The global security bags market has witnessed good growth opportunities in the recent past, with key players leveraging the various applications of security bags and targeting a growing customer base keeping in mind the key preferences of consumers towards tamper evidence features, convenience of use, and optimal pricing of security bags. According to a new report published by Future Market Insights titled “Security Bags Market: Global Industry Analysis (2012 – 2016) & Opportunity Assessment (2017 – 2027),” the global security bags market is slated to exhibit a significant growth rate of 8.8% in terms of value to reach a market valuation of US$ 702.3 Mn by the end of the forecast period by 2027.
Global Security Bags Market Analysis, by Raw Material Type
The global security bags market is segmented on the basis of raw material type into plastic, paper, and fabric. Plastic will continue to remain a favourite among consumers and be the dominant segment throughout the forecast period, anticipated to hold a market share in excess of 75% throughout the forecast period. The paper and fabric segments will be nowhere close to the plastic segment throughout the duration of the forecast period. In terms of revenue CAGR, the plastic segment will outnumber the other segments, registering a 9.1% CAGR during the period of forecast.
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Global Security Bags Market Analysis, by Product Type
By product type, the global security bags market is segmented into opaque and clear. Opaque segment is the clear winner here with a CAGR of 9.0% and estimated total revenues in excess of US$ 500 Mn by 2027 end, resulting from a market share in excess of 75% throughout the forecast period.
Global Security Bags Market Analysis, by Application
In terms of application, the global security bags market is segmented into cash/coin deposit bags, strap bags, card & dice bags, evidence bags, and pharmaceutical distribution bags. Cash/coin deposit bags will continue to dominate the global market throughout the assessment period, estimated to reach a market valuation exceeding US$ 490 Mn by the end of 2027. While strap bags are unlikely to match the revenue contribution of cash/coin deposit bags, in terms of CAGR, both these segments stand at 8.9%.
Global Security Bags Market Analysis, by End Use
The global security bags market is segmented on the basis of end use into financial institutions, hospitals, casinos, hotels, national retail companies, government organisations, courier services companies, and academic institutions. Financial institutions will lead the race in this segment, with an estimated 30% market share towards the end of the forecast period. In terms of volume, the financial institutions segment is pegged at over 16,000 tonnes by 2027 end. This segment is slated to register a CAGR of 9.4% in terms of value and reach a market valuation of about US$ 216 Mn by 2027. Courier services companies segment is the runner-up in the value CAGR race, standing at a close 9.0%.
Global Security Bags Market – Regional Forecast
In this report, Future Market Insights has analysed the seven key regions of North America, APEJ, Western Europe, Eastern Europe, Latin America, MEA, and Japan. North America, APEJ, and Western Europe will stand toe-to-toe in terms of market share, each holding a value share in excess of 20% throughout the forecast period. North America is anticipated to be the market leader by 2017 and is projected to gain significant market share due to a high growth of security products in the region. The North America security bags market will grow at a CAGR of 9.0% in terms of value over the forecast period. Currently North America has the highest concentration of security bags manufacturers. In APEJ, there is a steady increase in financial institutions and logistics services; as a result, the region will witness the highest growth in the global security bags market. APEJ will register a CAGR of 9.1% in terms of value. North America and APEJ will record a significant rise of 50 basis points in market share, while Western Europe will record an increase of 30 basis points.
Good market opportunity for key players
Some of the key players profiled in the report include Ampac Holdings LLC., Mega Fortris (Malaysia) Sdn. Bhd., Coveris Holdings S.A., SECUTAC, Dynaflex Private Limited, NELMAR Security Packaging Systems Inc., KOROZO Ambalaj San.ve Tic A.S., TruSeal Pty Ltd., HSA International Group, KENT PLASTIK LTD. STI., Harwal Ltd., ITW Envopak Limited, Initial Packaging Solutions Ltd., Vikela Aluvin Pty Ltd, A. Rifkin Co., Packaging Horizons Corporation, Versapak International Ltd, Amerplast Ltd., Securepac Industries Sdn Bhd, and Adsure Packaging Limited.
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An increase in demand for security packaging from the financial sector offers a good potential for key players to grab this opportunity and expand their operations. For instance, in May 2014, Mega Fortris Middle East expanded its operations to a bigger warehouse facility in Dubai Silicon Oasis. Likewise, in November 2013, NELMAR Security Packaging Systems Inc. added 50,000 sq. ft of production and warehouse facility to its existing facility while in December 2013, Dynaflex Private Limited expanded its market in UAE and Ireland.