NEWARK, Del, July 18, 2024 (GLOBE NEWSWIRE) -- The global consumer electronics packaging market size is estimated to be around USD 19.6 billion in 2024. It is projected to exhibit a CAGR growth of 4.5% over the forecast period, with an estimated valuation of USD 30.4 billion in 2034.
With the continuous introduction of new electronic devices and gadgets, there is a constant demand for innovative packaging solutions to protect these products during transportation, storage, and display. Additionally, the growing trend of eCommerce and online retailing has fueled the need for durable and secure packaging to ensure safe delivery to consumers' doorsteps.
Despite its growth potential, the consumer electronics packaging industry faces several challenges that act as restraints to its progress. One significant restraint is the constant pressure to reduce packaging costs while maintaining quality and functionality. This often leads to compromises in material quality and durability, which can impact the protection of electronic devices during transit.
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A significant opportunity for players lies in the development of smart packaging solutions that integrate technology to enhance product functionality and user experience. Furthermore, the increasing adoption of sustainable packaging materials presents an opportunity for companies to align with environmental initiatives and tap into the growing market for eco-friendly solutions.
One notable trend is the increasing use of minimalist packaging designs, characterized by sleek and compact layouts that reduce material usage and environmental footprint. Another trend is the integration of smart packaging technologies, such as RFID tags and NFC chips, to enable product tracking, authentication, and interactive experiences for consumers. Moreover, there is a growing emphasis on biodegradable and compostable packaging materials, driven by consumer preferences for eco-friendly products and brands committed to sustainability.
“The rising demand for personalized and customized packaging offers opportunities for packaging manufacturers to differentiate their products and cater to the unique needs of consumers.” Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study:
- Corrugated boxes hold a dominant share of 23.1% in 2024, providing a cost-effective solution for manufacturers.
- Mobile phone packaging marks its dominance with a 24.1% share in 2024.
- The consumer electronics packaging industry in the United States is anticipated to rise at a CAGR of 2.4% through 2034.
- The consumer electronics packaging industry in the United Kingdom is projected to rise at a CAGR of 4.6% through 2034.
- China’s consumer electronics packaging industry is likely to witness expansion at a CAGR of 6.5% through 2034.
- Japan's consumer electronics packaging industry is projected to rise at a CAGR of 3.6% through 2034.
- South Korea’s consumer electronics packaging industry is set to expand at a CAGR of 5.6% through 2034.
- Europe & USA Consumer Electronics Packaging Market is expected to reach USD 6.4 billion by 2033, growing at a CAGR of 4.8% during the forecast period 2023 to 2033
Category-Wise Insights
How Mobile Phones and Computer as an Application, can Lead the Global Consumer Electronics Packaging Market Growth?
The mobile phones are estimated to expand at a CAGR of 24.1 respectively during the forecast period.
Paper and paperboard is a material segment widely used for the production of mobile phones and computer packaging. Mobile phones and computers are fragile in nature. It requires packaging that provides safety for the product. Paper and paperboard provide that rigidity and strength for the product. Other aspects of paper and paperboard are excellent printability and a soft & polished finish, making it popular among electronics appliances manufacturers.
How Corrugated Boxes Segments are Generating Massive Demand for Consumer Electronics Packaging?
The corrugated box segment to capture a significant market share of 23.1% in 2024.
The corrugated box segment has been the major demand and sales creator for consumer electronics packaging all across the world. Reduced product life cycles of electronic devices are causing the introduction of new electronic products, which are frequently packaged for promotion and marketing.
When the consumer selects a package from the shelf, he would get insight from information printed on the packaging. This is helpful for the customer to get the product description and some other information about the product.
Competitive Landscape:
The consumer electronics packaging industry includes established giants like Tetra Pak, Amcor, International Paper, and Sealed Air vie for dominance while facing increasing competition from startups. These industry players command a significant market share with their robust infrastructure and diverse offerings, yet they must contend with innovative upstarts focused on customization, sustainability, and cost efficiency. The sector is characterized by a dynamic interplay between established players and emerging challengers, shaping the landscape with their evolving strategies and market approaches.
Sustainability is emerging as a crucial element in the consumer electronics packaging industry, driven by consumer demand and regulatory pressures. Companies are under increasing pressure to adopt eco-friendly practices and materials, with innovations in sustainability offering a competitive edge.
As the industry expands into emerging markets like China and India, companies face both opportunities and complexities. While these regions offer vast potential, navigating local regulations, preferences, and supply chains requires adaptability and a deep understanding of each industry.
