From: Packaging World
According to a new report by PMMI Business Intelligence, the pharmaceutical end market for packaging machinery will continue to grow the fastest with a CAGR of 4.1%.
Filling & Dosing and Labeling, Decorating & Coding machinery are estimated to have been the two largest market machine groups in 2016, which accounted for 20.7% ($7.6 billion) and 12.6% ($4.6 billion) of the total market, respectively.
The Labeling, Decorating & Coding; Vertical Form, Fill & Seal; and Horizontal Form, Fill & Seal machinery markets are forecast to have the highest growth rates from 2016 to 2021, with CAGRs of 3.0%, 3.1% and 3.2%, respectively.
Asia Pacific was the largest market for packaging machinery, accounting for 36.3% ($13.4 billion) of global revenues in 2016. The Asia-Pacific market is forecast to grow at a CAGR of 3.0% to $15.5 billion in 2021. EMEA was the second largest, accounting for 33.2% ($12.2 billion) of global revenues in 2016. The EMEA market is forecast to grow at a CAGR of 2.9% to $14.9 billion in 2021.