This study intends to unfurl the multiple facets of global packaging automation market. The insights offered in the report aid in market growth examination during the forecast period.
Perceived Benefits of Automated Workflows in the Packaging Sector to Drive the Packaging Automation Market Growth
With advancements in technology and automation, the packaging industry has been witnessing a positive transformation. Automation systems in the packaging sector are currently in the phase of rapid technological developments. Businesses are adopting packaging automation solutions owing to several operational advantages. With packaging automation is associated with aspects such as increased productivity, reduced damages, increased throughput, consistent packaging results, reduced cost of labour, improved ergonomics, and enhanced operational performance. In addition, packaging automation also helps in combating labour shortages. Moreover, by replacing manual aspects of packaging processes with workflows regularized by automation, it becomes possible to re-allocate labour to other roles that require higher skill set. By leveraging this, businesses can optimize their resource utilization for crucial tasks with machines performing repetitive tasks with higher accuracy and reduced errors. Furthermore, packaging automation can aid in reducing costs associated with logistics. It reduces the size of secondary packaging along with limiting unnecessary packaging during need for additional product protection. This factor has significantly fuelled its demand, in turn bolstering the growth of the packaging automation market.
Growing Pharmaceutical Sector to Bode Well for the Packaging Automation Market
After the outbreak of COVID 19 pandemic, the pharmaceutical industry underwent massive changes including various technological advancements. According to The Association for Packaging and Processing Technologies (PMMI), pharmaceutical sector has been undergoing a paradigm shift apropos to product formats on the back of growing development of customized medicines and injectables. This has pushed manufacturers to re-visit their production and packaging planning, which has fuelled the adoption of digitization to carry out operational improvements. This has provided ample opportunities for the packaging automation market in the pharmaceutical manufacturing space on the global front. Furthermore, the proliferation of Industry 4.0 in the pharmaceutical sector has further contributed towards its growth. That said, rising pharmaceutical industry is expected to augur well for the market in the coming years.
Asia Pacific to Emerge as a Major Revenue Pocket for the Packaging Automation Market
From the geographical standpoint, Asia Pacific is expected to offer potential avenues of growth for the packaging automation market. Several factors govern the lucrativeness of the region with regards to adoption of automation in the packaging industry. Rising industrialization across economies such as China, India, Japan, South Korea, and Australia among others has widened the scope for automation. Packaging sector being no exception has been undergoing a momentous transformation with the penetration of technology. Moreover, the packaging industry in Asia Pacific has been witnessing significant growth backed by increasing demand from industries such as food and beverages, pharmaceuticals, chemicals, consumer goods and automotive. For instance, according to Invest India, the packaging market in India is likely to reach a valuation of more than US$1 Tn by end of 2024 at a CAGR of over 2.8% during the 2019-2024 timeline as packaging is one of the successful contributors to industries such as FMCG, electronics and pharmaceuticals. This has pushed the adoption of technology in packaging in these sectors, in turn giving an impetus to the growth of the market. In addition, macro economic factors such as availability of land, business friendly environment and high customer pool owing to increasing population have proved pivotal in driving the growth of the different industries. This aspect continues to influence the adoption of automation in packaging, in turn augmenting the growth of the packaging automation market in Asia Pacific.
Furthermore, increasing presence of major players coupled with strategic collaboration and partnerships remains instrumental in driving the growth of the market. For instance, in 2022, a partnership was signed between Honeywell, and Walvax Biotechnology Co Ltd. According to this partnership, Honeywell will provide automation control solutions thus facilitating digitized and intelligent vaccine production. Such strategic moves are expected to further expand the packaging automation market in Asian countries thus making the region a lucrative revenue pocket in the forthcoming years.
Packaging Automation Market: Competitive Landscape
New launches and acquisitions have been witnessed in the packaging automation market. Key players have been focusing on such growth strategies to strengthen their position. For instance, in January 2022, Multivac Group signed an agreement to acquire holdings of TVI, a portioning machine provider. Same year in April, Multivac launched W 500 flow packaging solution in the market. This automated packaging solution provides high flexibility for a variety of food products. In May 2022, TSA 400 was introduced by ULMA Packaging at IFFA 2022. TSA 400 is a compact tray sealer that has a high speed output making it a suitable choice for tight layouts.
A few of the major players in the global packaging automation market include ULMA Packaging, Multivac Group, Swisslog Holding AG, Coesia SpA, Syntegon Technology, Rockwell Automation, ABB Ltd., Beumer Group GmbH & Co. KG, Schneider Electric SA, Mitsubishi, and Siemens AG.
Regional Classification of Global Packaging Automation Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Packaging Automation Market
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