Converting Equipment Market to Reach New Heights with 4 Percentage CAGR Growth Forecast

The Converting Equipment Market was valued at USD 42.48 Bn. in 2023. Global Converting Equipment Market size is expected to grow at a CAGR of 4 % through the forecast period. This growth is primarily driven by increasing adoption of advanced printing and converting inline machines along with the increasing demand towards sustainable and flexible packaging solutions in different industries.

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Drivers and Opportunities for the Growth of the Market

The market for conversion equipment is expanding at an unprecedented rate, which can be attributed to the following:

Technological developments: The incorporation of modern technologies in printing and converting inline machines has improved productivity, and ink consumption. The machines give the option to the manufacturers to operate automatic or semi-automatic, which further helps in enhancing the performance and production levels.

Personalization and Premium Labeling: Brands are responding to the increased demand for product conspicuousness and consumer engagement by taking the trend of personalized and premium labels forward. High-quality labeling solutions are on an uptick owing to positive investor sentiments driven by robust branding demonstrated via digital marketing strategies.

Demand for paper-based packaging solutions has outpaced traditional plastic films because of a global transition towards sustainable packaging solutions. As consumers prefer sustainable products, this shift offers lucrative opportunities in the converting equipment market.

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Segmentation Analysis

Based on type and application, the converting equipment market is segmented as follows:

Based on Type: The market covers material processing equipment including paper, label, plastic, and textile processing equipment. It accounts for a significant share of the paper converting equipment market and is being driven by the increasing demand for sustainable packaging solutions. The growing requirement for product differentiation and branding is also triggering the growth of label converting equipment.

Converting Equipment Market, by Application. The converting equipment is mainly used in various applications, such as food & beverages, electronics, cosmetics, and pharmacy. This is one of the factors driving the growth of market, while food & beverages industry is the largest contributor towards market growth owing the increasing need of flexible packaging in ensuring safety of products as well as extending shelf life.

Regional Insights

Asia Pacific region caters the largest portion of converting equipment market, which was around 42% of the worldwide share in 2022. The reason behind such dominance is the growing demand for packaging solutions in the food, cosmetics, and household product sectors [1]. Southeast Asia, in particular, is one of the fastest-growing market segments in the world due to a fast-growing population and the accelerating rates of label consumption. The regional market growth is also attributed to increasing technological advancements, including the digitisation of label converting systems.

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Competitive Landscape

The converting equipment market comprises several key players making efforts to innovate and gain market share. Among them, EIT, Smag Graphique, Labels and Labeling, LabelandNarrow Web, ASHE Converting Equipment, Daco Solutions, Spartanics, BOBST, Advanced Converting Equipment Ltd, ABG International, Labelexpo Europe, General Motors, Universal Converting Equipment, Lemorau, Sohn Manufacturing Inc. and JandJ Converting machinery are the key players. These firms are strategizing on technology innovations as well as structural partnerships, M&As to reinforce their pole position and expand their offering canvas.

Conclusion

Rising consumer trends for personalization and premium labels, technological advancements, and increasing adaptations of sustainable packaging globally shall provide a favorable outlook for the global converting equipment market through the forecast period. As the Asia Pacific region dominates in the market, innovation and strategic alliances are key for organizations to exploit growing opportunities and fulfill the growing needs in several industries is also common.

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