Consumption of corrugated automotive packaging is projected to rise at a CAGR of 4.4% from 2022 to 2030, and the market is predicted to attain an estimated net worth of US$ 2.7 Bn by 2030. Currently, sales revenue from the corrugated automotive packaging market amount to US$ 1.8 Bn.
According to a recent report by Future Market Insights (FMI) the market for corrugated automotive packaging is likely to reflect moderate growth from 2020 to 2030. The sector is expected to benefit from sustainability initiatives in the packaging industry. The growth trajectory of the global corrugated automotive packaging market is projected to be significantly affected throughout 2020. A substantial dip in comparison to previous years is likely, largely owing to the effects of the coronavirus pandemic on the global automotive sector.
According to the report applications of corrugated packaging will primarily find use for lighting components, owing to safety standards associated with electronic parts, with boxes remaining a popular option for efficient logistical supply chain operations. The market is expected to gain from industry acquisition and capacity expansion strategies and investments towards product development.
In addition, continued demand for plastic and foam based corrugated packaging and increased niche applications for engine and battery components are likely to aid the industry for years to come. On the other hand, strict regulations about automotive component standards in terms of safety and the environment will restrict industry prospects. Also, high capital costs in the industry are expected to restrict market developments to large scale players.
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The FMI report provides an overview of the industry, covering key dynamics in the market. Some of the top takeaways of the report include:
- The corrugated automotive packaging market has been valued at over US$ 1.7 billion in 2019, and the growth rate of the market is likely to be strongly affected by the covid-19 outbreak, owing to lockdown restrictions on the manufacturing and automotive sectors
- Corrugated boxes remain the preferred packaging format, owing to benefits in stacking, and efficiency in logistical operations from suppliers to end users
- Packaging for automotive lighting will generate higher demand as that of batteries, engine components, filters, and electrical among others. Engine and battery packaging applications are likely to reflect faster growth owing to lower risk of accidental discharges
East Asia remains a leading market, supported by a vast automotive industry and numerous packaging material manufacturing facilities. Further, South Asia is also expected to be a key contributor on the back of demand from India, Indonesia, and Thailand.
“Original equipment manufacturers (OEMs) in the automotive industry are displaying increased preference towards corrugated packaging options owing to easier recycling, lower costs of shipping, and low weight. Corrugated packaging products are easier to customize as per the needs of the end user through the supply chain,” said a lead analyst at FMI.
Covid-19 Effect on Corrugated Automotive Packaging Market
The coronavirus outbreak has had a largely negative impact on the corrugated automotive packaging industry. Lockdown restrictions on the automotive, manufacturing, and packaging sectors will result in a sharp decline in demand.
Also, restrictions imposed on international trade in terms of raw materials and components and restricted operations at production plants are likely to have a disruptive impact on the market in the short term. Recovery is likely to be sluggish owing to uncertainty over duration and severity of the outbreak, with growth likely to rise through 2021.
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Who is Winning?
In its latest report, Future Market Insights has given a detailed analysis of the many strategies being employed by market players in the corrugated automotive packaging market. Leading players are largely emphasizing on product development and launch strategies in addition to strategic acquisitions and capacity expansions.
Some of the major players in the industry include International Paper Company, Sonoco Products Company, Mondi Group Plc, Sealed Air Corp, WestRock Company, Greif Inc., DS Smith plc, and Smurfit Kappa Group plc, among others.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.
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