Wilmington, Delaware, United States, July 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. The global security seals market was valued at US$ 1.1 Bn in 2022. It is estimated to grow at a CAGR of 7.3% from 2023 to 2031 and reach US$ 2.4 Bn by the end of 2031.
Rapid adoption of advanced technology in the development of innovative products is anticipated to expand revenue streams in the security seal sector. This entails development of advanced electronics with RFID data recording and monitoring functions, GPS tracking, and remote reading.
Security seal is an approach to seal and secure a package or compartment in which products are transported. These devices seal containers, trailers, and truck doors. Additionally, these can be used as proof of attempted thefts and break-ins.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 1.1 Bn | |
| Estimated Value | US$ 2.4 Bn | |
| Growth Rate - CAGR | 7.3% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 150 Pages | |
| Market Segmentation | Type, Usage, End-use Industry, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific Middle East & Africa, South America | |
| Companies Covered | Acme Seals Limited, American Casting Mfg., EnvoPak, Hoefon Security Products B.V., JW Products Limited, Mega Fortis Group, Shanghai JingFan Container Seal, Transport Security, Inc., TydenBrooks, W.W. Grainger | |
Competitive Analysis
The global industry is highly competitive, with the presence of large number of global and regional players that control majority share. Leading players are focusing on product development as a key marketing strategy. Investment in R&D activities, product expansion, and M&As are the other strategies adopted by key players to increase their market share.
Prominent players in the security seals market include Acme Seals Limited, EnvoPak, JW Products Limited, Shanghai Jingfan Container Seal, TydenBrooks, American Casting Mfg., Hoefon Security Products B.V. Inc., Mega Fortis Group, W.W.Grainger Inc., and Transport Security Inc.
Key Findings of Study
Exponential Growth of Logistics Sector Fueling Market Expansion – Exponential rise in demand for manufactured goods is compelling companies to optimize their production schedules. This involves improving the supply chain, resulting into exponential growth of the logistics sector. The logistics sector was valued at nearly US$ 10.4 Trn in 2022.
Safety seals play a critical role in protecting packaging during transportation. It ensures sealed packages remain intact from tampering at various stages of transportation. Additionally, safety seals can help detect damage or theft, either deliberate or accidental. Thus, growth of the logistics sector is anticipated to boost security seals market development in the next few years.
Expansion of E-commerce Sector – Need for safety of goods in the rapidly growing e-commerce sector is propelling the demand for safety seals. The entire value chain from dispatch of packages from the warehouse until it reaches the end consumer can involve multiple touchpoints, which increases the risk of tampering or theft. Usage of tamper proof seal acts as a deterrent, thereby protecting content of packages. Thus, growth of the e-commerce sector is anticipated to fuel market growth in the next few years.
Retail accounts for significant revenue of the e-commerce sector. Online retail sales are estimated to be valued at US$ 6.17 Trn by 2023. This high volume of sales will involve multiple handling of goods, which necessitates adoption of security seals.
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Growth Drivers
- Need to secure transported goods in the logistics, e-commerce, and transportation sectors is fueling the security seals market
- Integration of advanced technologies leading to the development of next-gen products is creating immense business opportunities in the security seals market
Regional Landscape
Asia Pacific is anticipated to account for leading share of the global market during the forecast period. The security seals market in the region is projected to grow at a rapid pace in the next few years. Advances in security seal technology, growth of end-use industries, and presence of key manufacturers are fueling market expansion in Asia Pacific.
Increase in customer concerns about the security and safety of packages is driving the adoption of security features in transported goods in the region.
The global security seals market is segmented as follows;
Global Security Seals Market, by Type
- Plastic Seals
- Metal Seals
- Cable Seals
- Bolt Seals
- Metric Seals
- Others
Global Security Seals Market, by Usage
- Single Use
- Reusable
Global Security Seals Market, by End-use Industry
- Packaging
- Logistics
- Transportation
- E-commerce & Retail
- Others
Global Security Seals Market, by Distribution Channel
- Direct
- Indirect
- Online Sales
- Offline Sales
Global Security Seals Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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