Global Electronic Goods Packaging Market: Increase in demand for consumer electronics is anticipated to boost market growth during the forecast period.
In this MRFR market note, the global electronic goods packaging market is discussed at length. MRFR forecasts a CAGR of 18.10% for the global electronic goods packaging market from 2022 to 2030. The global electronic goods packaging market is expected to witness significant growth over the forecast period. The growth of the electronic goods packaging market is driven by various factors, such as the increase in demand for consumer electronics and the boom in the e-commerce retail industry. However, the growth of the global market is likely to be hindered by technological changes.
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Based on material, the bubble packaging segment is expected to register a CAGR of 9.6% during the forecast period.
The bubble packaging segment is expected to register a CAGR of 9.6% during the forecast period. Bubble wrap is a translucent, malleable plastic film that is used to pack fragile things. Fragile goods are cushioned by regularly spaced, projecting air-filled hemispheres (bubbles). The bubbles used to cushion fragile or sensitive things come in a variety of sizes, depending on the size of the object being packed as well as the level of cushioning protection required. Shock and vibration isolation may require multiple layers, while a single layer may suffice as a surface protective layer.
Based on product size, the large appliances segment dominated the market with a share of 63.29% in 2020.
The large appliances segment dominated the market with a share of 63.29% in 2020. The most frequent products in big electrical appliances include washing machines, dishwashers, heaters, radiators, IT and telecommunications equipment (e.g., PCs, TV sets), and radiators, among others. Vibration sensitivity, tiny parts, and delicate assembly all increase the danger of damage if not adequately packed while shipping and storing electronics. Shock-absorbing foams and other materials that allow secure transit of electronics are excellent for packing such gadgets. Companies that provide packaging solutions provide solutions that may fulfill not just impact resistance criteria but also packing, unpacking, and loading efficiency requirements.
Based on technology, the track and trace packaging segment is anticipated to register a CAGR of 8.5% during the forecast period.
The track and trace packaging segment is anticipated to register a CAGR of 8.5% during the forecast period. Brand owners can always track their products with track & trace technology, which also protects units from counterfeiting. Barcoding, which is a cost-effective approach for implementing traceability at both the item and case level, is a common example of track-and-trace. Barcode technology, bar code labels, and RFID technology are some of the track and trace packaging technologies used. RFID and its significance in the supply chain are another technology linked with track-and-trace that may be considered.
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Based on application, the large household appliances segment accounted for the largest market share of 34.25% in 2020.
The large household appliances segment accounted for the largest market share of 34.25% in 2020. Large household appliances such as refrigerators, commercial freezers, ice machines, air conditioners, heat pumps (water) for swimming pools, washing machines, washing/drying machines, dishwashers, and other similar appliances are sensitive to impact, vibrations, and pressure, as well as climatic stresses. To avoid damage from damp weather (snow, rain), solar radiation, contamination (dust), and theft, household appliance packaging must be in perfect condition (adhesive strips, shrink films, or other sealing means must be intact).
Asia-Pacific accounted for the largest market share of 42.12% in 2020, with a market value of USD 12,809.60 million.
Asia-Pacific accounted for the largest market share of 42.12% in 2020, with a market value of USD 12,809.60 million. Asia-Pacific dominates the market and is expected to exhibit the fastest growth during the projected period. The sales of consumer goods are growing exponentially in this region owing to increased disposable income coupled with the fastest-growing population. The affordability of middle-class families has increased exponentially, augmenting the demand for household electronic appliances. Moreover, business-to-business electronics goods such as computers, laptops, LCD screens, conference projectors, and other goods demand also support market growth.
DS Smith (London), Sonoco Products Company (US), Mondi PLC (US), Dunapack Packaging (Austria), Stora Enso (Finland), Pregis LLC (US), Graham Packaging Company (US), Sealed Air (US), Georgia-Pacific (US), WestRock (US), International Paper (US), Smurfit Kappa (Ireland), Veritiv Corporation (US), Universal Protective Packaging Inc. (US), Abriso Jiffy (Belgium), Novostrat Ltd (Ireland), Proxital SRL (Italy), EPOLI, and Goldfoam SP. ZO.O (Porto) among others are some of the key companies operating in the global electronic goods packaging market.
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