The global shrink sleeve label applicator market is experiencing substantial growth, with an estimated size of US$ 1,949.6 million by 2033, driven by a steady CAGR of 5.3%. In 2023, the market is expected to reach US$ 1,163.2 million. Notably, the food and beverages segment played a significant role, generating US$ 614 million in revenue in 2022, as per Future Market Insights’ analysis.
Several factors contribute to this market’s success. Shrink sleeve label applicators are extensively deployed in the food and beverages industry to label various packaging formats, especially those prone to moisture and friction. The industry’s demand for high-volume labeling has led to the emergence of new labeling technologies, with manufacturers constantly innovating to meet these demands.
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Additionally, there is a growing emphasis on product branding through packaging and labeling, driving the adoption of shrink-sleeve label applicators with cutting-edge capabilities. Manufacturers are also focusing on creating applicators that are low maintenance, cost-efficient, and versatile for a range of labeling needs in various end-use industries.
India is expected to be a significant growth driver with a CAGR of 6.7%, and Europe is set to retain a prominent share of the global shrink sleeve label applicator industry. These trends underscore the industry’s dynamism and its pivotal role in modern packaging solutions.
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 toward 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.
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.
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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.
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.
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Key Segments of Industry Survey
By Product Type :
- Boxes
- Crates
- Trays
- Partitions
- Pallets
- Octabins
- PoP Displays
By Layer Type :
- Single Face
- Single Wall
- Double Wall
- Triple Wall
By Automotive Part :
- Automotive Filters
- Batteries
- Engine Components
- Lighting Components
- Underbody Components
- Electrical Components
- Cooling Systems
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
Author
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.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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