growth potential in the regional markets of Europe, North America, China, and South East Asia & Pacific. Immense opportunities abound in the stretch wrap machines market in China and India followed by South East Asia & Pacific, which are expected to be the most attractive investment pockets for manufacturers of stretch wrap machines. The main factor boosting demand and adoption of stretch wrap machines in these regions is the rapid growth of industries and warehouses. The markets in Europe and North America are anticipated to hold high value share in the global stretch wrap machines market owing to a large manufacturing hub, enhanced industrial growth, and increased trade of goods.
The growth scenario of stretch wrap machines in the markets of Latin America and the Middle East & Africa will remain stagnant throughout the period 2018 to 2028 owing to a poor manufacturing sector and lack of a well-defined stretch wrap machines supply chain structure.
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Global Consumer Packaging Market to Provide Increased Scope of Growth for Manufacturers of Stretch Wrap Machines
The global consumer packaging market is anticipated to witness a surge in revenue owing to a burgeoning demand and consumption of consumer goods especially in the developing economies of India, China, Russia, and Brazil. This has led to the mushrooming of consumer packaged goods (CPG) companies across the globe. The proliferation of e-commerce and online trading of consumer goods particularly in urban areas is expected to boost the demand for sophisticated packaging. This in turn will create lucrative growth opportunities for manufacturers of stretch wrap machines, as these machines will be in more demand in the CPG sector in the coming years.