Packaging Testing Equipment Market Will Grow by 6.4% CAGR amid Surging Application in Consumer Electronics Sector

JUMEIRAH LAKES TOWERS, DUBAI, UNITED ARAB EMIRATES, January 11, 2022 /EINPresswire.com/ -- Future Market Insight’s (FMI’s) recent study on the packaging testing equipment market offers a deep-dive analysis of factors enabling sales globally. The report also provides detailed insight into the packaging testing equipment market including various segments in terms of testing type, material, and content.

Future Market Insights (FMI), Dubai: As per a detailed survey by FMI, the global packaging testing equipment market is estimated to top US$ 3.6 Bn in 2021. Growing application of packaging testing equipment across pharmaceutical, personal care, and food & beverages industries is propelling the demand in the market.

Packaging plays a significant role as it safeguards the product from any external damage and assists maintain the quality and integrity of the product. Hence, numerous industry players are increasingly investing in checking the reliability and durability of the packaging. Driven by this, the market is anticipated to surpass US$ 6.58 Bn by 2031.

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For instance, implementation of stringent regulations and standards regarding product packaging is driving the market. For instance, the America Society for Testing and Material (ASTM) mandated a set of protocols, parameters, and tests, such as vibration, drop and shock tests, in the U.S. in order to ensure quality packaging across diverse industries.

A slew of such regulations is expected to aid the growth in the packaging testing equipment market. On account of this, the market is projected to register growth at 6.4% CAGR over the forecast period 2021-2031.

In terms of end user, the food & beverage segment is anticipated to emerge as the most lucrative segment in the market, accounting for nearly 32.4% of the overall sales in 2020. Increasing use of packaging testing equipment in ensuring the quality of packaging for products such as canned products, ready-to-eat meals, energy drinks, and packages snacks is favoring the growth in the segment.

“Growing emphasis on improvement, verification, and certification of packaging solutions to maintain the quality of products during the transportation is augmenting the growth in the market,” says a FMI analyst.

Key Takeaways from Packaging Testing Equipment Market Study

The U.S. is forecast to hold the dominant share in the North America market, accounting for around 90% of the sales in the region through 2031.

China is estimated to register healthy growth in Asia Pacific, holding more than 23% of the regional revenue share in 2021.

Japan is expected to emerge as a highly remunerative market, exhibiting sales at a CAGR of 7.6% over the assessment period.
Based on testing type, the sample/material segment is expected to expand by 1.9X between 2021 and 2031.

Based on material, plastic is projected to remain the most sought-after material, accounting for almost 45% of the demand share by 2021.

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Key Drivers

Rising applications of sample/material testing across the food and beverages sector for selecting the most suitable material for the product is propelling the demand across the sample/material testing segment.

Growing inclination towards using plastic for packaging, owing to its flexibility, durability, and cost-effectiveness attributes is fueling the sales in the plastic segment.

Key Restraints

High cost, fragility, and inability to protect for sunlight and withstand the impact of glass as compared to other materials such as metal is hindering the sales across the glass segment.

Implementation of stringent regulations concerning the use of plastic due to its adverse effect on the environment is restraining the growth in the plastic segment.

Competitive Landscape

The top five players in the packaging testing equipment market are Krones AG, AMETEK Inc., Coesia Group, Marchesini Group and Presto Testing Equipment. As per FMI, these companies collectively account for nearly 10% to 15% of the overall market share.

Key player are aiming at entering into strategic partnerships, collaborations, mergers and acquisitions with other manufacturers to expand their product portfolio and production capacity. For instance,

In June 2021, Infinity Laboratories, an India-based testing services provider announced acquiring a GMP compliant, FDA regulated contract testing company, Advanced Analytical Testing Laboratories Inc. The acquisition will assist the company to provide reliable testing products across pharmaceutical, cosmetic regulated industries.

In 2021, Biozek Medical, a Netherlands-based biotechnology company, announced implementing eco-friendly processes in their newest manufacturing facility by incorporating waste minimization equipment, such as packaging testing equipment, for energy effective production and optimum resource management software.

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Some of the key players operating in the market profiled by FMI are:

Krones AG
AMETEK Inc.
Coesia Group
Marchesini Group
Presto Testing Equipment
Labthink Instruments Co. Ltd.
AZO Holdings GmbH
Machines Solutions Inc.
Qualitest
Fuji Machinery Co. Ltd.

More Valuable Insights on Packaging Testing Equipment Market

FMI, in its new report, offers an unbiased analysis of the packaging testing equipment market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in packaging testing equipment market with detailed segmentation:

By Testing Type:

Sample/ Material Testing
Hardness/ Strength Testing
Surface Testing
Air Properties & Impact Testing
Enclosures & Barrier Testing

By Material:

Plastic
Paper
Metal
Glass

By Content:

Food & Beverages
Healthcare & Pharmaceuticals
Transportation & Logistics
Personal Care Products
Consumer Electronics
Others

By Region:

North America
Latin America
Europe
APAC
Rest of World

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Key Questions Covered in the Report

The report offers insight into packaging testing equipment market demand outlook for the forecast period 2021-2031

The market study also highlights projected sales growth for packaging testing equipment market between 2021 and 2031

Packaging testing equipment market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry

Packaging testing equipment market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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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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ankush Nikam
FMI
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