PUBLISHER: The Business Research Company | PRODUCT CODE: 1426370
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426370
Converting equipment refers to machinery or industrial equipment utilized in manufacturing and production processes to convert raw materials, semi-finished goods, or components into finished products. This equipment is essential for optimizing production processes, enhancing efficiency, and ensuring the quality of the final products across various manufacturing industries.
The main types of converting equipment include manual, semi-automatic, and automatic machines. Manual machines are characterized by being controlled by hand, involving actions such as clicking buttons, spinning knobs, or pressing triggers. The maximum operating speeds of converting equipment are categorized as less than 300 m/min, 300 to 600 m/min, 601 to 800 m/min, and above 800 m/min. These machines find applications in industries such as paper, plastic, metal, and textiles. Various sectors benefit from converting equipment, including food and beverages, household cleaning products, electronics, cosmetics, pharmaceuticals and healthcare, among others.
The converting equipment market research report is one of a series of new reports from The Business Research Company that provides converting equipment market statistics, including converting equipment industry global market size, regional shares, competitors with a converting equipment market share, detailed converting equipment market segments, market trends and opportunities, and any further data you may need to thrive in the converting equipment industry. This converting equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed during the historic period in the market for converting equipment can be attributed to several factors. These include the expansion of the packaging industry, the globalization of supply chains, growth in consumer goods manufacturing, increased disposable income, the necessity for regulatory compliance, and the rise of e-commerce. These factors collectively contributed to the demand for converting equipment across various industries involved in the production and packaging of goods.
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 anticipated growth in the forecast period for converting equipment can be attributed to several factors. These include the increasing demand for pharmaceuticals, growth in flexible electronics manufacturing, a rise in rapid prototyping and short-run production, the demand for smart packaging solutions, and a heightened focus on sustainability across industries. Major trends expected in the forecast period include the integration of Industry 4.0 technologies, emphasizing flexibility and customization in manufacturing processes, digitalization of workflow for enhanced efficiency, advancements in printing technologies, and the implementation of automation to optimize labor resources.
Personalization and the allure of premium labels are expected to significantly drive the expanding converting equipment market. Personalization involves tailoring services or products to meet specific individual or organizational preferences, while premium labels denote high-quality, often higher-priced offerings within private labels. Converting equipment plays a pivotal role in crafting bespoke labels, packaging, and various high-quality items that cater to distinct client demands. For example, in 2021, private label sales surged to $158.8 billion, marking a historical high in the Private Label Manufacturing Association's 2021 yearbook. Furthermore, a Salesforce report in May 2022 revealed that customer expectations for transparent and personalized experiences soared, with 73% of consumers anticipating companies to acknowledge their unique needs, up from 52% in 2020. This surge in personalization and premium label demand has been a key driver in propelling this market forward.
The burgeoning manufacturing sector is anticipated to serve as a significant catalyst in the expansion of the converting equipment market. The manufacturing industry involves the creation of goods from raw materials, employing various tools, machinery, and technological processes. Converting equipment plays a critical role in enhancing production efficiency, customization, and automation within manufacturing, particularly in packaging and container production. As per the United Nations Industrial Development Organization's report in March 2022, after a pandemic-induced decline in 2020, global manufacturing production rebounded by 9.4% in 2021. This resurgence in manufacturing activities has notably fueled the growth trajectory of the converting equipment market.
The substantial expense associated with acquiring converting equipment poses a significant obstacle to the growth of the market. Particularly impactful for smaller businesses, this financial barrier requires a considerable upfront investment to procure and maintain the necessary machinery. This cost burden could dissuade potential buyers, impeding the expansion of the market. As highlighted by Made-in-China.com, the price range for tissue-converting machines typically spans from $5,000 to $160,000 per set, underscoring the considerable investment required.
Leading companies in the converting equipment sector are directing efforts towards developing cutting-edge products, such as precision rotary die-cutting machines, to cater to customer needs effectively. These innovative machines, exemplified by JBC Technologies Inc.'s recent introduction of the Dorey Converting Systems (DCS) precision rotary die-cutting press in September 2022, employ sharp blades on a rotating cylinder to cut materials with exceptional accuracy. This advanced rotary press is designed for intricate die-cut components, capable of intricate forms, lamination of various materials, and in-line operations, facilitated by a sophisticated six-camera integrated closed-loop vision system. The machine's in-line vision system incorporates inspection cameras post-production to ensure precision.
In November 2021, Bobst Group SA, a Swiss-based company specializing in converting equipment and labels manufacturing, acquired Officine Meccaniche Giovanni Cerutti SpA for an undisclosed sum. This acquisition aligns with BOBST's strategic objectives to fortify its capabilities and enhance its standing as a prominent player in the global gravure printing industry. Officine Meccaniche Giovanni Cerutti SpA, based in Italy, specializes in manufacturing specialty printing and converting equipment.
Major companies operating in the converting equipment market report are Parkland International, Nordson Corporation, Bobst Group SA, Davis-Standard LLC, Wittenstein SE, Paper Converting Machine Company (PCMC), Mark Andy Inc., Kampf Machinery Corporation, C. G. Bretting Manufacturing Co. Inc., Rotometrics International Ltd, Nordmeccanica Group, Comexi Group, Parkinson Technologies Inc, Delta Industrial Services Inc., Karlville Development LLC, Ghezzi & Annoni S.R.L., Elsner Engineering Works Inc, New Era Converting Machinery Inc., Ashe Converting Equipment, Catbridge Machinery LLC, Tidland Corporation, Atlas Converting Equipment Ltd., Keene Technology Inc., AZCO Corp, Universal Converting Equipment, Maxson Automatic Machinery Company, Schober USA Inc., CMS Industrial Technologies LLC, Uteco Converting S.p.A., Valmet Oyj
Asia-Pacific was the largest region in the converting equipment market in 2023. The regions covered in the converting equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the converting equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The converting equipment market consists of sales of lamination machines, coating machines, and bagging machines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Converting Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on converting equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for converting equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The converting equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.