Healthy automobile manufacturing in APAC to provide substantial boost to the automotive parts packaging market.
Latest market study on “Automotive Parts Packaging Market to 2027 by Product Type (Pallets, Crates, Cartons, Bags & Pouches, Trays, and Others); Packaging Type (Reusable and Disposable); and Component (Battery, Cooling Systems, Lighting Component, Engine Component, Electricals, and Others) - Global Analysis and Forecast”, the automotive parts packaging market is estimated to reach US$ 3.12 Bn by 2027 from US$ 2.18 Bn in 2018. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The automotive industry involves a wide variety of complexity of packaging materials. The vehicle industry is one of the largest contributors in the market for utilizing packaging solutions. It is estimated that the automotive sector contributes to almost 40% of all industrial and transport packaging worldwide. Failure to cater the right packaging solution across the value chain of automotive manufacturing could incur huge costs to the customers, as well as the manufacturers leading to overall cost additions. Hence, it is mandatory for the automotive industry to have a high quality packaging solution that can deliver high protection and thereby deliver higher value goods as well as parts. APAC region is one of the most important global automotive hubs. China accounts for approximately 30% of the passenger car produced globally. Lower cost of labor wages and availability of skilled workmen in the region hands competitive advantage to the region for manufacturing of automobiles. Moreover, the Government in countries such as China and India that are two important manufacturing destinations for automotive OEMs have been rolling out favorable policies that have attracted significant foreign direct investments in the automobile and technology sector. Such a large automotive hub presents higher opportunities for the components manufacturer and suppliers by forming partnerships with the OEMs. The prosperity of these industries augurs well for the advancements in the automotive bushing components. Rising disposable incomes of consumers in these countries opens a wide potential market for packaging solution suppliers for this region.
The global market for automotive parts packaging market is segmented on various parameters such as product type, packaging type, component, and geography. Based on product type, crates segment dominate the automotive market heavily and is expected to continue its dominance throughout the forecast period from 2019 - 2027. On the basis of component, electrical segment is expected to witness a significant growth rate in the coming years. Key players operating in the market are introducing attractive solutions and are acquiring the small companies which is helping them to gain customer traction. The major companies offering automotive parts packaging market include CMTP Packaging Pty Ltd, DS Smith Plc., Encase Ltd., JIT Packaging, Nefab group, Pacific Packaging Products Inc., Pratt Industries Inc., Sealed Air Corporation, Smurfit Kappa Group, and Sonoco Products Company among others. Several other companies are also offering these solutions to automotive industry which is facilitating the market to propel over the years.
The report segments the global automotive parts packaging market as follows:Global Automotive Parts Packaging Market - By Product Type
Bags & Pouches
OthersGlobal Automotive Parts Packaging Market - By Packaging Type
Disposable Global Automotive Parts Packaging Market - By Component
OthersGlobal Automotive Parts Packaging Market - By Geography
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