The global paper shredders market size is expected to reach USD 2.9 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.8% over the forecast period. The market is driven by consumer spending on disposal of highly secured documents to prevent them from theft, along with the rise in demand from the commercial sector. Moreover, drastic changes in the purchasing power of consumers in developing countries such as China and India are anticipated to boost the product demand over the forecast period.
The market is driven by high growth of private companies and demand for office products in Asia Pacific, along with rise in the sales of cost effective items used in the industry. The growth is attributed to growing working population, along with rise in the disposable income of consumers to accommodate paper shredding machines in industry. Moreover, introduction of efficient appliances and growth of the consumer and industrial sectors are anticipated to drive the demand in market.
A large number of manufacturers and distributors are entering into the market owing to increasing demand for shredders in the market. However, impact of e-commerce channels, rise in the number of convenience and specialty stores, cost effectiveness, and demand for shredding appliances for the disposal of secured data from consumers provide a huge opportunity for growth of the market.
The paper shredder market in Asia Pacific is anticipated to witness significant growth in the coming years due to growth of the commercial sector having a huge product demand, along with increasing number of launches in the market. Moreover, rise in the sales observed due to the stabilizing economic conditions in Asia Pacific countries is likely to boost the demand for products over the forecast period. However, rise in the number of domestic manufacturers in the segment due to a wide consumer base and demand has driven the market.
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Growing consumer awareness regarding shredding paper products, along with impact of leading players, is resulting in lowering of the labor force in the industry. Moreover, the fact that it provides security to confidential documents in the large government and commercial spaces will fuel its demand in the market. Rise in company developments such as product launches and awards and recognitions is also driving the market.
The market is recognized by a few initiatives such as launches, mergers, online sales, limited extension, and developments. Key players in the business include Fellowes, Inc.; Krug + Priester GmbH & Co. KG; ACCO Brands; Intimus Shredder; HSM GmbH + Co. KG; Elcoman Srl; Dahle North America, Inc.; and Martin Yale Industries.
Further key findings from the report suggest:
- In terms of revenue,micro-cut products are projected to ascend at a CAGR of 9.0% over the forecast period
- Offline channel dominated the global paper shredders market with an overall share of 86.3% in 2018
- North America dominated the global market in 2018, accounting for 38.8% share of the total revenue. This trend is projected to continue over the next few years
- The paper shredder market in Asia Pacific is anticipated to witness growth due to increasing disposable income in India, South Korea, China, and Japan
- The industry is highly competitive in nature with the main players including Fellowes, Inc.; Krug + Priester GmbH & Co. KG; ACCO Brands; Intimus Shredder; and HSM GmbH + Co. KG
The cross-cut type segment accounted for the largest share of 55.6% in the year 2018. The growth of the segment is attributed to the speed of this machine as compared to other types. It cuts the paper in crossway and form small pieces of paper. Moreover, high durability of item, along with its cheaper price, drives the sales of products in the market. The product demand is anticipated to increase in future due to ease in use of such kind of machine, along with its easy installation and service requirement.
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Micro-cut type is the fastest growing segment, expanding at a CAGR of 9.0% from 2019 to 2025. The product is utilized as it provides the highest level of security by producing unreadable paper particles using security levels of P-5, P-6, or P-7, thereby boosting its growth in the market.
Moreover, rise in the number of large size MNCs that use micro level of shredding machines to dispose confidential information is anticipated to fuel the growth of the product over the forecast period. Moreover, high price of machines as compared to other types, along with its implementation of high security levels needed in government offices and large businesses, is anticipated to generate higher revenue in the market.
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Grand View Research has segmented the global paper shredders market on the basis of product, distribution channel:
Paper Shredders Product Outlook (Revenue, USD Billion, 2015 – 2025)
Paper Shredders Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
The global paper shredder market size was valued at USD 1.7 billion in the year 2018 and is estimated to expand at a CAGR of 7.8% for the forecast period. Paper shredder is a kind of machine used to cut papers into pieces before throwing it into the waste. Many government offices, private organization, large corporations, small business, and individuals use this to destroy their confidential documents and sensitive information such as marketing plans, financial statements, strategic initiatives, and other employee data. The product is utilized to turn data secured documents into waste to prevent them from theft or an unauthorized imitation.
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The penetration of the shredding machines ranges from the corporate offices and small business to the large industrial and defense departments with the use of varying cuts of strip papers by the consumers. Moreover, the product helps in securing the data of company by disposal of financial statements, loyalty cards, credit cards, confidential prints, magnetic tapes, and CDs/DVDs.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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