Industrial Packaging Market Overview
The European industrial packaging sector is experiencing positive growth due to the rising demand in industries including food and beverage, construction, oil and gas, and consumer electronics. Also, rapid technological advancements and R&D across the globe are expected to drive the growth of the industrial packaging market over the coming years. These transformations have not only opened up new opportunities for companies in the industrial packaging sector but have also brought about new challenges. Consequently, companies in the industrial packaging market will need to identify the main challenges ahead and stay prepared.
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The client is an industrial packaging company based out of Europe. The client serves the construction and heavy equipment suppliers in Europe.
The rise of new digital solutions, digitalization of the workforce, cost pressure, and sustainability issues posed major challenges for the client. Also, as the client solely relied on conventional packaging techniques, they were unable to deliver products on time while delivering the highest quality. As a result, the client’s existing customers were unwilling to renew deals with them. The client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering market intelligence solution.
By leveraging Infiniti’s market intelligence solution, the client also wanted to tackle challenges such as:
Industrial packaging company challenge #1: Adoption of digital techniques
As digital packaging techniques not only helped industrial packaging companies to shorten production time but also in customization, security and traceability needs, the client wanted to identify the top companies in the European industrial packaging market leveraging similar technologies. Additionally, they wanted to evaluate the capital requirement for leveraging digital technologies and processes.
Industrial packaging company challenge #2: Digitalization of the workforce
The client faced challenges in efficiently communicating between internal (production) and external (printers and converters) teams. They noted that the leading companies in the European industrial packaging market have already leveraged automation processes to enable effective communication between the internal and external teams. Therefore, the company wanted to understand the challenges of leveraging automation processes and evaluate the capital investment required.
Industrial packaging company challenge #3: Sustainability issues
To tackle sustainability challenges, industrial packaging companies are under the need to process more advanced substrates, thinner materials, and more demanding designs. The client, therefore, wanted to identify approaches undertaken by their competitors to tackle this challenge.
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Our experts followed a six-phased approach to help the client tackle the rising challenges in the industry.
- A market opportunity analysis to analyze market trends and industry developments in the European industrial packaging market. This also involved a comprehensive analysis of the prevailing and potential market opportunities.
- A competitive intelligence engagement to analyze competitors’ next moves and understand their strategies and business models.
- A customer intelligence study to understand customer needs and requirements. In addition, this phase of the engagement involved identifying reasons for customer churn.
- A competitive benchmarking analysis to analyze the client’s products and services in comparison to their competitors.
- A demand management study to analyze factors impacting the product demand in Europe.
- A technology assessment to identify cost-effective technologies leveraged by companies in the European industrial packaging market.
Infiniti’s market intelligence engagement helped the client to capitalize on profitable opportunities and tackle the rising challenges in the market. Also, by efficiently investing into digital technologies and automation processes, they were able to shorten production time and enhance quality of the packaging material. Implementation of automation processes further helped them to enhance communication between the internal and external teams.
By thoroughly analyzing their competitors’ strategies and business models, they were able to identify cost-effective strategies where they invested on to yield profits. Also, a comprehensive analysis of their customers’ needs and demands helped them to personalize their product offerings for them. In addition, they were able to sign a profitable deal with a leading company in the heavy equipment manufacturing industry. Gradually, they were able to save 66% on operational costs.