The market is anticipated to reach an estimated net worth of US$ 2.7 Bn by 2030, with consumption of corrugated automobile packaging expected to increase at a CAGR of 4.4% from 2022 to 2030. The market for corrugated car packaging now generates sales revenues of US$ 1.8 billion.
Electric vehicles (EVs) are becoming more popular, which will increase the use of electrical and electronic components in the automotive sector in the years to come. This will raise demand for corrugated automotive packaging. 2% of the world market for corrugated packaging is made up of corrugated packaging for automobiles.
According to the report applications of corrugated packaging will primarily find use for lighting components, owing to safety standards associated with electronic parts, with boxes remaining a popular option for efficient logistical supply chain operations. The market is expected to gain from industry acquisition and capacity expansion strategies and investments towards product development.
Get Sample of the Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-11375
In addition, continued demand for plastic and foam based corrugated packaging and increased niche applications for engine and battery components are likely to aid the industry for years to come. On the other hand, strict regulations about automotive component standards in terms of safety and the environment will restrict industry prospects. Also, high capital costs in the industry are expected to restrict market developments to large scale players.
The FMI report provides an overview of the industry, covering key dynamics in the market. Some of the top takeaways of the report include:
- The corrugated automotive packaging market has been valued at over US$ 1.7 billion in 2019, and the growth rate of the market is likely to be strongly affected by the covid-19 outbreak, owing to lockdown restrictions on the manufacturing and automotive sectors
- Corrugated boxes remain the preferred packaging format, owing to benefits in stacking, and efficiency in logistical operations from suppliers to end users
- Packaging for automotive lighting will generate higher demand as that of batteries, engine components, filters, and electrical among others. Engine and battery packaging applications are likely to reflect faster growth owing to lower risk of accidental discharges
East Asia remains a leading market, supported by a vast automotive industry and numerous packaging material manufacturing facilities. Further, South Asia is also expected to be a key contributor on the back of demand from India, Indonesia, and Thailand.
Ask an Analyst @ https://www.futuremarketinsights.com/askus/rep-gb-11375
Consumption Analysis of Corrugated Automotive Packaging (2015 to 2021) Vs Market Predictions (2022 to 2030)
Shipments of corrugated automotive packaging products have seen a rise in demand over the past few years and this is due to increasing penetration of OEM (original equipment manufacturer) supply chain and automotive aftermarket on a global scale. The corrugated automotive packaging market rose at a CAGR of 4% from 2015 to 2021.
Increasing electrification of the automotive industry, rising demand for autonomous vehicles, stringent mandates for automotive packaging, increasing demand for customized packaging solutions for sensitive sensors and electrical components, changing packaging trends, and increasing demand for sustainable packaging are some major factors that influence corrugated automotive packaging consumption.
Corrugated automotive packaging companies are investing in product development to offer optimized solutions for changing requirements from the automotive industry. Corrugated automotive packaging suppliers are also focusing on acquisitions and mergers to further expand their production capacity to meet increasing demand from multiple regions.
- In January 2022, Franklin Mountain Capital announced the launch of Franklin Mountain Packaging which will be responsible for the production of corrugated sheets of traditional flute and micro-flutes and also provide high-quality digital printing.
Key Companies Profiled
- International Paper Company
- WestRock Company
- Greif Inc.
- DS Smith Plc
- Smurfit Kappa Group Plc
- Nefab Group
- Elsons International
- Orcon Industries
- Sonoco Products Company
- Mondi Group Plc
- Sealed Air Corporation
Report Customization available @ https://www.futuremarketinsights.com/customization-available/rep-gb-11375
Key Segments of Corrugated Automotive Packaging Industry Survey
Corrugated Automotive Packaging Market By Product Type :
- Corrugated Automotive Boxes
- Corrugated Automotive Crates
- Corrugated Automotive Trays
- Corrugated Automotive Partitions
- Corrugated Automotive Pallets
- Corrugated Automotive Octabins
- Corrugated Automotive PoP Displays
Corrugated Automotive Packaging Market By Layer Type :
- Single Face Corrugated Automotive Packaging
- Single Wall Corrugated Automotive Packaging
- Double Wall Corrugated Automotive Packaging
- Triple Wall Corrugated Automotive Packaging
Corrugated Automotive Packaging Market By Automotive Part :
- Corrugated Packaging for Automotive Filters
- Corrugated Packaging for Batteries
- Corrugated Packaging for Engine Components
- Corrugated Packaging for Lighting Components
- Corrugated Packaging for Underbody Components
- Corrugated Packaging for Electrical Components
- Corrugated Packaging for Cooling Systems