DETROIT, April 15, 2021 /PRNewswire/ --Stratview Research announces the launch of a new research report on Security Seals Market is Segmented by Product Type (Padlock Seals, Bolt Seals, Strap Seals, Cable Seals, and Other Seals), by Material Type (Metal Seals and Plastic Seals), by Application Type (Logistics, Healthcare, Utilities & Services, and Others), by Adjustment Type (Fixed Seals and Adjustable Seals), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's security seals market realities and future market possibilities for the forecast period of 2021 to 2026. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
Security Seals Market: Highlights from the Report
A security seal is a mechanical device used to seal or lock items that eliminate the need for an expensive or complicated key control program. It is an evidence to indicate whether any tampering or security breach to the product inside the shipping containers, truck trailers, chemical drums, airline duty-free trolleys, and utility meters. Its main purpose is to indicate tampering or unauthorized access to a sealed item, prevent opportunistic theft, stowage of arms and explosives, trafficking of contraband, and to prevent contamination; and visualize manipulation attempt. Security seals are mostly designed for one-time use; however, few of them are reusable electronics seals, whose demand is escalating at a handsome rate.
There are majorly two regulating standards for security seals, International Organization for Standardization (ISO), and Customs-Trade Partnership Against Terrorism (C-TPAT), to avoid cloning security seals using the 3D printing technology. People may not have acknowledged the significance of security seals outside the transportation industry, but security seals are widely used across various sectors i.e., in entertainment, healthcare, food & beverage, law enforcement, manufacturing, petrochemical, postal & courier, retail, and utilities, etc. for numerous applications, such as to seal the utility meters, atm cassettes, gaming chips, tanker valves, clinical waste, fire doors, fire extinguishers, and forensic evidence.
Regardless of lockdowns in several major economies of the world that restricted the movement of vehicles and people, cargo theft has been on the rise since the pandemic broke out. These cargo thefts have not been limited to a particular region, it is a widespread concern and is scattered across the supply chain from 1PL (party logistics) to 4PL globally. According to TAPA's Incident Information Service (IIS) database, over €85 million worth of products were stolen from air, road, sea, and rail freight routes in a total of 3,278 cargo theft cases across 46 countries of EMEA during the first half of 2020. The security seals market, which is moving parallelly with the industry's rebound, is experiencing a gradual rejuvenation in demand from 2021 onwards, and poised to reach US$ 0.86 billion in 2026.
Based on the material type, metal seals are likely to remain dominant whereas plastic seal is to gain greater acceptance in the market during the forecast period, driven by the growing usage of plastic seals in e-commerce, retail industry, and pharmaceutical industry. They are also ideal for securing intermodal containers worldwide as they required a special bolt cutter for the removal of metal bolt seals.
Based on the application type, the logistics segment is likely to hold undeniable dominance in the market during the forecast period. The dominance is majorly due to the wide application of security seals in overland transportation (curtain side trailer, tank truck, rail coaches, and trailers), water transportation (container, and trailers), and air transportation (pallets).
Based on the product type, the market is segmented as padlock seals, bolt seals, strap seals, cable seals, and others. The study based on the types of products identifies strap seals as the most dominant product as well as the fastest-growing product in the market during the forecast period. Fixed-length strap seals find their application widely to seal cash in transit, tanker valves, truck, and containers while adjustable length strap seals are used in clinical waste, courier bags, roll cages, and airline carts.
In terms of region, Asia-Pacific is projected to maintain its supremacy as well as the fastest-growing market for security seals during the forecast period. China, Malaysia, and Australia are the key countries and largest markets for security seals, generating a considerable market demand. These countries are marked by the presence of large number of small- to big-sized players serving the market, such as Hoefon Security Seals, Harcor security seals, Essentra plc (Ambric Berhad), ShangHai JingFan Container Seal, and Mega Fortris.
Some of the key players in the security seal market are Tyden Brooks, Essentra plc (Ambric Berhad), Mega Fortris, Unisto AG, Cambridge Security Seals, Dickey Manufacturing Company, American Casting, and Manufacturing Corporation, Talisman Security Seals, and Leghorn Group Srl. Key end-users of this market include the transportation and healthcare industries.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
Market structure: Overview, industry life cycle analysis, supply chain analysis.
Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
Market trend and forecast analysis.
Market segment trend and forecast.
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities.
Strategic growth opportunities for the existing and new players.
Key success factors.
This report studies the security seals market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:
Security Seals Market, by Material Type
Plastic Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Metal Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Security Seals Market, by Application Type
Logistics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Healthcare (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Utilities & Services (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Security Seals Market, by Adjustment Type
Fixed Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Adjustable Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Security Seals Market, by Products Type
Padlock (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Bolts Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Strap Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Cable Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Security Seals Market, By Region
North America (Country Analysis: The USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
Asia-Pacific (Country Analysis: China, Malaysia, Japan, India, and Rest of Asia-Pacific)
Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
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