New report: Bag Closures Market revenues to rake in at a CAGR of 5.6% during 2019-2029

Future Market Insights

Bag closure sales closed in on around US$ 170 million in 2018, and are likely to witness annual expansion a moderate 4.5% in 2019. Future Market Insights (FMI) offers valued insights on the global bag closure market, in a recently published market intelligence outlook.

While plastic is still the preferred material among manufacturers of bag closures market, the report opines that materials based on paper and paperboard will gain prominence in forthcoming years, in line with the rising quest for sustainability.

Reusability of Twist Tie Bag Closures Gaining Ground

Bag closures provide a simple way to keep the product safe and prevent spillage or external damage. The market for bag closure, in terms of product type, is classified as clips and pre-cut twist ties. Generally, high impact polystyrene is used for the manufacturing of bag closure clips, whereas pre-cut twist ties are available in both plastic and paper formats reinforced with two parallel metal wires on the edges. Bag closure finds applications in industries such as fresh produce, bakery, medical, and other industries where easy-to-use closures are needed.

Overall, the outlook for the global bag closure market is expected to be positive over the course of next few years. Bag closures such as clip bands are available in two categories- paper clipband and plastic clipband. Bag closures such as pre-cut twist ties/strips, are usually used with bags/wraps/pouches as a cost-effective sealing/closure solution. Bag closures have broader applications in industrial bakeries and confectionery units. Tin-tie bag closures are mainly used with block bottom bags and doypacks, and are also ideal for packaging of coffee & tea.

Over the years, bag closures have emerged as a better alternative to plastic bags. For instance, in 2014, Arnold Foods Company, Inc., a popular supermarket brand catering bread and bread products in the US replaced little plastic clips/tags with a twist tie bag closure. Twist tie bag closures are largely reusable by nature, and provide the same kind of performance as that of a plastic bag.

However, twist ties offer relatively better bag closure by keeping the air out of the bag. Moreover, bag closures are able to permit the use of metal detectors on food packaging lines and thus, ensure the safety of packaged product with a metal-free guarantee. Moreover, bag closure re-usability and effectiveness compared to other alternatives such as plastic bag clips, was appreciated by its customers. The advantages of lightweight bag closures are better size control, shorter cycle time, less effect of colorants on shrinkage, and lower operating torque.

Bag Closure Clips Selling Higher than Pre-cut Twist Ties

The rising use of easy-to-apply & reclosable bag closures in food, as well as non-food product applications across developing economies like China, India, and ASEAN is expected to create a positive impact on the global bag closure market. This fact has also supported the boom in the packaging industry across these countries. South Asia is expected to represent an incremental opportunity of US$ 20.9 Mn and expand by around 2.7X of its current value by the end of 2029.

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The market for bag closure in terms of product type, is classified as clips and pre-cut twist ties. The clips segment in terms of revenue is expected to hold a significant market share and is expected to have steady growth. However, the pre-cut twist ties product segment is expected to expand at a higher CAGR as compared to the other segment during the forecast period.

In terms of market share and incremental opportunity, the plastic segment is expected to dominate the global bag closure market. Polystyrene is anticipated to be the most attractive plastic material segment during the forecast period in the bag closure market. However, the paper & paperboard material segment in the bag closure market is expected to gain traction among food brands, for product packaging.

Leading players in the bag closure market are expanding through inorganic and organic strategies, particularly production facility expansion and new product launches. Some of the most prominent competitors in the bag closure market are Plas-Ties, Co., Kwik Lok Corporation, Schutte Bagclosures B.V., Bedford Industries, Inc., Multipack B.V.B.A., International Plastics Inc., Inno Bag Closures, Truseal (Pty) Ltd., Vikela Aluvin Pty Ltd., ITW Envopak Limited, T & T Industries Inc., Zhenjiang Hongda Commodity Co., Ltd., AndFel Corporation, Detmold Group, A. Rifkin Co., and HSA International Group.

For a more detailed strategic view of the global bag closure market, write to the analyst at press@futuremarketinsights.com

Download sample of Report with table of contents and Figures @ https://www.futuremarketinsights.com/reports/sample/rep-gb-9488

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