The flexible form of packaging has replaced the heavyweight traditional rigid packaging solutions. One of such type is the security bags packaging.
Valley Cottage, NY -- (SBWIRE) -- 06/26/2017 -- Over the years, the customer inclination towards secure, flexible and convenient packaging has increased thus driving the demand for sustainable packaging alternatives. The flexible form of packaging has replaced the heavyweight traditional rigid packaging solutions. One of such type is the security bags packaging. Unlike traditional packaging, Security bags are made up of most advanced polymer resins that yield the highest strength, tamper resistant films which are used to dispense cash, coins, and other valuables. Depending on use, security bags are available in multi-use security bags and disposable security bags formats with multi-use security bags for shipping coin and paper currency, cheques, and credit/debit cards while disposable security bags used for carrying forensic samples etc. Security bags are equipped with advanced security features such as warning indicator against multiple types of intrusion.
Security Bags Market: Drivers & Restraints
The primary factors that drive the security bags market are the inclination of customers towards secure tangible financial transactions with enhanced security features. Lightweight, temper-resistant, reduced cost per trip are some of the added features that drive the security bags market. On the other hand, Security bags are made of high-quality polymer resins and thus cost of this raw materials is dynamic in nature. As a result of this, the production of security bags is expected to hamper to some extent over the forecast period.
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Security Bags Market: Segmentation
The global security bags market is segmented on the basis of type into:
Multi-use security bags
Disposable security bags
On the basis of material used, the security bags market is segmented into:
Low density polyethylene (LDPE)
High density polyethylene (HDPE)
On the basis of applications, the security bags market is segmented into:
Bank deposit bags
Vault bundle bags
Coin Deposit bags
Cash control bags
On the basis of end-user, security bags market is segmented into:
Banking, Financial services and Insurance (BFSI)
Security Bags Market: Segmentation Overview
Security bags packaging products primarily depend on the form or type of contents to be packed in it. Usage of temper proof bags has been witnessing a steep growth in the recent past, and thus demand for security bags is gaining momentum in parallel over the years. The revenue contribution from disposable security bags segment is expected to fuel overall growth of the global security bags packaging market to a great extent during the forecast period. Also, security bags that were earlier available only in large-sized heavy briefcases are currently available in small-sized flexible temper resistant security bags with added security features. Security bags has been witnessing rapid growth among consumers in developing countries, especially countries from Asia Pacific.
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Security Bags Market: Regional Overview
Geographically, the global reclosable packaging market is segmented into seven regions, namely Latin America, North America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). The increased inclination towards secured packaging solution is expected to drive the vertical upward growth of global security bags market over the forecast period. The growth in BFSI industry among the developing economies such as India and China is expected to fuel the growth of security bags market in the Asia-Pacific region. The security bags market is supposed to grow at a steady rate owing to developed security infrastructure and the extensive use digital payment modes in North America and Europe region. Also, Latin America and Middle-East and Africa are anticipated to witness an increase in demand of security bags market. Overall, Global security bags market is estimated to grow at a healthy growth rate over the forecast period 2017-2025.
Security Bags Market: Key Players
Some key players that operate in the global security bags market include Ampac Holdings, LLC, Shields Bag & Printing Co, A. Rifkin Co., Initial Packaging Solutions Ltd, B-Sealed Nz Pty Ltd., Dhwani Polyprints Pvt Ltd., Packaging Horizons Corporation, GlobalPack.