A record-breaking Pack Expo International and co-located Pharma Expo 2016 opened its doors in Chicago to show-goers on the hunt for new technologies from 2,500-plus exhibitors across 1.25 million net square feet of exhibit space, according to show producer PMMI, The Association for Packaging and Processing Technologies (Reston, VA).
Show participation was up due to sustained industry growth as PMMI’s 2016 State of the Industry (SOTI) Report forecasts U.S. shipments of packaging machinery to reach $8.5 billion in 2020. The report was released Sunday morning at a press conference conducted on-site.
“We are excited to welcome the industry to this record-breaking edition of Pack Expo International and Pharma Expo. Growth in packaging is fueled not just by plant expansions, but also by the need to update operations, creating smarter, faster, safer, flexible and more sustainable lines,” said Jim Pittas, Senior Vice President, PMMI. “In a time when innovation is critical for success, professionals across a wide range of industries attend Pack Expo and Pharma Expo because they know these shows provide the platform, education programs and connections they need to uncover new technologies to grow their business.”
The report also cites the value of domestic shipments of U.S.-produced machinery rose 0.3% to $7.51 billion in 2015. Exports of packaging machinery in 2015 increased by 3.2%, compared to 2014 and are now $1.1 billion. Backlog orders of packaging machinery grew by 14.1% compared to backlog orders at the end of 2014.
“The forecast for the packaging machinery market is strong. We continue to anticipate growth in major market segments such as pharmaceutical as well as beverage. Factors such as changing consumer habits, new regulations as well as general economic development are fueling this development,” says Jorge Izquierdo, Vice President, Market Development, PMMI.
“With two out of three companies predicting the need to spend more on capital equipment in the next 12 to 24 months there are great opportunities for OEMs in both pharmaceuticals and medical devices,” adds Izquierdo. “Pharmaceutical manufacturers face many of the same opportunities that other packaged goods manufacturers are challenged with, such as sustainability, smart packaging, 3D printing, track & trace and cold chain logistics. The Pack Expo portfolio of trade shows consistently bring the entire packaging industry together to learn about the latest innovations and advancements benefiting all market sectors.”