The global automotive parts packaging market was valued at US$ 7,143.4 Mn in 2017 and is expected to be valued at over US$ 10,000 Mn by 2027 end. The market is expected to expand at a CAGR of 4.0% in terms of market value during the forecast period 2017-2027. In terms of volume, the market is anticipated to witness 1.5X expansion over the assessment period. Primarily driven by the increasing involvement of electrical and electronic equipment in the automobiles, the global market is observed to generate decent revenues. The global automotive parts packaging market is segmented geographically into five key regions including North America, Latin America, Europe, Asia Pacific and MEA.
Want to know the obstructions to your company’s growth in future? Request a brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=28880
Growing Preference for Disposable Packaging and Flexible Packaging to Trend in Market
The global automotive parts packaging market is characterized by the fluctuation in the demand of automobiles and after sales market for spare parts. Moreover, increasing incorporation of reusable packaging while packing heavy components such as underbody components, engine components, cooling systems, and others will also support market growth in next few years. While disposable packaging is being widely preferred and has been rapidly replacing reusable packaging for multiple applications, the market for automotive parts packaging is expected to encounter with steady growth prospects over the forecast period. Adoption of flexible packaging is rising at a high pace compared to rigid packaging, which is another strong factor impacting the growth of automotive parts packaging market.
Corrugated Packaging to Take over Others
On the basis of product type, the global automotive parts packaging market is segmented into pallets, crates, bulk containers & cases, bag & pouches, folding cartons, corrugated products, trays and protective packaging. In terms of volume, protective packaging is estimated to be the largest segment while in terms of value, bulk containers & cases is estimated to account for the largest global market share. Other than these, crates and corrugated packaging products account for significantly high market share. Due to consumer preference for eco-friendly packaging and high cost of bio-degradable plastic packaging products, corrugated packaging products are widely adopted in the automotive sector and further expected to rise at a high pace. Flexible packaging, specifically bags & pouches segment is projected to grow at the fastest pace among all the packaging products due to large number of small sized automotive components required to be packaged in lightweight and durable packaging.
Disposable Packaging Continues to Gain Higher Traction
On the basis of packaging type, the automotive parts packaging market is segmented into reusable packaging and disposable packaging. Disposable packaging segment is estimated to account for a larger market compared to reusable packaging, and is further projected to expand at a higher pace as that of reusable packaging segment. Disposable segment is majorly driven by the savings made by the consumer on the transportation of empty packaging which is required for reusable packaging. Developing production technology has enabled the manufacturing of strong and cost effective disposable packaging for one time use only.
Electrical Components to Witness Highest Growth through to 2027
On the basis of component type, the global automotive parts packaging market is segmented into battery, cooling systems, underbody components, automotive filters, engine components, lighting components, and electric components. Lighting components segment is likely to continue dominance, followed by underbody components segment. Automotive filters and electrical components constitute the next key segments based on component type; however, the report highlights the highest growth prospects for electrical components.
Some of the key players operating in the global automotive parts packaging market include Sealed Air Corporation, Mondi Group Plc, DS Smith Plc, Sonoco Products Company, Smurfit Kappa Group, Deufol SE, Encase Ltd., The Nefab Group, Primex Design & Fabrication Corporation, Sunbelt Paper & Packaging Inc., Loscam Australia Pty Ltd., CMTP Packaging Pty Ltd, JIT Packaging Inc., Pratt Industries, Inc., Signode India Ltd., Pacific Packaging Products, Inc., Monoflo International, Inc., Victory Packaging L.P., Knauf Industries, and Schoeller Allibert Services B.V.
Looking for exclusive market insights from business experts? Request a Custom Report
Modernization and Technological Advancements to Boost Growth Rate of Automotive Parts Packaging Market
The automotive parts packaging market is anticipated to observe promising growth across the assessment period of 2017-2027. The growing influence of electrical and electronic equipment in the automotive sector will bring immense growth opportunities for the automotive parts packaging market. The rising implementation of reusable packaging is expected to bring extensive growth prospects for the automotive parts packaging market during the forecast period.
- Packaging protects and guards a product against damage and dust. Automotive parts packaging is a type that covers and protects the parts involved in automobiles. These packaging types also protect the parts from moisture, weather, and wind. Thus, all these aspects prove to be beneficial growth factors for the automotive parts packaging market.
- Technological advancements in the automotive industry are at an all-time high. These advancements are attracting a huge influx of automotive parts. This factor eventually increases the demand for automotive parts packaging, thus benefitting the market to a great extent. The ongoing research and development activities by the players in the automotive parts packaging market to make the product more convenient and sustainable for the end-user will help in increasing the revenues of the players, eventually adding extra stars of growth.
- Biodegradability is playing a major role in the development of sustainable automotive parts packaging products. The players, through research activities, are finding new ways to make the product more helpful and eco-friendly.
- The COVID-19 pandemic has resulted in tremendous losses. The strict lockdown restrictions resulted in the closure of manufacturing facilities and production units. The demand and production for automotive parts packaging was reduced considerably. Thus, this aspect had a massive negative impact on the growth of the automotive parts packaging market. Hence, all these factors will prove to be an obstacle to the growth of the automotive parts packaging market. However, the ease in relaxations will help the automotive parts packaging market to revive lost growth.
Read Our Trending Press Release Below: http://www.prnewswire.com/news-releases/pacing-industry-4-0-and-recent-developments-in-telecom-industry-to-aid-the-growth-of-global-embedded-system-market-to-grow-significantly-from-2019-to-2027—tmr-301025372.html
