Global Automotive Parts Packaging Market 2019-2023 | 4% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Jan 20, 2020--
The global automotive parts packaging market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive parts packaging market 2019-2023. (Graphic: Business Wire)
End-users in the automotive industry are increasingly adopting protective packing methods such as molded pulp packaging due to its advantages over traditional packaging methods. Pulp packaging can be redesigned according to requirements. Pulp packaging method is also eco-friendly and recyclable as recycled paperboards and newsprints are used as raw materials. Moreover, it is cost-effective and is available in various types of protective packaging such as paper cushion packaging and honeycomb packaging. Therefore, the increasing demand for protective packaging from the automotive industry is a crucial factor driving the growth of the market.
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As per Technavio, increasing market consolidation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Parts Packaging Market: Increasing Market Consolidation
The market is witnessing an increase in the number of mergers and acquisitions among market players. Vendors are adopting such strategies to increase their market share and stay competitive in the market. For instance, in February 2017, Mondi acquired Excelsior Technologies, a major player in flexible packaging solutions. Similarly, DS Smith acquired Corrugated Container Corporation, USA in 2018. Such M&As are expected to increase during the forecast period. This will positively impact the growth of the global automotive parts packaging market.
“Growing preference for disposable packaging and the premiumization of folding cartons will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Automotive Parts Packaging Market: Segmentation Analysis
This market report segments the global automotive parts packaging market by product (folding carton, corrugated box, and others), and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market due to the increasing sale of automobiles in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: PACKAGING AFTERMARKET MANUFACTURING AUTOMOTIVE
SOURCE: Technavio Research
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PUB: 01/20/2020 03:30 AM/DISC: 01/20/2020 03:32 AM