Worldwide packaging market growth strongest in China
The packaging market is growing: according to the Smithers Pira 2019 study “The Future of Global Packaging to 2024”, the total value of the global packaging volume for 2019 was almost $920 billion, and this is expected to grow at an average rate of 2.8% annually to over $1 billion by 2024. The study regards thereby the volume for the materials board, flexible packaging, rigid plastics, metal and glass. Asia was the biggest market in 2018, accounting for around 40% of global packaging consumption, followed by North America with around 22%, and Western Europe in third place with 20%. China is the world’s biggest packaging consumer, at over $200 billion. It is also forecast to have the fastest growth in packaging consumption over the five-year period from 2019 to 2024, with a rate of almost 5%. This is due to the rising real take-home pay, an expanding middle class, a growing population, the increasing urbanization, and further expansion of E-commerce.
Heidelberger Druckmaschinen AG (Heidelberg) is clearly focusing on this high market potential. The company is ideally positioned in the growing field of folding carton printing on board worldwide and in China in particular. “The Chinese market, which is so important for us, is the one where demand has returned fastest and closest to that of the previous year during the pandemic,” confirms CEO Rainer Hundsdörfer. “The long-term prospects look good too. China is still the fastest-growing market in the world. Our market share of about 50 percent puts us out in front here, and we want to consolidate our strong position even further. Therefore we will further expand our production capacities in Shanghai and increase our competitiveness there with a higher share of value added. As well as local production, Heidelberg China will also provide assistance with a strong sales and service team. We have our sights firmly set on the successful packaging printing companies above all.”