Security seals is a tool used to seal the containers, packaging material or any goods in a way that provides some level of security and protection against tampering. Such seals can assist users to prevent contamination, theft, either accidental or intentional. Security seals are commonly utilized to secure vessel containers, truck trailers, chemical drums, utility meters and airline duty-free trolleys. Security seals are being increasingly utilized for the last few years as an inexpensive way to secure goods in sensitive spaces. Rise in concerns about safety and security among users in diverse businesses such as banking, manufacturing, and courier service, is expected to drive the security seals market across the globe.
Global Security Seals Market: Competition Landscape
Presence of prominent players across the globe, who are introducing advanced products and providing reliable security solutions to users, is expected to boost the sales of security seals in the next few years. Furthermore, emerging players across the globe are emphasizing on the development of a wide range of security seals and offering customized solutions in order to cater to the increasing needs of users.
HOEFON SECURITY PRODUCTS B.V.
Hoefon Security Products B.V., founded in 1986, specializes in the manufacturing and distribution of security seals and tamper evident security products. It offers a wide range of products such as bolt seals, cable seals, nylon seals, plastic seals, metal seals, security tapes, and bags. The company also focuses on providing tailor-made solutions and cater to the requirement of users.
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Tyden Group, founded in 1897, engages in the manufacturing and distribution of consumable and permanent track & trace solutions. The company operates through two business divisions: TydenBrooks and Telesis. It also owns subsidiaries such as Telesis Technologies, Inc., E.J. Brooks Company, and TydenBrooks Security Products Group. Tyden Group offers wide range of solutions including security, traceability, identification, and tamper evident security seals, labels, and tapes and locking devices for the logistics industry.
W.W. Grainger, Inc.
W.W. Grainger, Inc., established in 1928, specializes in the distribution, maintenance, repair and overall services to the industrial, commercial, contractor, and institutional markets. The company provides motors, lighting, HVAC equipment, hand and power tools, pumps, and electrical equipment. W.W. Grainger, Inc. has about 33 distribution centers, 598 branches and online channels.
Key players operating in the global security seals market include Unisto AG, MEGA FORTRIS GROUP, American Casting Mfg., Tyden Group, Transport Security, Inc., Hoefon Security Products B.V., J. Keller & Associates, Inc., Acme Seals Limited, JW Products Limited, EUROSEAL a.s., and W. W. Grainger, Inc.
Global Security seals Market: Dynamics
Expansion of global transport and logistic market
Rise in global trade is expected to be a major factor boosting the security seals market across the globe. According to International Monetary Fund (IMF), global trade is increasing at 3.8% per year. This is driving the transport and logistics sectors, which in turn boosts the demand for security seals. Security seals are preferred due to their extensive application in transportation and logistics sectors. Their functionality and flexibility is estimated to boost demand further. For instance, the acquisition of U.S.-based logistics company Coyote Logistics by UPS, for US$ 1.8 billion, and the acquisition of France-based forwarder Norbert Dentressangle by XPO Logistics, for US$ 2.8 billion.
Overall growth in diverse applications
The popularity of security seals has been rising in the last few years, owing to their usage in diverse applications. Rapid expansion of transportation, logistics, packaging, e-commerce, and retail industries has fueled the demand for security seals. Moreover, stringent laws enacted by regional and government bodies to conduct secure and safe business practices across diverse businesses are expected to drive the security seals market. Users prefer security seals to provide basic, reliable, and affordable security solution. Possibility of piracy, and theft of good owing to poor security management have driven the global security seals market.
Technological advancement in products
Technological advancements in security seals makes them more cost-effective. Development of stronger and more complex security seals is estimated to boost the security seals market. Furthermore, mixed metals or advanced materials are more difficult to break but make minor tampering attempts evident, which in turn is also driving the seals industry. Barcoding and laser marking of security seals made more advanced security practices possible on a large scale. For instance, in February 2019, Universal (UK) Ltd. introduced the new Snap ‘N’ Secure product, which can be applied to most standard steel or poly banding.
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Global Security Seals Market: Segmentation
Based on seal type, the global security seals market can be segmented into:
- Cable seals
- Bolt Seals
- Plastic Seals
- Electronic Tracking & Sensing Seals
- Tamper-Evident Seals
- Others (Tote Box Seals, Barrier Seals, Security Tape, etc.)
Based on by degree of protection, the global security seals market can be classified into:
- High Security Seals
- Security Seals With Cables
- Indicating Seals
Based on operation, the global security seals market can be bifurcated into:
- Single Use