The global Automotive Parts Packaging Market accounted for US$ 2.18 Bn in 2018 and is expected to grow at a CAGR of 4.1% over the forecast period 2019-2027, to account for US$ 3.12 Bn in 2027.
Factors including escalation in the production of vehicles worldwide and increasing demand for aftermarket automotive parts are significantly driving the global automotive parts packaging market. However, the absence of global regulation for automotive parts packaging is impeding the market growth. Whereas, surging demand for electric vehicles is expected to provide significant growth opportunities for automotive parts packaging market. Some of the leading players in the automotive parts packaging market are highly focusing on strategic mergers and acquisitions in order to enrich its product capabilities as well as to expand their geographical presence across the globe, which in turn is contributing for the growth of the market
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The List of Companies
1. CMTP Packaging Pty Ltd
2. DS Smith Plc.
3. Encase Ltd.
4. JIT Packaging
5. Nefab group
6. Pacific Packaging Products Inc.
7. Pratt Industries Inc.
8. Sealed Air Corporation
9. Smurfit Kappa Group
10. Sonoco Products Company
A wholly integrated vehicle comprises of a large number of small, medium size and large components that are assembled together at the automobile OEM. When these parts are assembled at the automotive OEM assembly line, the vehicle manufacturers need to remain ensured that parts are received without any defects. The assembled parts are often transported over a long distance, and have to travel through different means of transport. Packaging solutions ensure that these components reach to the end-user in a complete pristine condition. A plethora of components together constitute the automotive parts including engines, vehicle interiors, decorative items, grillers, spoilers, and engine components etc. Automotive parts packaging solutions maximize the use of packaging space, reduce packaging wastes and thereby create lesser stress on the environment.
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On the basis of component, the electrical segment is growing at a rapid pace in automotive parts packaging. Electrical components for automobiles are critical and fragile parts and therefore require cautious packaging approaches. A large number of components inside a modern day vehicle are connected electrically. Also, with emergence of in-vehicle infotainment systems, Advanced Drive Assist Systems (ADAS), car telematics, and connected cars, the integrations of electrical components are anticipated to rise at exponential rates. Further, the development of electric vehicles and hybrid electric vehicles are also expected to propel electrical components packaging in the coming years. North American automobile companies have pioneered in integration of these technologies owing to various initiatives taken by environmental bodies, and automobile forums on reducing pollution levels generated by the automobiles.
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