Security Seals Market Size, Impacted by COVID-19, to Reach US$ 0.86 Billion in
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.
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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…