Issue link: https://www.e-digitaleditions.com/i/1242780
May 2020 / 13 ing configurations. Also, leading suppliers may increase spending on new packaging technologies to integrate the use of more sensors or increase the number of functions that a single machine can pro- vide. The packaging market is also subject to technical and safety stan- dards that manufacturers have to comply with, which can mean more packaging machinery sales. The Asia-Pacific region is expected to total $27 billion in 2023, accounting for the majority of new product sales through the fore- cast period. The region's growth is expected to be driven by gains in countries outside China, including Indonesia, India, and Thailand, in part because of increased manufac- turing activity and mechanization rates. The report also notes that nia Group, an industrial research company, the global packaging market is projected to show 4.5 percent annual growth through 2023. The analysis cites increases in manufacturing activity, ris- ing mechanization in developing countries, and high-value sales of state-of-the-art equipment in afflu- ent markets. The food and beverage sector has the most influence, par- ticularly in the leading market in the Asia-Pacific region. The report predicts that food and beverage applications will account for 56 percent of all new packaging machinery demand through the forecast period. This market dom- inance is attributed to global food and beverage production expansion and new product development, which often require new packag- standard could help manufacturers, laboratories, government agencies, and others who make L-PBF AM parts for structural applications. ASTM International, West Con- shohocken, PA, is a not-for-profit international standards-setting entity that provides a forum for voluntary consensus standards that form the basis of manufactur- ing, management, procurement, codes, and regulations for various industry sectors. MARKETS UPDATE Packaging machinery market driven by increases in manufacturing activity According to the report Global Packaging Machinery by Freedo- Patented design delivers superior performance O Safely and efficiently returns your hardened materials to a free-flowing state O Most compact footprint in the industry O Exclusive pivoting conditioning arms outperform vertical compression plates O Factory testing of your specific materials prior to equipment investment O Stand alone unit, or integrated with our bulk bag discharging system O Custom engineered for your application requirements MATERIAL MASTER ™ BULK BAG MATERIAL CONDITIONER call: 800.836.7068 visit: www.materialtransfer.com