New York, May 27, 2024 (GLOBE NEWSWIRE) -- Market Overview
The Global Automotive Parts Packaging Market size is expected to reach USD 9.9 billion by 2024 and is further anticipated to reach USD 14.9 billion by 2033 at a CAGR of 4.7 % according to Dimension Market Research.
Automotive parts packaging serves to safeguard spare vehicle components during shipping and storage, particularly for service, aftermarket, and spare parts. The need for superior packaging materials arises to prevent damage, water infiltration, and corrosion, and ultimately extend the lifespan of these automotive products and components. Further, materials like molded pulp, foam, plastic, corrugated, & void fill are used as packaging material. Returnable packaging is used for shipping components, while disposable packaging is common. The demand for automotive parts packaging is on the rise due to factors like population growth, urbanization, and increased production of heavy components such as cooling systems and engine parts.
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Important Insights
- The Global Automotive Parts Packaging market is expected to grow by USD 4.6 billion by 2033 from 2024 with a CAGR of 4.7 % during the same forecasted period i.e. 2025 to 2033.
- Disposable packaging is anticipated to dominate the automotive parts packaging market in 2024, as they are designed for recycling or appropriate disposal once a vehicle part completes its intended function.
- In terms of product, protective packaging is expected to lead the automotive parts packaging market, due to the increasingly complex supply networks and expanded transportation of goods, which heightens the risk of damage or spoilage during transit.
- Electrical Components segment led the market in 2024, driven by increasing consumer demand for electrical and electronic equipment in the automotive sector and concerns regarding the safety and quality of such components.
- The Asia-Pacific region is predicted to lead the automotive parts packaging market with a revenue share of 46.4% in 2024, due to rapid growth in population and an increase in the demand for vehicles.
Latest Trends
- Sustainable and eco-friendly packaging is becoming increasingly popular as consumers prefer environmentally responsible solutions.
- Biodegradable plastics, recycled cardboard, and reusable containers are examples of sustainable packaging materials.
- Companies are actively working to reduce packaging waste by optimizing designs to minimize material usage.
- Market is incorporating interactive experiences for customers, such as QR codes that link to instructional videos or product information.
Competitive Landscape
- The global automotive parts packaging market is highly competitive, with companies vying for market share through innovation, sustainability, and cost-effectiveness.
- Adapting to changing industry trends like e-commerce growth and environmental concerns is crucial for packaging solutions.
- Strategic partnerships and technological advancements play a significant role in shaping the competitive landscape and future direction of the industry.
Some of the prominent market players:
- Nefab AB
- Mondi Plc
- Knauf Industries
- Smurfit Kappa Group
- WestRock Company
- Sonoco Products
- DS Smith
- Signode India
- Schoeller Allibert Services
- Sealed Air Corp
- Other Key Players
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Automotive Parts Packaging Market Scope
| Report Highlights | Details |
| Market Size (2023) | USD 9.9 Bn |
| Forecast Value (2032) | USD 14.9 Bn |
| CAGR (2023-2032) | 4.7% |
| Leading Region in terms of Revenue Share | Asia-pacific |
| Percentage of Revenue Share by Leading Region | 46.4% |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2025 – 2032 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Packaging, By Product, By Component |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Market Analysis
Electrical Components is expected to dominate the automotive parts packaging market with a revenue share of 34.5% in 2024, driven by increased consumer interest in electrical and electronic equipment used in automobiles, along with increasing concerns regarding the safety and quality of these components. There is a growing focus on packaging solutions to guarantee the safe transport of electrical components as modern vehicles incorporate more advanced electronic systems. In addition, the rising demand for electric vehicles & the adoption of advanced automotive technologies further boost the importance of the Electrical Components segment, reflecting a market trend that aligns with the evolving automotive industry landscape.
Automotive Parts Packaging Market Segmentation
By Packaging
- Disposable
- Reusable
By Product
- Protective Packaging
- Crates
- Pallets
- Bags & Pouches
- Bulk Containers & Cases
- Folding Carton
- Trays
- Corrugated Products
By Component
- Electrical Components
- Automotive Filter
- Battery
- Cooling System
- Others
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Drivers
- The automotive parts packaging market is growing due to increased demand stemming from global population growth and urbanization.
- Higher production and packaging of heavy components like cooling systems and engine parts are major contributors to this market expansion.
- Consumer preference for bio-based packaging materials, driven by environmental concerns, is also a significant growth driver.
Restraints
- Market growth is hindered by inconsistent demand from automotive and spare parts manufacturers.
- Concerns about the substantial waste generated by protective packaging could pose challenges to market expansion.
- Supply chain disruptions, such as global trade conflicts, natural disasters, and geopolitical tensions, can impact the availability and prices of packaging materials.
Opportunities
- The growth of e-commerce in automotive retail is fueled by the demand for specialized packaging solutions that ensure the safe delivery of automotive parts to customers. It creates opportunities for the automotive parts packaging market by emphasizing the importance of effective packaging for online sales.
- The market is witnessing a surge in innovative packaging solutions tailored to meet the diverse needs of automotive components.
- These customized packaging solutions are designed based on factors like size, shape, and vulnerability to damage, showcasing the market's dedication to enhancing product protection and logistics efficiency.
Regional Analysis
The Asia Pacific region is projected to dominate the automotive parts packaging market in 2024, capturing a significant 46.4% share and maintaining this lead in the foreseeable future. Some countries like china particularly stands out as the world's leading and rapidly expanding automotive industry, presenting a profitable opportunity for international packaging leaders to introduce advanced packaging solution. Major players in the region offer cost-effective solutions, which global leaders can capitalize on by leveraging their expertise for a competitive advantage. Additionally, advancements in material science have led to the emergence of affordable biodegradable plastics, transforming disposable packaging for automotive parts.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
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Recent Developments
- March 2023: Pregis introduced its AirSpeed Ascent air cushioning system in Europe. Using patented square-designed hybrid cushioning (HC) developed with high-pressure air improves shock absorption for enhanced product protection. Further, the AirSpeed HC Renew film meets Circular Economy Flexible Packaging standards, having over 30% recycled material. Also, the compact design conserves space and its 30 minutes per second speed benefits users.
- November 2022: Onsemi introduced a new line of MOSFET devices with innovative top-side cooling, particularly designed for challenging automotive applications like motor control & DC/DC conversion, these devices were highlighted at Electronica, the premier electronics trade show. Further, the Automotive Power Solutions at Onsemi, solving cooling challenges is critical for reducing size & weight in modern car design, offering an efficient & compact solution.
- August 2022: ORBIS Corporation, a global leader in reusable packaging, showcased solutions for the battery supply chain & electric vehicles at the North American Battery Show, including protective dunnage, hand-held containers, bulk containers, & metal racks. These options focus on enhancing sustainability, efficiency, and affordability in the automotive supply chain, addressing challenges expected by the complexities of Li-ion batteries in electric vehicles.
- February 2022: Smurfit Kappa made a significant investment in its new Design2Market Factory, which facilitates quick & smooth progress from designing a package to launching it in the market. Further, the company's significant financial commitment highlights its dedication to effectively bringing new products from the drawing board to the consumer market.
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