Packaging Testing Equipment Market Will Grow by 6.4% CAGR amid Surging Application in Consumer Electronics Sector
According to Future Market Insights (FMI), the packaging testing equipment market will grow by 6.4% CAGR between 2021 and 2031. Scope for application is expected to improve in consumer electronics industry as demand for complementing and technologically advanced packaging solutions grows.
Packaging Testing Equipment Market
A recent market report published by FMI on the packaging testing equipment market provides...
Packaging testing equipment is used in the electronics industry for various applications such as backing proof for working status, certification of electronics and deeming them safe for usage. The applications for packaging testing equipment in the electronics industry are still growing. The rapidly rising demand for consumer electronics is a major trend that is anticipated to bolster the growth of the packaging testing equipment market.
FMI forecasts that the sales of packaging testing equipment will increase in food and beverages, healthcare, and other sectors. Factors such as demand for sustainability and client specific customization will aid application across diverse industries.
Key Takeaways from Packaging Testing Equipment Market
- By testing type, material/ sample testing segment is ahead and leading the global packaging testing equipment market. The segment is anticipated to account for 44% of the market by the end of forecast period.
- By material, the plastic segment is mostly preferred in the market due to its low cost feature. Demand in the segment is anticipated to increase 1.8 times during next 10 years.
- Among end users, the food and beverages segment will exhibit high demand. Furthermore, healthcare & pharmaceuticals will be the second largest segment, accounting for 22% of the market.
- Asia-Pacific is anticipated to offer impressive opportunities for packaging testing equipment market due to lower tax slabs and ease of doing business opportunities in the region.
- North America and Europe will hold share of almost 44% in the global market by the year 2031.
“The demand for packaging testing equipment is rising globally. Increasing focus on testing services and verification & certification for ensuring the quality of packaging material has created growth opportunities for packaging testing equipment manufacturers ,” says FMI analyst.
Introduction of New Standards & Regulations to Bolster Packaging Testing Equipment Market
Introduction of new standards for packaging authentication is creating growth opportunities in the packaging testing industry. Standardized regulations are implemented around the world to ensure ever-expanding cargo and product reach the destination safely, and different packaging test methods are done in this process.
There is a long list of packaging testing standards established by various organization such as International Safe Transit Association (ISTA), American Society for Testing and Materials (ASTM), International Organization for Standardization (ISO) which includes, Consumer, Pharmaceutical, Chemical/Safety Properties, and Child Resistant Packaging, Interior Packaging, Sustainability & Recycling, Package Design and Development, , Shipping Containers, Paper and Paperboard Products Crates, Pallets, and Related Structures, Tape and Labels, And others.
Implementation of stringent packaging guidelines will therefore help in the growth of the market.
Impact of COVID-19 on Packaging Testing Equipment Market
Global crisis of COVID-19 had negative impact on the sales of packaging testing equipment. Lack in availability of raw materials suspended manufacturing process. Imposition of lockdown in major regions such as North America, Latin America, Europe, Asia-Pacific and Rest of World also hampered manufacturing of packaging testing equipment.
Disruption in supply chain activities and stringent rules and regulations lead to a complete closure of manufacturing plants for months. Consequently, sales of packaging testing equipment were pretty disturbed during the lockdown dampening sales of target market.
Packaging Testing Equipment Market Landscape
Krones AG, Coesia Group and AMETEK Inc. are the top players operating in the packaging testing equipment market. Furthermore, Marchesini Group, Presto Testing Equipment, Labthink Instruments Co. Ltd., AZO Holding GmbH, Machine Solutions Inc., Qualitest, and Rycobel Group are also the noticeable players in the packaging testing equipment market. The 3-tier players of the market hold 80-90% in the global packaging testing equipment market. Summarizing everything key players will contribute almost 10-20% of the global market.
Packaging Testing Equipment Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global packaging testing equipment market, analyzing historical demand from 2015-2020 and forecast statistics for 2021-2031. The study reveals growth projections on the packaging testing equipment market on the basis of testing type, material, and end use across seven regions.
About Packaging Division at Future Market Insights
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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