Global Consumer Electronics Packaging Market Set For 12.9% Growth, Reaching $42.37 Billion By 2028
Consumer Electronics Packaging Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Has the Consumer Electronics Packaging Market Evolved and What is its projected Growth Rate?
The consumer electronics packaging market size has seen significant development in recent years. The market is expected to grow from a worth from $23.01 billion in 2023 to $26.04 billion in 2024 to $42.37 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%, translating to a compound annual growth rate CAGR of 13.2%. Such rapid growth throughout the historic period can largely be attributed to the growth of the greater consumer electronics market, increased requirements for protection and durability in packaging, an emphasis on branding and aesthetics, tightened regulatory compliance, an uptick in e-commerce and online retail, and an expanded global supply chain.
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What Are the Primary Growth Drivers for the Consumer Electronics Packaging Market?
Driving the growth of the consumer electronics packaging market is the increasing demand for paper and paperboard in packaging. These materials are frequently used due to their biodegradable and environmentally friendly nature, which presents an opportunity to cut down on shipping costs for used electronics. To illustrate this, a January 2021 survey probing consumer preferences, perceptions, and attitudes toward print, paper, and paper-based packaging saw about 50% of the 8,800 global participants saying that paper-based packaging was more environmentally sound than other types, while 52% expressed a preference for their online orders being delivered in paper-based packaging. This survey was conducted by Two Sides North America, a US-based non-profit with a mission to elevate the use of paper-based packaging and raise awareness of its benefits. As such, the mounting demand for paper and paperboard packaging is significantly enhancing the progress of the consumer electronics packaging market.
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Who Are the Key Industry Players in the Consumer Electronics Packaging Market?
The consumer electronics packaging market is invigorated by the efforts of key players like DS Smith plc, Mondi plc, International Paper Company, Sonoco Products Company, Shenzhen Hoichow Packing Manufacturing Ltd., Dordan Manufacturing Company, Hangzhou Xunda Packaging Co. Ltd., Dunapack Packaging Group, Universal Protective Packaging Inc., Parksons Packaging Ltd., Neenah Inc., Plastic Ingenuity, JJX Packaging Group, UFP Technologies Inc., JohnsByrne Company, Smurfit Kappa Group plc, Billerud AB, Stora Enso Oyj, WestRock Company, Pregis Corporation LLC., AMETEK Inc., E. I. du Pont de Nemours and Company, Tekni-Plex Inc., Huhtamaki Oyj, Graphic Packaging International LLC, Guangzhou Huaisheng Packaging Co. Ltd., Amcor Limited, Reynolds Group Holdings Limited, Sealed Air Corporation, Silgan Holdings Inc., and Crown Holdings Inc.
What Future Trends Will Bring About Changes in the Consumer Electronics Packaging Market?
Product innovation is a main trend motivating changes and driving popularity in the consumer electronics packaging market. Top companies operating in this sector are deploying groundbreaking solutions to boost productivity and efficiency. For instance, in June 2021, manufacturing tools and packaging services provider Sandvik Coromant introduced an AI-enabled smart packaging solution aimed at enhancing operational output. This solution determines the smallest possible packaging for products, leading to reductions in costs and CO2 emissions. With this innovation, regardless of an item's size or geometrical shape, various sizes of items can be packed into the smallest possible box.
How is the Consumer Electronics Packaging Market Segmented?
The consumer electronics packaging market is segmented as follows:
1 By Product Type: Corrugated Boxes, Paperboard Boxes, Thermoformed Trays, Bags and Pouches, Blister Packs and Clamshells, Protective Packaging, and Other Product Types
2 By Technology: Active Packaging, Intelligent Packaging, Modified Atmospheric Packaging, Anti-Microbial Packaging, Aseptic Packaging, and Other Technologies
3 By Material Type: Plastic, Paper and Paperboard, and Other Material Types
4 By Application: Mobile Phones, Computers, TVs, DTH and Set-Top boxes, Music Systems, Printers, Scanners and Photocopy Machines, Game Consoles and Toys, Camcorders and Cameras, and Other Applications
What Are the Key Market Insights at the Regional Level?
Asia-Pacific was the largest region in the consumer electronics packaging market in 2023, and this region is poised to be the fastest-growing during the forecast period. The report covers a range of regions, namely, Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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