End User Expectations for 2021 Equipment Investment
According to the May 2020 U.S. Packaging Machinery Purchasing Index report by PMMI Business Intelligence, CPGs in the personal care and pharmaceuticals/medical devices industries are optimistic about current business conditions driving expansion in 2021, despite COVID-19 shutdowns and oil market surpluses creating a drop in other industries.
• End users in the personal care industry are outperforming the total market in all metrics.
• Demand for personal care items, such as hand soaps, sanitizers, and other assorted toiletries, could be the main driver for expansion in this industry.
• Respondents also anticipate current business conditions will lead to expansion going into 2021.
• Respondents in the personal care industry are significantly expanding use of remote access as companies struggle to meet demand with limited access to plants.
• The expansion of plans for future use of these technologies could imply that reliance on these methods is here to stay.
• Perhaps not surprisingly during a pandemic, end users in the pharmaceuticals/medical devices industry are maintaining a rosy outlook.
• Respondents in this industry are reporting some expansion in planned projects, as well as showing some optimism on the impact current business conditions will have on 2021.
• Remote access is reported as increasing in usage.
• End users in this industry are also reporting some expansion in plans for future use of all three technologies.
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Source: PMMI Business Intelligence “May 2020 Packaging Machinery Purchasing Index”