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Newark, NJ, May 24, 2022 (GLOBE NEWSWIRE) -- As per the report published by MarketQuest.biz, the global corrugated automotive solutions market is expected to grow from USD 2.12 billion in 2021 to USD 3.22 billion by 2030, at a CAGR of 4.76% during the forecast period 2022-2030.
The growing climate change concerns have driven the world economies towards sustainable packaging solutions. The demand for electric vehicles or hybrid electric vehicles is also witnessing a significant rise to mitigate the use of fossil fuels and conserve the environment. The components used in the manufacture or production of electric vehicles are highly sophisticated and need to be transported with utmost safety. Therefore, corrugated automotive packaging solutions are gaining popularity among the original equipment manufacturers for the safe and secure transfer of electric or other automotive parts. Corrugated packaging is also a sustainable packaging option making it suitable for the environment. The research and innovations in developing customized packaging solutions with better material that is durable, flexible, and secure have gained increased momentum in the past few years. They are likely to provide lucrative opportunities for the market players in the future. However, the manufacturing of customized corrugated packaging solutions involves an extensive amount of capital that can restrict the market's growth. Also, the growing regulatory supervision regarding sustainable corrugated packaging will challenge the development of the global corrugated automotive solutions market. Streamlining the guidelines governing the corrugated automotive solutions market will overcome the challenge of increased regulatory scrutiny.
To enhance their market position in the global corrugated automotive solutions market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- Franklin Mountain Capital announced the opening of Franklin Mountain Packaging in January 2022, which will be responsible to produce classic flute and micro-fluted corrugated sheets and high-quality digital printing.
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Market Growth & Trends
The massive population of China and India is driving the consumer demand for the automotive industry following the rise in disposable income of the consumers in these economies. This upsurge in demand is primarily focused on electric vehicles, hybrid electric vehicles, and autonomous vehicles. The increased market penetration of original equipment manufacturers contributes significantly to the growing automotive consumer market. With the rising pressure to introduce measures to reduce or mitigate climate change, the focus has been shifted toward developing sustainable automotive solutions. The increasing consumer demand, the growing presence of original equipment manufacturers, ad stringent government regulations mandating sustainable production will drive the market for corrugated automotive packaging. The development of corrugated automotive packaging will significantly contribute to the growth of the global corrugated automotive solutions market. The availability of customized packaging solutions will aid in market expansion. The reusable and recyclable nature of corrugated automotive packaging has contributed to its rising popularity with original equipment manufacturers. The increasing number of original equipment manufacturers will increase the demand and accessibility of corrugated automotive solutions.
- In 2021, the expendable segment dominated the market with the largest market share of 63% and market revenue of 2.02 billion.
The type segment is divided into expendable and returnable. In 2021, the expendable segment dominated the market with the largest market share of 63% and market revenue of 2.02 billion.
- In 2021, the automotive machinery parts packaging segment accounted for the largest share of the market, with 67% and a market revenue of 2.15 billion.
The application segment is divided into automotive machinery parts packaging and automotive interior packaging. In 2021, the automotive machinery parts packaging segment accounted for the largest share of the market, with 67% and a market revenue of 2.15 billion.
Regional Segment Analysis of the Corrugated Automotive Solutions Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global corrugated automotive solutions market, with a market share of around 36% and 1.15 billion of the market revenue in 2021. The Asia Pacific is expected to be the largest market during the forecast period. The corrugated automotive solutions in the Asia Pacific have been expanding rapidly. China dominates the corrugated automotive solutions in the Asia Pacific. China is the automotive manufacturing hub owing to the low cost of production. India is an emerging automotive market with low-cost labor and favorable trade policies. However, the increasing pressure on sustainability and conservation of the environment creates a need for sustainable development strategies & solutions. Government initiatives are now promoting a balanced path towards development by encouraging the adoption of reusable, environmentally friendly, biodegradable materials in the automotive manufacturing industry. Such initiatives bode well for the corrugated automotive solutions market.
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Key players operating in the global corrugated automotive solutions market are:
- Nefab Group
- Victory Packaging
- Sealed Air Corporation
- Modi Group
- DS Smith
- Smurfit Kappa Group
- Pacific Packaging Products
- Sunbelt Paper & Packaging
- Corrugated Case
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Market Quest has segmented the global corrugated automotive solutions market based on the below-mentioned segments:
Global Corrugated Automotive Solutions Market by Type:
Global Corrugated Automotive Solutions Market by Application:
- Automotive Machinery Parts Packaging
- Automotive Interior Packaging
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About the report:
The global corrugated automotive solutions market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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