The packaging testing equipment market will increase at a CAGR of 6.4 percent between 2021 and 2031, according to Future Market Insights (FMI). The consumer electronics industry’s application scope is predicted to expand as demand for complementary and technologically advanced packaging solutions develops. Packaging testing equipment is used in the electronics sector for a variety of purposes, including backing proofing for operating status, certification of electronics, and determining whether or not they are safe to use.
Packaging testing equipment’s uses in the electronics industry are continually expanding. A prominent factor that is expected to boost the growth of the packaging testing equipment market is the fast expanding demand for consumer electronics.
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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.
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.
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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.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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