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 the 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. The growing use of the product in the automotive sector is likely to drive demand over the forecast period.
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U.S. Smart Packaging Market Revenue, By Application, 2013 – 2024 (USD Million)
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.
- The 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 raising 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. The growing use of RFID tags in the automotive industry to improve production efficiency is expected to drive demand over the forecast period. Also, the rising use of RFID tags in the automotive industry for asset tracking and supply chain management is expected to propel the industry growth.
- The 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 the 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.
Grand View Research has segmented the smart packaging market by product, application, and region.
Global Smart Packaging Product Outlook (Revenue, USD Million, 2013 – 2024)
- Active Packaging
- Gas Scavenger
- Corrosion Control Packaging
- Moisture Control Packaging
- Intelligent Packaging
- Time-temperature Indicator
- Gas Indicator
- Thermochromic Ink
- RFID & Barcode
Global Smart Packaging Application Outlook (Revenue, USD Million, 2013 – 2024)
- Food & Beverage
- Personal Care
Global Fire Resistant Glass Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
Access Press Release Of This Research Report by Grand View Research: www.grandviewresearch.com/press-release/global-human-growth-hormone-hgh-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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