The flexographic printing machine market will register a CAGR of over 3% by 2023
LONDON, Jan. 31, 2019 /PRNewswire/ -- About this market
The growth of the packaging industry contributes to the increase in demand for flexible packaging due to the thriving consumer goods industry and technological advances. The growth of the global packaging industry has a significant impact on the development and expansion of the global flexographic printing machine market. The food and beverage industry are estimated to be the largest end-user of flexographic printing machines and a major growth contributor owing to the rising demand for packaged foods, packed beverages and frozen foods. In addition, growing awareness and concerns about the quality of packaged food and beverages have fostered the growth of the food and beverage packaging market. The increase in penetration of the Internet is another factor that has positively impacted the market. Thus, the growing trend of online purchases by Internet users has strengthened the global packaging market. Technavio's analysts have predicted that the flexographic printing machine market will register a CAGR of over 3% by 2023.
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Market Overview
Increasing popularity of attractive and innovative packaging
Packaging is an important aspect of a product, as it provides detailed information regarding ingredients and other details such as dates of manufacturing and expiry. Packaging helps in attracting consumers through visual appeal and offers brand visibility. The advances in packaging technologies and the rise in demand for products with innovative packaging are expected to fuel the growth of the global flexographic printing machine market during the forecast period.
Fluctuations in raw material prices
Primary raw materials used in flexographic printing are substrate and ink. Flexographic printing ink is primarily produced by vendors, though the raw materials such as binders' pigments, solvents, and additives are procured from specialty chemical vendors. Thus, the uncertainty of pricing and costs incurred by vendors and the challenge of passing these expenses to clients will negatively impact the market for flexographic printing machines.
For the detailed list of factors that will drive and challenge the growth of the flexographic printing machine market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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