Key Companies in the Market:
- DS Smith Plc
- Mondi Group
- International Paper Company
- Sonoco Products Company
- Sealed Air Corporation
- Huhtamaki Oyj
- Smurfit Kappa Group PLC
- WestRock Company
- UFP Technologies, Inc.
- Stora Enso Oyi
- Pregis Corporation
- Shenzhen Hoichow Packing Manufacturing Ltd.
- Dordan Manufacturing Company
- Hangzhou Xunda Packaging Co.
- Dunapack Packaging Group
- JJX Packaging LLC
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Recent Developments:
- Mondi Group created a novel packaging solution called PerFORMing, which is a paper-based tray that can replace plastic trays in food packing. The product is recyclable, biodegradable, and cuts plastic use by 80%.
- Sonoco Products Company announced a new sustainability target of reducing greenhouse gas emissions by 25% by 2025. The corporation also intends to enhance its usage of renewable energy and invest in energy-efficiency initiatives.
- Sealed Air Corporation recently introduced a new product line dubbed Korrvu Lok, a compression packaging technology that keeps items in place and minimizes damage during transportation. The solution is intended for eCommerce and omni-channel businesses, and it may minimize packaging material and labor expenses.
- Huhtamaki Oyj acquired Jiangsu Hihio-Art Packaging Co. Ltd., a Chinese maker of paper bags, wraps, and folding carton packaging. Huhtamaki's position in the developing foodservice packaging sector in China and Asia Pacific will be strengthened as a result of the purchase.
Key Segments:
By Product Type:
- Corrugated Boxes
- Paperboard Boxes
- Thermoformed Trays
- Bags & Pouches
- Blister Packs & Clamshells
- Protective Packaging
- Others
By Application:
- Mobile Phones
- Computers
- Laptops & Tablets
- Desktops & Servers
- TVs, DTH & Set-Top boxes
- Music Systems
- Printers, Scanners & Photocopy Machines
- Game Consoles & Toys
- Camcorders & Cameras
- Electronic Wearable
- Digital Media Adapters
- Others
By Material Type:
- Plastic
- Polyethylene (PE)
- Polypropylene (PP)
- Poly Vinyl Chloride (PVC)
- Polyamide (PA)
- Polyethylene terephthalate (PET)
- Polystyrene (PS)
- Others
- Paper & Paperboard
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Have a Look at Related Research Reports on Packaging Domain:
Several eCommerce industries aim to scale on sustainable packaging solutions like paper-based packaging to reduce plastic waste generation. This trend is catching up in the industrial electronics packaging industry, which employs better designs to strengthen packaging.
Europe consumer electronics packaging market is forecast to reach US$ 4. billion in 2023. Total consumer electronics packaging sales across Europe will rise at 4.8% CAGR. Europe consumer electronics packaging market value will reach US$ 6.4 billion by 2033.
The overall demand for industrial electronics packaging in Japan is likely to surge considerably, crossing a valuation of US$ 106.8 million in 2024. By 2034, sales projections for industrial electronics packaging in Japan indicate attaining a valuation of US$ 149.6 million.
The demand in Korea is projected to continue at a normal rate over the 2024 to 2034 forecast period, with a CAGR of 4.1%. By 2034, the sale of industrial electronics packaging in Korea is anticipated to have reached a value of US$ 102.7 million.
The sales of industrial electronics packaging in Western Europe are expected to reach a valuation of US$ 851.4 million by 2034, up from US$ 580.0 million in 2024.
Sales of electrical labels are expected to rise due to their numerous benefits tamper-proof and durable, heat, and chemical resistance. As a result of these features of the electrical label, demand for electrical labels is rising in multiple industries.
The worldwide vinyl electrical tapes market is divided into electrical & electronics and building & construction based on their uses. Over three-fifths of the worldwide market is made up of the electrical and electronic segment. Due to rising demand brought on by the global growth of the electrical and electronics industry.
The sales of plastic dielectric films are anticipated to witness growth due to the growing demand for reliable and high-performance electrical components. Film capacitors are among the most used capacitors in the market, with a wide range of applications in electronic devices, telecommunications, and industrial equipment.
Future Market Insights has analyzed three markets, namely the next generation packaging market, intelligent packaging market, and the time temperature indicator labels market.
The smart label market share is estimated to exhibit promising growth throughout the forecast period, expanding at a CAGR of 10.3%. The market size is expected to expand from US$ 8.0 billion in 2024 to US$ 21.1 billion by 2034.
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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