Electronic Goods Packaging Market Research Report- Forecast till 2023
The global electronic goods packaging market 2020 upscales its worth than previous at a substantial rate, discloses Market Research Future in its lasts reports. Such a colossal leap can only be possible when the market will be expanding at a CAGR of 5% in the course of years from 2017 to 2023 (forecast period).
Market Drivers & Key Challenges
The growth of the market seeks to factors such as increasing the importance of proper packaging of all electronic goods. Its necessity is rising with the inclusion of competitions in the electric industry. All these activities are occurring due to diversified product offerings and product differentiation. The substantial growth of electronic goods packaging across the globe has been the result of a boom in the retail e-commerce industry that is boosting the sale of packaging solutions. The shipment of electronic goods across vast distances has created enormous importance of using electronic goods packaging solutions, resulting in a considerable push to the market’s worth.
With the ongoing innovation within the packaging industry, the need for the protection of products is welcoming a host of opportunities in the market, resulting in substantial growth during the forecast period. Other factors promoting the market growth include the increase in the production of various kinds of electronic devices, which is achievable in with the use of electronic goods packaging solutions.
Furthermore, growing digitization is even strongly influencing the growth of the Internet of Things (IoT) market, globally, which in turn is boosting global market demand for efficient all-inclusive electronic goods packaging. A considerable growth is also observed from the demand for fragile electronic products such as routers, network servers, and sensors. These products entail efficient electronic packaging to save from all-weather conditions. Manufacturers of electronic packaging products are more focusing on protective packaging products such as air bubble wraps, air pillows, and other products that can protect electronics products from discharge, water, harsh weather conditions, corrosion, and dust. All these factors are accumulately working in favor of the market’s growth that would open ways for marketers to achieve growth parameters in the forecast period.
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The segmental analysis of the global market of electronic goods packaging includes the segments of material, product size, and technology.
Depending on the material segment, the market includes foamed plastic, corrugated boxes, bubble packaging, paperboard, and more.
Depending on the product size segment, the market includes large appliances and small appliances.
Depending on the technology segment, the market includes track, authentication packaging, and trace packaging.
North America, Europe, Asia Pacific, Middle East, and Africa are the key regions mentioned in the study of the global electronic goods packaging market.
Asia-Pacific region has been considered as the most significant market. The considerable growth of the market owes towards the continuously growing economy, large population, and industrialization. Countries such as China and India are cheering leadership in the Asia Pacific region backed with an increase in the electronics industry. Also, the development of China as a broad industrial base is one of the proficient reasons to be in the limelight of the market’s growth. The region is further scoring well with the growing availability of stock material due to the development of the oil and gas industry that resulted in lowering the cost of production of packaging. The swelling consumption of electronics from its adoption in developing regions is contributing the most to the growth of market.
North America is also set to score well in the graph of the growth of the market. The leading country, the U.S., has occupied the second-largest market.
Europe boasts of an extremely experienced market with having in countries like Germany, France, and the U.K. They are the leading European markets as it has a more extensive economy.
The Middle East and Africa region are also expected to be led by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Top companies in the global market for electronic goods packaging include International Paper Company (U.S.), DS Smith Plc. (U.K.), Sealed Air Corporation (U.S.), Mondi plc. (Austria), Dunapack Packaging (Austria), Smurfit Kappa (Republic of Ireland), Graham Packaging (U.S.), Pregis LLC (U.S.), Georgia-Pacific LLC (U.S.), Stora Enso (Finland) and Sonoco Products Company (U.S.).
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Global Electronic Goods Packaging Market Information Report By Material (Corrugated Boxes, Foamed Plastic, Paperboard, Bubble Packaging, Others), By Product Size (Small Appliances, Large Appliances), By Technology (Authentication Packaging, Track And Trace Packaging) And By Region – Global Forecast To 2023
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