New York (US), July 04, 2023 (GLOBE NEWSWIRE) -- Nanotechnology Packaging Market Overview
The research documents by MRFR indicate that the “Nanotechnology Packaging Market Research Report Information by Region, Packaging Type, and Application - Forecast Till 2032”, the Nanotechnology Packaging market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 13.30%. The reports even share predictions regarding the market's growing revenue share, which will likely reach USD 20.0 Billion by the end of 2032. As per the reports, the market was worth nearly USD 6.5 Billion in 2022.
The number of green hydrogen projects is growing as more nations focus their investments on the development of a hydrogen-based economy. The potential for longer-term reuse of carbon-free hydrogen in the production of Nanotechnology Packaging is anticipated to grow as a result of investments in hydrogen infrastructure. Additionally, the move towards zero-carbon through decarbonization is anticipated to spur the use of Nanotechnology Packaging, which is anticipated to promote the growth of the global Nanotechnology Packaging market.
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Competitive Analysis
The catalog of the top leaders across the global Market for Nanotechnology Packaging includes players such as:
- Amcor Limited
- Chevron Phillips Chemical Company LLC
- 3M Company
- Honeywell International Inc.
- Bemis Company, Inc.
- Among others
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 20.0 Billion |
| Compound Annual Growth Rate (CAGR) | 13.30% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Favourable food safety laws and rising demand in the food, beverage, and pharmaceutical industries for efficient packaging solutions |
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Market USP Covered
Market Drivers
The global Nanotechnology Packaging industry has advanced enormously in recent years. The primary aspects causing a surge in market performance are the functional qualities such as antioxidants & scavenging, the increase in demand for packaged food products, tremendous advantages over conventional packaging methods, the significance of medication packaging in modern treatments' drug delivery systems, and deployment of packaging solutions that can extend shelf life.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Nanotechnology Packaging industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. In addition, several governmental organizations and key market players are collaborating and, therefore, introducing solutions like innovations and research and development processes through excellent funding that will positively impact the global market for Nanotechnology Packaging over the review timeframe.
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Segment Analysis
Among all the types, the active packaging segment secured the leading position across the global market for nanotechnology packaging in 2022, given mainly to the expanding food & beverages sector across the globe.
Among all the application areas, the food & beverages segment secured the leading position across the global market for nanotechnology packaging in 2022, mainly due to the extending product shelf life, overall enhancing product quality, and identifying rotten ingredients.
Regional Analysis
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that The European Region secured the top spot across the global Nanotechnology Packaging industry in 2022 with the largest contribution of nearly 45.80%. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Nanotechnology Packaging Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The region's main aspect supporting regional expansion is the rising demand from several end-use industries, such as personal care, pharmaceuticals, and food & beverage. The region is witnessing a significant shift towards environmentally friendly and sustainable packaging options, which in turn is also projected to positively impact the development of the regional market over the coming years.
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The North American Region secured a substantial position across the global Nanotechnology Packaging industry in 2021. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Nanotechnology Packaging Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is an escalating demand for consumer electronics across the region. Furthermore, the focus on environmentally friendly packaging is also considered to be one of the vital parameters enhancing the growth of the regional market. Moreover, the advantages offered by nanotechnology Packagings, such as better item protection, lower environmental impact, and improved product performance, are also projected to positively influence the growth of the regional market over the review timeframe.
The Asia-pacific Region is anticipated to grow at the highest pace across the global Nanotechnology Packaging industry over the coming years. The regional market is projected to showcase the maximum growth rate over the assessment era. India, China, and Indonesia are the leading development contributors in the region. Further, the China Nanotechnology Packaging Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the rising consumption of ready-to-eat meals. Furthermore, the substantial expenditures made in developing packaging solutions with nanotechnology are also considered to be one of the vital parameters enhancing the growth of the regional market. Moreover, factors such as expansion in the food & beverages sector, demand in the pharmaceutical & personal care markets, and growing investment in research & development activities are also likely to positively influence the growth of the regional market over the review timeframe.
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