North America Expected to Remain the Largest Consumer of Advanced Packaging Technologies During 2018-26: Transparency Market Research
Albany, New York, May 16, 2019 (GLOBE NEWSWIRE) — According to TMR, the global advanced packaging technology market is projected to clock a CAGR of 7.5%, during 2018-26, which is attributed to several factors, on which, the advanced packaging technologies report provides thorough insights and forecast. The Asia Pacific advanced packaging technologies market is expected to witness the highest CAGR value of 9.1%, during the forecast period.
The market research study on the global advanced packaging technology market includes market assessment of different types of advanced packaging technologies i.e. active packaging technologies and smart & intelligent packaging technologies. Active packaging products include oxygen scavengers, moisture scavengers/absorbers, ethylene absorbers, active releasing systems, antioxidant releasers, carbon dioxide emitters, modified atmosphere packaging, temperature control packaging, and anti-corrosion films. Smart & intelligent packaging products include TTI tags & labels, freshness indicators, oxygen and CO2 indicators, RFID, and others.
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TMR suggests that the increasing consumption of convenience products such as packaged food & beverages has fuelled the demand for advanced packaging technologies globally. However, the demand for products with advanced packaging technologies is also increasing at a faster pace for applications in other end-use industries such as pharmaceuticals and chemical industry. Packaging products with advanced packaging technologies are widely used to protect products from counterfeiting and provide product information to the consumers in the pharmaceutical industry. Intelligent packaging solutions have gained significant traction in recent years due to the ability of these packaging products to provide information about the product and its constituents at the point of purchase. Leading brand owners are planning to use advanced packaging technologies for their products to create brand differentiation and enhance the traceability of their products.
The active packaging segment dominates the global advanced packaging technology market with the market value share of more than 90% in 2017. In the active packaging segment, modified atmosphere packaging and oxygen scavengers are the two largest segments in terms of both market value and consumption. Temperature and freshness indicators are also gaining momentum for advanced packaging of some food products globally. The advanced packaging technology market offers substantial growth opportunities for the new entrants and existing packaging manufacturers. Companies could focus on embedding advanced packaging technologies in their conventional packaging products to gain significant attention from the brand owners as well as consumers. The global advanced packaging technologies market is expected to grow at a CAGR value of 7.5% during the forecast period.
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The key market participants in the global advanced packaging technologies market are planning to expand their market presence through the development of new products with advanced packaging technologies and establishing their manufacturing base in the emerging economies of the Asia-Pacific and Latin America regions. The demand for advanced packaging technologies is increasing at a good CAGR value of 7.4%, in terms of volume, during the forecast period. North America and Europe advanced packaging technologies markets together account for more than 60 percent market share in the global advanced packaging technologies market. Manufacturers in both of these regions are also planning to invest heavily in research and development activities to distinguish their product offerings from other competitors.
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The Asia-Pacific advanced packaging technology market is expected to offer substantial growth opportunities to the local and multinational manufacturers. The demand is primarily driven by high growth in the foodservice industry along with increasing consumption of packaged food & beverages in the region. In the Asia-Pacific region, Japan and China are the largest producers of products with advanced packaging technologies.
The key players which have been profiled in the global advanced packaging technologies report include – PakSense, Inc, Landec Corporation, Sealed Air Corporation, Bemis Company, Inc, Crown Holdings, Inc., Amcor Limited, 3M Company, Timestrip UK Ltd., Cryolog S.A., Vitsab International AB, Varcode, Ltd., LCR Hallcrest LLC.:, Thin Film Electronics ASA, CCL Industries Inc., Temptime Corporation, Multisorb Technologies, Inc., Coveris Holdings S.A., and others.
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