Electronic Goods Packaging are fill materials used to protect, prevent damage, identify, identification and prevent tampering of electronics goods. The global electronic goods packaging market is anticipated to grow at a CAGR of around 5 % during the forecast period of 2022 to 2030.
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Growing logistics and international trade in electronic goods expected to drive a substantial demand
The explosive growth of business in electronics goods is the prime driver of the market. For example, the total electronics exports of U.S. increased to USD 267.6 in 2015 representing a USD 6.4 billion increase from its value in 2014, while general imports rose to USD 438.2 billion in 2015. The concurrent increase in demand for electronics packaging, falling cost of packaging and growing global supply chains resulting in long traveling distances and times, is expected to drive the market.
Increasing warranty agreements and fragile customer loyalty owing to social media is expected to charge the market
Growing warranty agreements and customer awareness due to increase in social media are another drivers of the market. Increasing cost of non-compliance owing to rising cost of litigation arising from customer claims is other drivers of the market.
Product differentiation strategies owing to packaging and improvement in company image and brand loyalty coupled with growing value of intangible goods are psychographic drivers of the market. Cutthroat competition is resulting in customer switching due to loss of faith due to damaged goods.
Increasing e-commerce and investment is the most influential driver of the market
The increase in online shopping and adoption of smart devices has resulted in the growth of electronics goods packaging market. Increased investment in packaging technology such as counterfeit packaging and development of packaging functions as a specialized entity is the technological drivers of the market.
To generate a bird’s view of the global packaging foams market, the report is segmented by material, product size, technology, and region.
Based on the material segment, the market has been segmented by corrugated boxes, foamed plastic, paperboard, bubble packaging, others
Based on the product size segment, the market is segmented by small appliances, large appliances
Based on the technology segment, the market is segmented by authentication packaging, track and trace packaging
Based on regions, the market is segmented by North America, Europe, Asia Pacific, Middle East and Africa.
Asia-Pacific region accounts for the most significant market, owing to growing economy, industrialization, and large population. China and India dominate the Asia Pacific region due to increase in the electronics industry and development of China as a large industrial base. The growing availability of stock material owing to the development of oil and gas industry has lowered the cost of production of packaging. The increasing consumption of electronics due to the adoption of devices especially in the developing regions is contributing positively to the growth of the market.
North America led by the U.S. holds the second largest market followed by Europe. Germany, France, and the U.K. are the leading European markets owing to their more extensive economy. The Middle East and Africa region are expected to be led by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Concerns over the environmental damage caused by plastic waste and the inflammable nature of most packaging material are the most significant constraints of the market. The enactment of volatile organic compounds regulations has compounded the market. Thus, the non-inflammable packaging is the most significant unmet need of the market.
The major vendors of global electronic goods packaging market are DS Smith Plc. (U.K.), Sealed Air Corporation (U.S.), Graham Packaging (U.S.), Smurfit Kappa (Republic of Ireland), International Paper Company (U.S.), Sonoco Products Company (U.S.), Mondi plc. (Austria), Dunapack Packaging (Austria), Georgia-Pacific LLC (U.S.), Pregis LLC (U.S.), Stora Enso (Finland) and others.
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