Automatic Banknote Strapping Machine Market Size, Share, Growth, and Industry Analysis, By Type (Semi-Automatic Banknote Strapping Machine, Fully Automatic Banknote Strapping Machine), By Application (Bank, Securities Company, Insurance Company, Trust Investment Company, Fund Management Company, Other), Regional Insights, and Forecast To 2032

Updated On: 29 April 2024

Automatic Banknote Strapping Machine Market REPORT OVERVIEW

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The global automatic banknote strapping machine market size was USD 1104 million in 2022. As per our research, the market is projected to touch USD 1593.6 million by 2029, exhibiting a CAGR of 5.3% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the global automatic banknote strapping machine market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Banknote strapping machines are packing devices that securely pack bands made of various materials, such as steel, cordex, or plastic, around the currency to protect it from damage. In order to increase their strength and keep them secure while loading, straps are utilised in strapping machines. The banknote strapping machines can be either heavy-duty or lightweight portable equipment, and they come in automatic and semi-automatic varieties. The need for banknote strapping machines is rising along with the requirement for faster and higher output of notes.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

In order to secure a pallet of stacked products for shipment, strapping machines are used to wrap bands or straps made of various materials, including steel and plastic, around the pallet. The food and beverage, home appliance, pharmaceutical, consumer electronics, and other industries use a variety of strapping devices, including semi-automatic and automatic strapping machines. The advantages of strapping machines, such as increased package effectiveness, simplicity in customization, higher product safety, lower labor costs, and others, are important factors in driving up acceptance among the aforementioned end users. With many competitors offering a wide range of solutions, the market for strapping machines is quite competitive.

Automatic Banknote Strapping Machine Market SEGMENTATION

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• By Type

Based on type the global automatic banknote strapping machine market is classified as semi-automatic banknote strapping machine, fully automatic banknote strapping machine.

• By Application

Based on application the global automatic banknote strapping machine market is classified as bank, securities company, insurance company, trust investment company, fund management company, other.

DRIVING FACTORS

"Utilization as a Catalyst to Boost the Market Growth "

One of the main factors fueling the market expansion is the rising use of strapping machines in the pharmaceutical sector. In the pharmaceutical sector, strapping machines are utilised for tasks like bundling, strapping, closing cartons, and strengthening pharmaceutical product packages. The production of the pharmaceutical industry in Europe was estimated at USD 339.7 billion in 2021, representing an increase of 4.6% compared to USD 324.7 billion in 2020, according to the European Federation of Pharmaceutical Industries and Associations. The increased manufacturing of pharmaceuticals is driving the use of strapping equipment to guarantee secure handling and delivery.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

The adoption of strapping machines is being driven by the expanding food and beverage industry. The market is expected to expand over the next few years, supported by rising demand for strapping machines across a variety of industries, including food & beverage, pharmaceuticals, and consumer electronics. As a result, one of the main factors influencing the adoption of strapping machines, which in turn stimulates market growth, is the expanding pharmaceutical business. Additional factors supporting the growth of the polypropylene market include the expansion of food and beverage manufacturing facilities, increasing pharmaceutical output, and increased demand for adaptable strapping material.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

Another important element driving the market's expansion is the expanding use of strapping machines in the food and beverage industry. The food and beverage industry largely uses strapping machines for palletizing, integrating, and packaging food and beverage products. Strapping machines are perfect for use in the food and beverage industry due to their advantages such as increased productivity, high durability, quicker packaging speed, and others. Additional factors supporting the demand for strapping machines include rising investments in the expansion of food and beverage facilities and expanding consumption of frozen and quick food.  

Automatic Banknote Strapping Machine Market REGIONAL INSIGHTS

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

The highest portion of the market growth in 2022 was contributed by North America. Significant advancements in strapping machines have been made in the region as a result of the predominance of important strapping machine suppliers in North America, including Polychem Corporation, Samuel Son & Co., StraPack Corp., Signode Industrial Group LLC, and others. The market for strapping machines in North America is also expanding as a result of the expansion of numerous industries, including the food and beverage, pharmaceutical, and other sectors.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Yuil Banking & Security (China)
• Konexindo (China)
• Kington (China)
• PT Murni Solusindo Nusantara (China)
• Hebei Huijin Electromechanical (China)
• Shanghai Kuko Packing Machinery (China)
• Canny Sijia Corporation (China)
• Felins (China)
• Julong (China)
• CITIC Feiyue Financial Equipment (China)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.