Automotive Parts Packaging Market Key Growth Factors And Challenges, Economic Benefits For Future 2021 to 2027

November 12 03:50 2021
Automotive Parts Packaging Market Key Growth Factors And Challenges, Economic Benefits For Future 2021 to 2027
Automotive Parts Packaging Market
Automotive Parts Packaging Market was valued at US$ 7,143.4 Mn in 2017 which is expected to be valued at over US$ 10,000 Mn by 2027, market is expected to expand at a CAGR of 4.0% in terms of market value during the forecast period

The global automotive parts packaging market is moderately competitive owing to the emergence of various organizations going after the market share. The market is in the development stage. The market competition is foreseen to decrease in the span of coming years from 2017 to 2027. To enable customers to improve their revenue in the automotive parts packaging market, this reports gives the detailed insight of the vendor’s landscape. It also provides the data on the items offered by different major organizations. Furthermore, this automotive parts packaging market examination report proposes systems organizations can pursue and prescribes key zones they should concentrate on, so as to take advantage of coming development scopes. The major players working in the global automotive parts packaging market incorporate Mondi Group Plc, Sonoco Products Company Sealed Air Corporation, DS Smith Plc, and Smurfit Kappa.

The global automotive parts packaging market was esteemed at US$ 7,143.4 Mn in 2017 and is required to be esteemed at over US$ 10,000 Mn by 2027 end. The market is required to extend at a CAGR of 4.0% as far as market an incentive amid the figure time frame 2017-2027.

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Creased Packaging Products to Lead with Highest Market Share

Boxes and creased packaging items represent essentially high market share. Because of shopper inclination for eco-accommodating packaging and staggering expense of bio-degradable plastic packaging items, creased packaging items are generally embraced in the automotive part and further expected to ascend at a high pace. global pioneers of packaging industry has chance to enter in the China automotive industry and surge with the tremendous scope made with the assistance of exceptionally advanced packaging solutions.

With the rises in demand for after sales components and automotives market all over the world, ceaseless innovative work in the packaging sector has fueled the usage of packaging in automobile industry. For example, Sealed Air Corporation propelled Opti NX recoil films in 2016 which have improved tear obstruction properties and empowers the utilization of shrink films on unpredictably shaped items. Innovative improvement in production technique has prompted the adequate accessibility of disposable packaging items. These packaging in automotive segment is boosted by the adoption of practical advancement by various organizations as one of the exceptionally powerful marketing system. These drivers have propelled the growth in global  automotive parts packaging globally.

Regulatory Barriers to Hinder Market Growth

As far as volume, protective packaging is foreseen to account for more than 33% of the global automotive parts packaging market. Large number of protective packaging is consolidated because of high inclusion of delicate electronic and electrical parts required in vehicles. Since, it is for one-time use, vast volume of waste is produced because of protecting packaging. In addition, the manufacturing expense from non-biodegradable plastics is much lower when contrasted with that of biodegradable materials, prompting vast volume of non-biodegradable waste produced all over the world. Corrugated packaging items are high in prerequisite because of high quality, enormous popularity, light weight, and biodegradable nature. Then again, a few regulatory and political barriers have influenced the exchange of pulp for making of corrugated packaging items. These components have influenced the global market for automotive parts packaging.

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The unwanted investments made on the transportation of packaging has fueled the demand in automotive parts packaging market                                    

The data and information presented is based on the findings of a TMR report, titled “Automotive Parts Packaging Market (Product Type – Pallets, Crates, Bulk Containers & Cases, Bags & Pouches, Folding cartons, Corrugated Products, Trays, and Protective Packaging; Packaging Type – Reusable and Disposable; Component Type – Battery, Cooling System, Underbody Components, Automotive Filter, Engine Components, Lighting Components, and Electrical Components) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2027.”

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.

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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.

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