A variety of resin materials have been utilized in making cash and coin deposit bags. The focus is substantial increase in convenience, safety, and security. The cash and coin deposit bags market attracts attention from financial institutions in developed as well as developing economies. These regions veritably present the market with an attractive ground for generating revenue streams. Financial institutions in developed countries are demanding better features in cash and coin deposit bags. These features have a large bearing on improving the security if transactions, such as making them tamper proof and responsive to users’ requirements. This is also a key trend that will propel the future evolution of the market in terms of the uptake of better materials in making cash and coin deposit bags. The degree of opaqueness also depends on the specific need the materials are meant to serve and where are these bags used.
However, a glaring constraint that has restrained the rise in growth of the cash and coin deposit bags market is the rapid transitioning to economies toward digital transactions or being cashless. Several countries have regulatory and technology framework in place to make this possible. Nevertheless, there are some places where the use of cash and coin deposit bags will remain prevalent. For instance, coin deposit bags are popularly used in arcades and laundry machines to collect loose coins. In this regard, self-sealing and tamper-proof cash and coin deposit bags are expected to become popular. Manufacturers are adopting various test technologies to come out with reliable specifications of their use; an instance is the test for hang test of the load. End users also need these bags to be uniquely designed to meet their specific needs. Demand for better reinforcement materials will also propel technological advances in the cash and coin deposit bags market.
The global cash and coin deposit bags market continues to be driven by increasing focus on secure and safe packaging. Usually manufactured by using multi-layered polymer resins, manufacturers are now incorporating advanced features to boost the quality of end products. Some of the cash and coin deposit bags available in the market have advanced features, such as warning indicator and tamper-evident closures. The enhancement in security features is likely to boost the adoption of cash and coin deposit bags during the assessment period 2017-2022. However, broader macro-economic trends are likely to hinder market growth – many developing economies are making the transition to cashless payments, which is likely to impede sales during the forecast period. The global cash and coin deposit bags market is projected to grow at a CAGR of over 4% CAGR and reach nearly US$ 445 Mn in revenues by the end of the forecast period 2017-2022.
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On the basis of material type, the plastic cash and coin deposit bags are likely to witness a higher growth than the global rate and surpass US$ 345 Mn by the end of 2022. Plastic segment continues to be the leading segment on the basis of material type, and it is highly likely that the status quo will continue during the forecast period as well. Wide availability of plastic as a raw material, and low cost of end products are the key factors promoting the use of plastic cash and coin deposit bags.
Financial institutions remain the largest end users of cash and coin deposit bags, accounting for nearly 30% revenue share of the global market. Cash and coin deposit bags are used for safe and secure transactions in financial institutions, owing to which demand has continued to remain steady in this sector. However, owing to shifting preference for cashless and online payments, demand for cash and coin deposit bags is likely to witness a decline in financial institutions during the forecast period.
Europe continues to be the leading market for cash and coin deposit bags and it is highly likely that the status quo will be maintained throughout the forecast period. The Europe cash and coin deposit bags is likely to grow at a CAGR of over 4% throughout the forecast period 2017-2022. Relatively high preference for cash and coin deposit bags among financial institutions in Europe is likely to provide an impetus to the growth of the market in the region. In addition to Europe, Asia Pacific excluding Japan (APEJ) is likely to provide growth opportunities to cash and coin deposit bag manufacturers during the forecast period. Demand for cash and coin deposit bags in APEJ will be influenced by high volume sales of affordable bags.
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The leading companies profiled in the report include ProAmpac LLC, Coveris Holdings S.A., Dynaflex Private Limited, NELMAR Security Packaging Systems Inc., KOROZO Ambalaj San. Ve Tic. A.S, Truseal (Pty) Ltd, Illinois Tool Works Inc, Initial Packaging Solutions Ltd., Packaging Horizons Corp, A. Rifkin Co. A number of these companies are focusing on strengthening their global presence so that weaknesses in key markets are offset by growth in lucrative markets. Focus on R&D also remains a key focus area for many companies, as players look to consolidate their position by creating advanced bags that offer a high level of security and convenience. On back of these factors, the global cash and coin deposit bags market is likely to grow at a steady rate during the forecast period.