Growing awareness among customer towards the use of secure packaging has thus led to an increase in demand. Over the years, the flexible packaging has replaced the traditional heavy-duty rigid packaging solutions. One of such novel packaging solution is the coin deposit bags packaging. Unlike other solutions, coin deposit bags are made up of high-quality multi-layered polymer resins that produce highest strength tamper proof films used for dispensing cash, coins, and other valuables.
Depending on end-use, coin deposit bags are used to cater the demand of financial institutions, casinos, cash-in-transit service providers, etc. Coin deposit bags are equipped with advanced security features such as sequential barcoding, warning indicator, use of RFID’s, temper-evident closures, etc. against multiple types of intrusion.
Coin Deposit Bags Market: Drivers & Restraints
The key factors that fuel the coin deposit bags market are growing customer inclination towards secure tangible transactions of currencies & other valuables with enhanced security features. Temper-evident, light in weight, reduced cost per trip are some of the other features that accelerate the coin deposit bags market. However, these bags are manufactured from high-quality polymers, and hence prices of this raw materials are dynamic in nature. Thus, any negative change in the cost of raw-materials is expected to hamper production of coin deposit bags to some extent over the forecast period.
Coin Deposit Bags Market: Key Players
Some of the key players that currently operate in the global coin deposit bags market include Shields Bag & Printing Co, Ampac Holdings, LLC, A. Rifkin Co., International Plastics Inc., Dunbar Security Products Inc., Initial Packaging Solutions Ltd, B-Sealed Nz Pty Ltd., Block and Company, Inc., Packaging Horizons Corporation and many others
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Coin Deposit Bags Market: Segmentation
On the basis of material type, the coin deposit bags market is segmented into:
On the basis of type of use, the coin deposit bags market is segmented into:
- Multi-use Coin deposit bags
- Disposable Coin deposit bags
On the basis of product type, the coin deposit bags market is segmented into:
- Clear bags
- Opaque bags
On the basis of end-use industry, the coin deposit bags market is segmented into:
- Financial Institutions
- Courier Services
- Government organizations
- Academic Institutions
Coin Deposit Bags Market: Segmentation Overview
The demand of temper proof bags has seen a steep growth in the recent past, and thus the use of coin deposit bags over the years is gaining momentum in parallel. The revenue contribution from disposable coin deposit bags segment is expected to drive the inclusive growth of the global coin deposit bags packaging market to a higher extent during the forecast period. Also, coin deposit bags that were earlier available only in the opaque format are currently available in the transparent form with added security features. Coin deposit bags has been witnessing rapid growth among consumers in developing countries, especially countries from Asia Pacific.
Coin Deposit Bags Market: Regional Overview
Geographically, the coin deposit bags market is segmented into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA).
Growing inclination towards secured packaging of coins & other valuables is expected to fuel the vertical upward growth in global coin deposit bags market over the forecast period. The growth in BFSI industry along with small & mid-size businesses among the developing economies such as India, China and ASEAN countries is expected to drive the growth of coin deposit bags market in the Asia-Pacific region. The demand for coin deposit bags is supposed to show a steady growth in North America and Europe region owing to developed security infrastructure and the extensive use digital payment modes. Also, Middle-East and Africa along with Latin America are likely to show a rise in demand of coin deposit bags. Overall, Global coin deposit bags market is estimated to grow at a healthy rate of growth over the forecast period 2017-2025.