March 15, 2022 01:31 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, March 15, 2022 (GLOBE NEWSWIRE) -- The Packaging Testing Equipment Market size was valued at USD 3.15 billion in 2020. The market is projected to rise from USD 3.33 billion in 2021 to USD 5.11 billion by 2028 at a 6.3% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has deep-dived into these insights in its latest research report titled, “Packaging Testing Equipment Market, 2021-2028.”
According to the study, leading companies are likely to inject funds into packaging testing equipment amidst soaring demand from the e-commerce sector. Moreover, burgeoning urbanization, along with the surge in consumer electronics demand, has encouraged industry participants to inject funds into the landscape.
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Major Players Profiled in the Packaging Testing Equipment Report:
Steady Demand from E-commerce Sector to Offset Challenges from the Pandemic
While end-use sectors suffered setbacks from the onset of the COVID-19 outbreak, e-commerce and pharmaceutical companies witnessed steady growth. Notable demand for fast moving consumer goods (FMCG) will encourage prominent companies to expand their penetration. Meanwhile, supply chain disruptions did not support the industry outlook.
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Type, Material, End-Use, and Region Are Studied
In terms of type, the market is segmented into drop testing equipment, compression, and tensile strength.
Based on material, the industry is segmented into paper, plastic, glass, and metal.
On the basis of end-use, the market is fragmented into consumer electronics, pharmaceuticals, food & beverage, transport & logistics, and others (personal care products and others).
With respect to geography, the market is studied across North America, Asia Pacific, Europe, South America, and Middle East & Africa.
The report includes quantitative and qualitative analysis to provide a comprehensive view of the global market. The report also delves into top-down and bottom-up approaches to provide a strategic approach on product mapping of new entrants and leading players. Primary sources, such as interviews with major stakeholders and opinion leaders, validate the report’s authenticity. The report includes secondary sources, such as SEC filings, press releases, and website reports, to foster the veracity of the report.
Regulations on Food Packaging to Encourage Investments
Stakeholders predict the implementation of rigorous regulations to accentuate the demand for packaging testing equipment solutions. The U.S. Consumer Product Safety Commission and the Food Sanitation Law are likely to seek the implementation of strict guidelines to complement quality packaging across the food & beverage, pharmaceuticals, and transportation & logistics applications. Industry players expect the packaging testing equipment market share to gain traction from the need for scalability and performance.
Meanwhile, surging equipment costs amidst emphasis on advanced products could challenge stakeholders gearing to expand their portfolio.
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Advancements in Biopharmaceuticals to Usher Innovations in North America
Prominent companies are poised to explore opportunities across the U.S. and Canada as the demand from transportation and biopharmaceuticals continues to gain traction. Stakeholders expect pharmaceutical companies to increase their investments, which will aid the North America packaging testing equipment market growth. The North America market size was valued at around USD 1.18 billion in 2020 and will grow with the rising presence of leading companies.
Asia Pacific is slated to emerge as a lucrative hub due to the soaring demand for packaging testing equipment across pharmaceuticals, consumer electronics, and food & beverage sectors. Moreover, burgeoning urbanization and globalization will aid the regional outlook.
Europe will witness an exponential rise in investments during the forecast period, largely due to the trend for recyclable packaging. The advanced testing equipment will be sought across end-use sectors, including food & beverage, consumer electronics, and pharmaceuticals. Industry participants expect drop testing and tensile strength equipment to receive impetus in the ensuing period.
Leading Companies to Expand Penetration to Tap Markets
Industry participants are expected to focus on strategic approaches, including technological advancements, product launches, mergers & acquisitions, and R&D activities. Prevailing trends indicate major players could invest in strategic expansion during the forecast period.
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