NEW YORK, Dec. 5, 2016 /PRNewswire/ -- The global smart
packaging market is expected to reach USD
26.7 billion by 2024, according to a new report by Grand
View Research, Inc. Rising need for smart packaging products owing
to increasing usage in the end use industries such as electronics
and automotive on account of its superior protection properties is
expected to fuel the growth over the forecast period. Rising
industrialization in emerging regions including Asia Pacific and the Middle East is expected to drive the industry
over the next eight years.
Increasing application scope in the logistics industry
pertaining to the surging use of RFID tags at multiple levels to
speed up locating products, and to improve the availability of
real-time information coupled with the elimination of record loss
is expected to drive the demand over the next eight years.
Moreover, rising investment to improve the logistics industry
within emerging economies such as China and India are projected to propel the industry
growth.
Active Packaging accounted for over 70% of the market in terms of
revenue on account of superior corrosion and moisture control
properties. Growing use of the product in the automotive sector is
likely to drive the demand over the forecast period.
Further key findings from the report suggest:
The global smart packaging industry in terms of revenue was
USD 10.8 Billion in 2015 and is
expected to reach USD 26.7 Billion by
2024, recording a CAGR of 10.6% from 2016 to 2024.
NFC (near field communication) is projected to be the fastest
growing segment within intelligent packaging registering a CAGR of
over 12% from 2016 to 2024. Usage of NFC in the telecom industries
is rising exponentially. Smartphones equipped with NFC which can be
paired with NFC tags or stickers, programmed by NFC apps to
automate tasks and hence, is likely to fuel the growth of smart
packaging market over the forecast period.
Personal care sector is expected to register a CAGR of over 10%
from 2016 to 2024 accounting for about 9% of the total market in
2015. Growing demand for personal care products particularly
organic products on account of rising awareness about various
health benefits over their synthetic counterparts is likely to fuel
the industry over the forecast period.
Automotive segment held a significant share of over 10% in 2015.
The industry is expected to grow at a CAGR of around 12% from 2016
to 2024. Growing use of RFID tags in the automotive industry to
improve the production efficiency is expected to drive the demand
over the forecast period. Also, rising use of RFID tags in the
automotive industry for asset tracking and supply chain management
is expected to propel the industry growth.
Asia Pacific accounted for a
significant share of over 11% in 2015. The ready availability of
raw materials coupled with cheaper manufacturing costs is expected
to drive the growth. The region is also projected to witness growth
of over 14% from 2016 to 2024.
The industry is moderately fragmented with the presence of a large
number of prominent participants across the globe. Some leading
companies operating in the global market include 3M, BASF, Du Pont,
Avery Dennison Corp., Amcor Limited, Sealed Air Corporation and
International Paper. 3M is an American company involved in product
development, manufacturing, and marketing for businesses including
industrial, safety & graphics, electronics & energy,
healthcare, and consumer. The company manufactures a wide range of
products which includes abrasives, maintenance, automotive,
materials, films, hand hygiene, home improvement, components,
patient monitoring, personal safety, signs & displays,
filtration, surgical solutions, wire & cable and tapes &
adhesives.
Read the full report:
http://www.reportlinker.com/p04394764-summary/view-report.html
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