Global Strapping Machines Market to Reach $10.8 Billion by 2030
The global market for Strapping Machines estimated at US$6.6 Billion in the year 2023, is expected to reach US$10.8 Billion by 2030, growing at a CAGR of 7.4% over the analysis period 2023-2030. Polypropylene-based Strapping Machines, one of the segments analyzed in the report, is expected to record a 8% CAGR and reach US$5.6 Billion by the end of the analysis period. Growth in the Polyester-based Strapping Machines segment is estimated at 7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.7 Billion, While China is Forecast to Grow at 11.1% CAGR
The Strapping Machines market in the U.S. is estimated at US$1.7 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.6 Billion by the year 2030 trailing a CAGR of 11.1% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 6.1% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.6 Billion by the year 2030.
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