LOS ANGELES, April 14, 2020 /PRNewswire/ -- The global packaging printing market is expected to reach the market value of around US$ 503 Bn by 2027 and is anticipated to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 to 2027.
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In packaging printing market packaging industry needs to meet certain standards regarding quality, efficiency, and advanced trend which may expand the demand for the packaging printing. Many packaging industry uses advanced techniques and inks such as flexographic, rotogravure, offset, and digital. In addition, flexographic is a technique which is prominently used for packaging printing where the ink is applied to the surface plate on which the image is to be printed. Packaging printers are used in various packaging techniques including paper and glass, paperboard, flexible containers, metal, rigid plastics, and others.
In 2019, Asia Pacific region accounts to held a major share in the packaging printing market, in terms of revenue due to manufacturer focusing on low cost packaging printing. However, the China and India are projected to grow at higher rates from 2020 to 2027, as market for packaging printing will be matured market in developed countries. The Asia Pacific region is expected to show the highest growth as e-retail sales are rising in the region and growing demand of packaging in the food industry.
The key factors which likely to propel the growth of packaging printing market is rising demand for package beverages. The growing demand for alcoholic drinks, bottled water, carbonated soft drinks and canned juices contributed to a rise in consuming and serving packaged beverages. In addition, rapidly growing manufacturing industries and rapid industrialization across the globe are the factors that fuel the demand for packaging printing. The wide application of packaging printing in the healthcare sector, food & beverages industry, cosmetics & toiletries, and others are factors that drive the packaging printing market. However, the market growth is expected to be hampered by high initial capital expenditure due to the fixture of rubber plates on printers and their inapplicability on heavy products.
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The demand for packaging printing ink is regulated by laws and policies as some of the formulations of ink have a documented harmful effect. The most influenced end-use categories are food and pharmaceutical printing, where the ink printing is made with a volatile organic compound or a solvent-based ink. The numerous policies relating to the use of water-based or safe printing inks has been introduced and enforced by the foreign organizations, such as Environmental Protection Agency (EPA), Food and Agricultural Organizations (FAO) and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH).
The global market is bifurcated by the presence of numerous large and small players key market participants include are Sonoco Products Company, Mondi plc, Graphics Packaging Holding Company, Amcor Limited, Quad/Graphics, Constantia Flexibles, WS Packaging Group, Toppan Printing Company, Quantum Print and Packaging Limited, Duncan Printing group, and others.
- In June 2019, in order to become the largest manufacturer of packaging products and technologies, Amcor has acquired Bemis Corporation.
- In July 2019, Graphics Packaging is a diversified manufacturer of panel boards and coated recycled paperboards and acquires Artistic Carton Mill, a processing plant, with divisions at Auburn, Indiana, Elgin, and Illinois. The acquisition expanded the product range and manufacturing capacity of the company, as well as the global scope to satisfy the growing demand for these products.
- In August 2019, myMondi.net is launched by Mondi plc for improving print and design to mark their uncoated fine paper (UFP) brands. It allows printers and designers to learn about high-class paper labels, product reviews, local retailers, and media contents that educate printing people about packaging..
- In August 2018, Letica Foodservice Assets was acquired for around US$ 95 Mn by Graphic Packaging International, LLC, a subsidiary of Graphics Packaging Holding. This has expanded companies in North America to develop their market for paperboard-based food services.
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