Packaging Industry Faces 2 Percent Decline in the Patent Fillings

Based on a study, the patent applications in the second quarter of 2023 were 10,777, and 10,997 in the first quarter of 2023. The filings have declined by 21 percent on a year-over-year basis, but based on quarterly records, they have decreased by 2 percent. According to the trusted sources, most of the patenting activity is in the Industrial Automation Sector, with a 15 percent decline compared to the last quarter of 2022; here, 78 patents were filled in the first quarter of 2023. The IT sector covered the second largest patent count, followed by the records management sector, with 65 and 61 patent fillings, respectively. The top five companies accounted for 5 percent of patenting activity. In the first phase of 2023, Krones filled for 172 patents, nextly Dai Nippon Printing with 99 patents, followed by Westrock with 87 patents, among others.

China has 35 percent of patent filings in the packaging industry to its name in the second quarter of 2023, followed by the United States and Japan with 13 and 9 percent, respectively. The data from studies shows 13 biggest shipping markets are the reason for 161 billion posted packages in 2022. It shows that East Asian nations are responsible for the 110.6 billion packages in 2022, followed by the United States and Japan with 21 billion and 9 billion parcels, respectively. The United States generated a revenue of USD 198 in shipping services compared to China and Japan in 2022.