The global paper shredder market is projected to reach USD 3.2 Billion by 2028, expanding at a CAGR of 8% during the forecast period, 2021 to 2028. The growth of the market is attributed to the increasing purchasing power of consumers along with rising concerns over disposal of secured data.
A paper shredder is a type of machine that cuts the papers into small pieces before throwing them it into the waste. Several government offices, large corporations, small businesses, private organizations, and individuals use this machine to terminate their confidential documents and sensitive data such as financial statements, strategic initiatives, marketing plans, and other employee information. The product is used to turn data secured documents into waste to protect them from theft or illegal imitation.
The product aids in securing the data, which may include loyalty cards, financial statements, credit cards, confidential prints, magnetic tapes, and CDs/DVDs. Even though the awareness regarding the disposal of waste and reduction of the size of waste for its easy disposal has increased the sales of shredding machines across the globe, some of the municipal corporations depend on some third-party services for the waste disposal. The introduction of the paper shredders have reduced the labor work in the offices.
There are different types of paper shredders in the market such as strip-cut, micro-cut, and cross-cut. Moreover, they have various security levels including DIN P-1, DIN P-2, DIN P-3, DIN P-4, DIN P-5, DIN P-6, and DIN P-7, which helps in cutting paper in different sizes The machines also comes with distinct specifications such as run time, sheet capacity, bin capacity, and cool time that varies on the basis of the model.
The report on the global paper shredder market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been involved in this report.
|Report Title||Paper Shredder Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast|
|Segmentation||Types (Strip-cut, Cross-cut, and Micro-cut), Distribution Channels (Online and Offline)|
|Regional Scope||Asia Pacific, North America, Latin America, Europe, and Middle East & Africa|
|Report Coverage||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast|
|Key Players Covered||ACCO Brands, Dahle North America, Inc., Elcoman Srl, Fellowes, Inc., HSM GmbH + Co. KG, Intimus Shredder, Krug + Priester GmbH & Co. KG, and Martin Yale Industries|
Micro-cut segment is anticipated to exhibit a high CAGR
Based on types, the market is divided into strip-cut, cross-cut, and micro-cut. The cross-cut segment accounted for a large market above 45% in 2020, in terms of revenue. The growth of the segment is attributed to the speed of this machine type. It cuts the document in crossway and form small pieces of paper. Its high durability including its inexpensive nature is boosting the growth of the market segment. Moreover, its easy installation and low maintenance is propelling the demand for this type across the globe.
The micro-cut segment is anticipated to expand at a CAGR of 9% during the forecast period, 2021 - 2028. Increasing demand for this product type owing to its high level security that produces unreadable paper, thereby fueling the segment growth. Additionally, rising number of large size businesses that use micro level of shredding machines to destroy confidential data is predicted to propel the demand for this product type during the forecast period. Conversely, high price of this machine type is expected to contribute high revenue to the type segment.
Offline segment to account for a large market share
On the basis of distribution channels, the market is classified as online and offline. The offline channel accounted for more than 75% of the market share in 2021, in terms of revenue. The growth of the offline segment is attributed to increasing consumer preference to buy shredders from brick and mortar stores, as they can check the product viability and specifications while presence of sales associates ease up the buy decisions for them. Additionally, availability of different attachments of products including rollers and bins in the stores and accessibility to multiple brands are projected to boost the demand during the analysis period. On the other hand, rising number of quality items in convenience stores, hypermarkets, specialty stores, and supermarkets has significantly contributed to offline sales of shredding machines in the market. Moreover, ease of checking the quality of the product and addition of the delivery services offered by the stores are predicted to boost the growth of the market segment.
The online segment is projected to expand at a CAGR of 10% during the forecast period. Rising number of e-commerce websites and presence of wide range of items for consumers is driving the segment growth. The availability of doorstep delivery service is further boosting the growth of the segment. Online portals such as Amazon, Flipkart, and AliExpress are offering deals and discounts on the items, which is spurring the segment growth.
In terms of regions, the global paper shredder market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America dominated the market with a share of 35% in 2021, in terms of revenue. Increasing number of commercial spaces has increased the sales of shredding machines in countries including the US and Canada. Additionally, the penetration of leading manufacturers in the region including Intimus Shredder; Fellowes, Inc.; ACCO Brands; and Elcoman Srl is expected to grow the demand for shredding machines in the region. Moreover, increasing awareness among the people related to easy disposal of waste is boosting the growth of the market in the region.
The market in Asia Pacific is anticipated to expand at the highest CAGR of 10% during the forecast period owing to rising demand for shredders in government offices and small businesses in countries including China and India. The growth of the market in the region is attributed to increasing purchasing power of consumers and inclination toward the usage of efficient products to discard paper waste effectively. Furthermore, rapid urbanization and growing awareness are boosting the growth off the market in the region.
Segments Covered in the Report
The global paper shredder market has been segmented on the basis of
Some prominent manufacturers competing in the global paper shredder market include ACCO Brands, Dahle North America, Inc., Elcoman Srl, Fellowes, Inc., HSM GmbH + Co. KG, Intimus Shredder, Krug + Priester GmbH & Co. KG, and Martin Yale Industries.
These companies are engaging in several strategic activities such as partnerships, product innovations, and product launches to expand their market share.
In December 2018, HSM GmbH + Co. KG was awarded the Office Product Award for its HSM series of shredders in the industry.
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