Paper Shredder Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe
global paper shredders market size is expected to reach
USD 2.9 billion by 2025, according to a new report by Grand View Research,
Inc., expanding at a CAGR of 7.8% over the forecast period. The market is
driven by consumer spending on disposal of highly secured documents to prevent them
from theft, along with the rise in demand from the commercial sector. Moreover,
drastic changes in the purchasing power of consumers in developing countries
such as China and India are anticipated to boost the product demand over the
forecast period.
The market
is driven by high growth of private companies and demand for office products in
Asia Pacific, along with rise in the sales of cost effective items used in the
industry. The growth is attributed to growing working population, along with
rise in the disposable income of consumers to accommodate paper shredding
machines in industry. Moreover, introduction of efficient appliances and growth
of the consumer and industrial sectors are anticipated to drive the demand in
market.
A large
number of manufacturers and distributors are entering into the market owing to
increasing demand for shredders in the market. However, impact of e-commerce
channels, rise in the number of convenience and specialty stores, cost
effectiveness, and demand for shredding appliances for the disposal of secured
data from consumers provide a huge opportunity for growth of the market.
The paper
shredder market in Asia Pacific is anticipated to witness significant growth in
the coming years due to growth of the commercial sector having a huge product
demand, along with increasing number of launches in the market. Moreover, rise
in the sales observed due to the stabilizing economic conditions in Asia
Pacific countries is likely to boost the demand for products over the forecast
period. However, rise in the number of domestic manufacturers in the segment
due to a wide consumer base and demand has driven the market.
Growing
consumer awareness regarding shredding paper products, along with impact of
leading players, is resulting in lowering of the labor force in the industry.
Moreover, the fact that it provides security to confidential documents in the
large government and commercial spaces will fuel its demand in the market. Rise
in company developments such as product launches and awards and recognitions is
also driving the market.
The market
is recognized by a few initiatives such as launches, mergers, online sales,
limited extension, and developments. Key players in the business include
Fellowes, Inc.; Krug + Priester GmbH & Co. KG; ACCO Brands; Intimus
Shredder; HSM GmbH + Co. KG; Elcoman Srl; Dahle North America, Inc.; and Martin
Yale Industries.
Further key
findings from the report suggest:
- In terms of
revenue, micro-cut products are projected to ascend at a CAGR of 9.0% over
the forecast period
- Offline channel
dominated the global paper shredders market with an overall share of 86.3%
in 2018
- North America
dominated the global market in 2018, accounting for 38.8% share of the
total revenue. This trend is projected to continue over the next few years
- The paper
shredder market in Asia Pacific is anticipated to witness growth due to
increasing disposable income in India, South Korea, China, and Japan
- The industry is
highly competitive in nature with the main players including Fellowes,
Inc.; Krug + Priester GmbH & Co. KG; ACCO Brands; Intimus Shredder;
and HSM GmbH + Co. KG
- Various
manufacturers are concentrating on new product launches, capacity expansion,
and technological innovation to estimate existing and future demand
patterns from upcoming product segments.
Access
full research report on global paper shredders market:
www.grandviewresearch.com/industry-analysis/paper-shredders-market
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Created on Dec 11th 2019 07:12. Viewed 331 times.