Global Security Bags Market, By Type (Disposable Security Bags, Multi-Use Security Bags), Material (High-Density Polyethylene, Low-Density Polyethylene), Application (Evidence Bags, Dice or Card Bags, Strap Bags, Cash Control Bags, Coin Deposit Bags, Vault Bundle Bags, Bank Deposit Bags, Others), End User (Personal Use, Batch Samples, Forensic Department, Banking, Financial Services, Insurance Sector, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Security bags are heavy-duty bags which is used to enclose legally sensitive items, high-value products, documents and others. These bags are closed by an integral pressure-sensitive adhesive. Some of the significant features of security bags such as tamper-resistant, flap structure, and others increase the demand in several sectors. These bags are widely used for shipping of cheques, coins, debit or credit cards, currency, forensic samples and others. The security bags better reliability and ease for transactions in several sectors due to their different features like track and tracing, content management, unauthorized access deterrent and tamper evidence.
Data Bridge Market Research analyses that the security bag market was valued at 419 million in 2021 and is expected to reach USD 801.77 million by 2029, registering a CAGR of 8.45 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Disposable Security Bags, Multi-Use Security Bags), Material (High-Density Polyethylene, Low-Density Polyethylene), Application (Evidence Bags, Dice or Card Bags, Strap Bags, Cash Control Bags, Coin Deposit Bags, Vault Bundle Bags, Bank Deposit Bags, Others), End User (Personal Use, Batch Samples, Forensic Department, Banking, Financial Services, Insurance Sector, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Ampac Holdings LLC (U.S.), Initial Packaging Solutions Ltd. (U.K.), DynaCorp (India), Adsure Packaging Limited (China), SECUTAC (Australia), ITW Industrial Components Ltd (U.S.), Shields Bag & Printing Co. (U.S.), A. Rifkin Co. (U.S.), Versapak (U.K.), B-Sealed Pty. Ltd. (Australia), Harwal Group of Companies (UAE), Packaging Horizons Corporation (India), TUB-EX (Denmark), NELMAR Security Packaging Systems Inc. (Canada), Nomad Packaging (Australia), CONNOVER Packaging (U.S.), Superior Bag Inc. (U.S.), Vonco Products LLC (U.S.), Trevor Owen Limited (Canada), International Plastics Inc. (U.S.)
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Market Opportunities
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Market Definition
Security bag is a heavy duty bag which is used to contain high-value products or legally sensitive items or essential documents. Security bags are designed in different way to build up the confidence in the consumer to send their confidential documents. Security bag are also used in legal business pharmaceutical or education. Creating brand identity is essential but maintaining the longevity of the brand is also important. In business involves handling of sensitive documents or material which needs to be shipped to customers or clients, then using security bags or security envelopes and other.
Security Bags Market Dynamics
Drivers
- Increase the demand of opaque security bags
Rise the demand of opaque security bags for storing personal items of hospital patients and valuables in hotel vaults due to their recycling attributes and visually concealing which is spurring the sales of opaque security bags. Growing usage in the transportation and storage of crime scene evidences and confidential documents are the major factor which are expected to increase the demand of securing bags.
- Growing demand for sustainable security bags
Increasing demand for sustainable security bags in casinos and hotels are convincing the manufacturers to launch the new variants of security bags which has made of recyclable materials. Consumers are progressively preferring for the use of recyclable packaging solutions to reduce the carbon footprint in the environment which is as a part of their social responsibilities. This factor expected to increase the demand of security bags during forecast period.
- Highly used in financial institution
Storing checks and cash in a large or safe vault is a common practice for financial institutions and a variety of businesses. Organizing money and amounts by using security bags is an effective method to store cash while providing an extra layer of security. Businesses mainly requiring multiple locking bags with keyed locks or combination locks for daily pickups of their cash. These bags are easily handler and an easier time transporting money without worrying about spilling money, loose change or even damaging the contents within the bags.
Opportunities
The shifting inclination of consumers towards bags with restored security features, growth in logistics and courier services and features of the bags like temper-resistance, lightweight and cheap cost, available of these bags in small sizes with added properties such as expediency and flexibility are some of the major factors which will propel the growth of the security bags market in the upcoming period.. On the other hand, the rising application scope for disposable security bags will also increase numerous opportunities which will lead to the growth of security bags market in the above mentioned forecast period.
Restraints/ Challenges
The high cost of security bags are one of the reason which has restricted the growth of the security bags market during forecast period. These types of bags are costlier due to their additional features over conventional bags. Also, the security bags market is impacted by the shifting preferences of consumers towards digital payments which eliminating the requirement for security bags for cash transportation are also hamper the market growth rate. So, the high cost and changing consumer’s preferences towards digital payments will hamper the growth of security bags market during forecast period.
This security bags market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the security bags market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Security Bags Market
Due to the Covid-19 pandemic, stakeholders of the security bags industry across the globe have seen a remarkable impact as all the production work, factories and other activities which were closed. As a result, production was hindered by the disruption of supply chain globally. The security bags are mostly used to transport valuable commodities, but due to global lockdown decrease the transportation activities which has impacted the demand for security bags. On the other hand, during covid-19, large number of hospitals are ordering security bags because of expanding the need to ensure medicine movements are hygienic and secure. The growing demand of security bags from the hospital industry during a global outbreak than earlier increase the growth rate of the market.
Recent Development
- In July 2021, ProAmpac which is a global leader in material sciences and flexible packaging had acquired Euroflex which is an Ireland-based flexible printing firm that develops tamper-proof security bags, films, lamination and pouching packaging solutions.
Global Security Bags Market Scope
The security bags market is segmented on the basis of type, material, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Disposable Security Bags
- Multi-Use Security Bags
Material
- High-Density Polyethylene
- Low-Density Polyethylene
Application
- Evidence Bags
- Dice or Card Bags
- Strap Bags
- Cash Control Bags
- Coin Deposit Bags
- Vault Bundle Bags
- Bank Deposit Bags
- Others
End User
- Personal Use
- Batch Samples
- Forensic Department, Banking
- Financial Services
- Insurance Sector
- Others
Security Bags Market Regional Analysis/Insights
The security bags market is analysed and market size insights and trends are provided by country, type, material, application and end-user as referenced above.
The countries covered in the security bags market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the security bags market in terms of market share during the forecast period. This is due to the growing demand for security bags in this region. Asia-Pacific region leads the security bag market due to the growth of the BFSI sector in India and China and shifting inclination of people towards secured packaging solution in this region.
During the estimated period, North America is anticipated to be the fastest developing due to the high demand for security bags and stable economic conditions in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Security Bags Market Share Analysis
The security bags market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to security bags market.
Some of the major players operating in the security bags market are:
- Ampac Holdings LLC (U.S.)
- Initial Packaging Solutions Ltd. (U.K.)
- DynaCorp (India)
- Adsure Packaging Limited (China)
- SECUTAC (Australia)
- ITW Industrial Components Ltd (U.S.)
- Shields Bag & Printing Co. (U.S.)
- Rifkin Co. (U.S.)
- Versapak (U.K.)
- B-Sealed Pty. Ltd. (Australia)
- Harwal Group of Companies (UAE)
- Packaging Horizons Corporation (India)
- TUB-EX (Denmark)
- NELMAR Security Packaging Systems Inc. (Canada)
- Nomad Packaging (Australia)
- CONNOVER Packaging (U.S.)
- Superior Bag Inc. (U.S.)
- Vonco Products LLC (U.S.)
- Trevor Owen Limited (Canada)
- International Plastics Inc. (U.S.)
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