In this report, Technavio’s transportation and logistics research experts announce their key market highlights for the global personality identity management market. Their findings include:
Wrapping and bundling packaging machinery segment will grow rapidly because of the growth of flexible packaging
The global wrapping and bundling machinery market was valued at close to USD 5 billion in 2015. Manufacturers are concerned about the protection of their products from external damage and adverse climatic conditions. It has thus created a demand for wrapping and bundling equipment that ensure safe shipping of products. The need to reduce wastage and optimal use of packaging material will further lead to increased sales of such equipment during the forecast period. Technavio analyst Sharan Raj, who specializes in packaging, expects a shift in demand from hand-operated wrapping and bundling equipment to automated equipment that provides high performance with reliability and accurate functioning.
“The other packaging segment include, cleaning machinery, drying machinery, sterilizing machinery, strapping machinery, mounted machinery, and auxiliary packaging machinery. These segments are expected to experience a decline in its year-on-year growth rate from 2016 due to an anticipated increase in demand for all-in-one machinery that perform multiple functions at the same time,” said Sharan.
Segmentation of global packaging machinery market by machinery type 2015
|Labeling and coding||14.98%|
|Closing and sealing||12.28%|
|Wrapping and bundling||12.08%|
|Other packaging machinery||37.32%|
America expected to lead the global packaging machinery market
The packaging machinery market in the Americas is expected to grow at a rapid rate during the forecast period, as many trade agreements are being finalized between major countries in South America and the US.
The US and Mexico are major revenue contributors, representing the largest markets for food packaging machinery in the region. Technavio analysts expect that shipments from the US will grow at an annual rate of 2%, and the US will lead the market in the Americas during the forecast period. Most leading manufacturers of packaging equipment are located in the US. Increased use of packaging machinery in neighboring countries to the US is also expected to impel growth into the market.
Food industry suppliers will adapt to modern packaging machinery to extend shelf life, reduce spoilage and risk of contamination, and enhance overall appeal
Packaging machinery is used across the food, beverage, pharmaceutical, personal care, and chemical industries, among others. The market is dominated by the food industry, which had a market share of close to 34.07% in 2015 and is likely to retain its dominant position during the forecast period. Growing urbanization and rising personal income contributes considerably to the consumption of healthy and ready-to-eat food products. These factors will lead to increased sales of equipment that are used for the packaging of such food products.
The beverage industry had a share of about 22.22% in the global packaging machinery market in 2015. The demand for on-the-go beverages such as bottled water, juices, and soft drinks will drive the global packaging machinery market during the forecast period. The use of attractive packaging features for products such as energy drinks to increase sales is also expected to boost the demand for packaging machineries during the forecast period.
Vendors are making an investment in packaging features and introducing machineries with enhanced automation
Manufacturers of plastic packaging machinery are compelled to introduce high-quality products to survive in an intensely competitive environment. Due to a growing demand to meet production capacity, machinery and equipment with features such as enhanced automation, integrated systems, and shorter turnaround times are being introduced in the market. The demand for multi-functional systems is also growing as they are equipped with enhanced features such as increased efficiency, high speed, and high capacity. Modular packaging machines comply with safety regulatory requirements. This trend is expected to significantly buoy the market until 2020.
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