Shutdown Costs (Cont’d from Page 1)
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year on average due to such problems, with nearly three-quarters (77 percent globally and 69 percent in the US) saying their production line had to be paused four times or more in the past year as a consequence of labeling issues. Given the losses they are incurring due to shutdowns, it is unsurprising that 29 percent of the U.S. survey sample see ‘reducing costs’ and 22 percent see produc- tivity gains among the main benefits of modernizing/ automating their manufacturing processes, including labeling, with technology, while 31 percent reference ‘eliminating errors’ as a key driver. “Ultimately, the risks to production operations ex- tend well beyond full shutdowns,” Ken Moir, VP Mar- keting, NiceLabel.“Decentralized labeling for example, also adds risk to production operations.An ERP system is supposed to provide “a single source of truth” to business users. However, at many organizations there are as many versions of the truth as there are labeling locations.That is because in decentralized labeling op- erations, each facility may not be integrated with ERP and will be creating their own label formats and dupli- cated product and customer data. Packaging Industry Sees Growth The packaging industry in the United States is es- timated to grow from 583.3 billion units in 2020 to 624.1 billion units by 2025 at a Compound Annual Growth Rate of 1.4 percent, according to a new report from ResearchAndMarkets.com. Rigid plastics was the most used pack material with a volume consumption of 194.8 billion units, in 2020. Busier lifestyles, rising purchasing power and consequently growing demand for quick and on-the-go packaged goods is fueling growth in the packaging industry in the United States. Product packaging with convenient, functional, and eco-friendly formats are expected to gain greater pro- liferation in the country. Packaging Machinery Market Expands The global packaging machinery market reached a value of US $49.2 Billion in 2020, according to a new report from ResearchAndMarkets.com. Due to tech- nological progress, packaging machines have become more advanced and include numerous process opera- tions such as fabrication, filling, sealing, cleaning, com- bining, labeling, palletizing and overwrapping, accord- ing to the report.
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Greg Kishbaugh / 317-306-1060 / flexo@nvpublications.com
Robyn Smith / 910-553-4055 / rsmith@nvpublications.com
4 May 24, 2021 Flexo Market News
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