Packaging Testing Equipment Market to Depict 6.3% CAGR from 2021 to 2028; Pharmaceuticals to Exhibit Profound Demand: Fortune Business Insights™
Fortune Business Insights
7 min read
Fortune Business Insights
Companies Profiled in the Packaging Testing Equipment Report are Krones AG (Germany), Presto Group (India), Qualitest International Inc. (Canada), L.A.B. Equipment Inc. (U.S.), Marchesini Group S.p.A. (Italy), Coesia S.p.A. (Italy), AMETEK Inc. (U.S.), FUJI MACHINERY CO., LTD. (Japan), PackTest Machines Inc. (India), Amade-Tech (China), HexaPlast (India), Labthink (China), Rhopoint Instruments (U.K.), SGS SA (Switzerland), Angels Instrumentation (U.S.), Intertek Group plc (U.K.), Thwing-Albert Instrument Company (U.S.), IDM Instruments Pty Ltd (Australia), PTIUSA (U.S.), IDM TEST (Spain)
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.
Major Players Profiled in the Packaging Testing Equipment Report:
Krones AG (Germany)
Presto Group (India)
Qualitest International Inc. (Canada)
L.A.B. Equipment Inc. (U.S.)
Marchesini Group S.p.A. (Italy)
Coesia S.p.A. (Italy)
AMETEK Inc. (U.S.)
FUJI MACHINERY CO., LTD. (Japan)
PackTest Machines Inc. (India)
Amade-Tech (China)
HexaPlast (India)
Labthink (China)
Rhopoint Instruments (U.K.)
SGS SA (Switzerland)
Angels Instrumentation (U.S.)
Intertek Group plc (U.K.)
Thwing-Albert Instrument Company (U.S.)
IDM Instruments Pty Ltd (Australia)
PTIUSA (U.S.)
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,
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 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.
Stringent Testing Procedures and Quality Ensuring Regulations for Packaging to Brighten Market Prospects
Pitfalls & Challenges
High Equipment Cost to Hamper Market Growth
Regional Insights
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.
Competitive Landscape
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.
Key Industry Development
December 2020: PTIUSA acquired Leak Detection Associates (LDA) to expand its products and services.
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