Albany, NY -- (SBWire) -- 09/28/2018 --According to the latest market report published by Transparency Market Research titled "Automotive Parts Packaging Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017-2027," the disposable packaging segment will remain the largest contributor to the global automotive parts packaging market during the forecast period, 2017-2027. Global sales were valuated at around US$ 7 Bn in 2017, which are reportedly expected to cross US$ 10 Bn by the end of 2027 at a moderate CAGR of 4.0%.
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In addition to ever increasing demand of automobiles and after sales components market globally, continuous research and development in the packaging technology has increased the applicability of the packaging in the automotive sector. For instance, Sealed Air Corporation launched Opti NX shrink films recently in 2016 which possess improved tear resistance properties and enables the application of shrink films on irregularly shaped products. Technological development in production technology has led to the sufficient availability of disposable packaging products. Disposable packaging in automotive sector is driven by the adoption of sustainable development by large number of companies as one of the highly effective marketing strategy. These factors have driven the demand of automotive packaging globally.
In terms of volume, protective packaging is estimated to account for more than one-third of the global automotive parts packaging market. Large amount of protective packaging is incorporated due to high involvement of fragile electrical and electronic components required in automobiles. Since, protective packaging is incorporated only once and then discarded, large volume of waste is generated due to protective packaging.
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Moreover, the cost of protective packaging produced from non-biodegradable plastics is much lower as compared to that of biodegradable materials, leading to large volume of non-biodegradable waste generated globally. Corrugated packaging products are high in requirement due to huge applicability, light weight, high strength along with biodegradable nature. On the other hand, the trade of pulp for the production of corrugated packaging products has been affected by several political and regulatory barriers. These factors have affected the global market for automotive parts packaging.
The undesirable investment made on the transportation of packaging only has uplifted two of the key trends in automotive parts packaging market. Sealed Air Corporation developed inflatable bubble wrap and introduced it to the global market in 2017. As bubble wraps account for a large volume of air trapped in it, the transportation and storage of it requires huge space conventionally. The air can be released from the inflatable bubble wraps while transporting or storing and it saves on the investment made on the cost of handling. Disposable packaging is produced with the aim of one-time usage only, which saves in the investment made on the return of empty packaging. Also, development in the production technology has resulted in high availability of disposable packaging at low cost.
Automotive Parts Packaging Market Research Key Players, Industry Overview: 2027
Automotive Parts Packaging Market was valued at US$ 7,143.4 Mn in 2017 which is expected to be valued at over US$ 10,000 Mn by 2027 end