The Converting Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Converting Equipment Global Market Report 2024, The converting equipment market size has grown strongly in recent years. It will grow from $40.87 billion in 2023 to $43.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to growth in packaging industry, globalization of supply chains, consumer goods manufacturing, increased disposable income, regulatory compliance, rise of e-commerce..
The converting equipment market size is expected to see steady growth in the next few years. It will grow to $51.52 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to increasing demand for pharmaceuticals, flexible electronics manufacturing, rapid prototyping and short-run production, demand for smart packaging, focus on sustainability.. Major trends in the forecast period include industry 4.0 integration, flexibility and customization, digitalization of workflow, advancements in printing technologies, automation for labor optimization..
Personalization and premium labels are expected to propel the growth of the converting equipment market going forward. Personalization refers to modifying a service, exemplary, or communication to meet a person’s or organization’s requirements and desires. Premium labels refer to brands with private labeling that offer comparatively high-quality items at higher prices than other private labels on the market. Personalization and premium labels use converting equipment to create customized labels, boxes, banners, stickers, apparel, and accessories of high-end quality based on client requirements. For instance, in 2021, according to the Private Label Manufacturing Association’s 2021 private label yearbook, a US-based statistical overview of modern store brands, merchants’ store brands increased across all channels for an all-time high of $158.8 billion in private label, total brand sales reached $816 billion, and private label units grew by 7.2%, mirroring the rise of all brands. Further, in May 2022, according to the Salesforce report, based on research conducted on 13,020 consumers and 3,916 corporate purchasers, in 2021, 61% of customers were confident that firms were going to utilize relevant personal data in a transparent and useful manner, up from 52% in 2020, and 73% of customers expected companies to recognize their unique needs and expectations. Therefore, the growth of personalization and premium labels is driving the market.
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The converting equipment market covered in this report is segmented –
1) By Type: Manual, Semi-Automatic, Automatic
2) By Maximum Operating Speed: Less Than 300 M/Min, 300 To 600 M/Min, 601 To 800 M/Min, Above 800 M/Min
3) By Substrate: Paper, Plastic, Metal, Textile
4) By Application: Food And Beverages, Household Cleaning Products, Electronics, Cosmetics, Pharmacy And Healthcare, Other Applications
Major companies operating in the converting equipment market are focusing on developing innovative products like precision rotary die-cutting machines to provide reliable services to their customers. A precision rotary die-cutting press is a machine with a sharp blade mounted on a rotating cylinder, and the material is fed through the machine as the cylinder turns to cut materials such as paper, fabric, and leather with great accuracy. For instance, in September 2022, JBC Technologies Inc., a US-based converting equipment manufacturer developing die-cutting and non-metallic fabrication products, launched the Dorey Converting Systems (DCS) precision rotary die-cutting press. This revolutionary rotary press has the finest capability for intricate die-cut components that can laminate various substances together, die-cut complicated forms with precise tolerances, and conduct operations such as island placement all in line. The press comprises a six-camera integrated closed-loop vision system for tracking high-speed production. The positioning of inspection cameras after the manufacturing procedure is another vital part of the latest DCS rotary die-cutting press’s in-line vision system.
The converting equipment market report table of contents includes:
1. Executive Summary
2.Converting Equipment Market Characteristics
3.Converting Equipment Market Trends And Strategies
4.Converting Equipment Market analysis
5.Converting Equipment Market Size And Growth
6.Converting Equipment Segmentation
7.Converting Equipment Regional And Country Analysis
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27.Converting Equipment Competitive Landscape And Company Profiles
28.Converting Equipment Key Mergers And Acquisitions
29.Converting Equipment Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Parkland International
- Nordson Corporation
- Bobst Group SA
- Davis-Standard LLC
- Wittenstein SE
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