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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:
- Krones AG (Germany)
- Presto Group (India)
- Qualitest International Inc. (Canada)
- LAB Equipment Inc. (US)
- Marchesini Group SpA (Italy)
- Coesia SpA (Italy)
- AMETEK Inc. (US)
- FUJI MACHINERY CO., LTD. (Japan)
- PackTest Machines Inc. (India)
- Amade-Tech (China)
- HexaPlast (India)
- Labthink (China)
- Rhopoint Instruments (UK)
- SGS SA (Switzerland)
- Angels Instrumentation (US)
- Intertek Group plc (UK)
- Thwing-Albert Instrument Company (US)
- IDM Instruments Pty Ltd (Australia)
- PTIUSA (US)
- IDM TEST (Spain)
COVID-19 Impact
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.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Segments
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.
Report Coverage
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.
Drivers and Restraints
Regulations on Food Packaging to Encourage Investments
Stakeholders predict the implementation of rigorous regulations to accentuate the demand for packaging testing equipment solutions. The US 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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Report Scope and Segmentation-
| Report Coverage |
Full story available on Benzinga.com
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