Industrial Electronics Packaging Market Set to Reach US$ 2,906.73 million by 2033, Fueled by Growing Demand for Consumer Electronics

The global industrial electronics packaging market is poised for remarkable growth, with an estimated value of $1,944.9 million in 2023. A projected Compound Annual Growth Rate (CAGR) of 4.1% until 2033 is expected to drive the market's value to a substantial $2,906.73 million. This growth is being spurred by the escalating global demand for consumer electronics, which is consequently influencing the consumption of industrial electronics packaging.

Several key drivers are propelling this market expansion. First, there's an escalating demand for paper and board packaging, which offers the robust and rigid protection necessary for delicate devices like mobile phones and computers. This packaging material also boasts a refined finish and excellent printability, adding aesthetic appeal to its protective features.

Explore the Rapid Growth Potential of the Industrial Electronics Packaging Market - Get Our Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-5235

Furthermore, the call for eco-friendly packaging is gaining momentum as numerous eCommerce industries adopt sustainable packaging solutions to curb plastic waste. This environmentally conscious trend is finding traction in the industrial electronics packaging sector, fostering innovation in packaging design and enhancing overall sustainability.

The prevalence of digitalization is another pivotal driver, with the surge in the Internet of Things (IoT) increasing the need for effective packaging solutions for industrial electronics products. As the market for industrial electronic devices such as laptops, tablets, and smartphones expands, both developed and emerging economies are anticipated to contribute to the growing demand for electronic packaging solutions.

Key Highlights of the Industrial Electronics Packaging Market:     

The North American industrial electronics packaging industry is projected to mark its dominance by attaining US$ 672.1 million by 2023. The region is projected to assume a CAGR of 3.9% over the forecast period. The United States market is expected to surpass total revenue of US$ 659.9 million by the end of 2023.
Europe region is anticipated to position itself as the second leading market in the forthcoming period. The region is projected to generate overall revenue of US$ 578.3 million in 2023.
Germany contributes significantly towards Europe market growth. German market shares a sizeable amount of revenue of US$ 384.8 million.
East Asia is the third leading region in the market. The region is projected to account for US$ 296.4 million by 2023 end. The region includes Japan, China, and South Korea- with Japan contributing a huge chunk to the regional growth and South Korea contributing the least from the group.
South Asia is projected to witness robust expansion over the forecast period. The region is projected to witness a CAGR of 4.9% over the forecast period. South Asia is anticipated to attain US$ 202.8 million by 2023 end.
The rigid packaging format holds a significant proportion of the market. By 2023 end, the market is expected to attain US$ 1,816.7 million. The segment is projected to witness a CAGR of 4% over the forecast period.

Level Up: Competitors Upping Their Game

In August 2022, DS Smith pushed ahead with testing fiber-based cardboard packaging composed of seaweed, straw, and more. The company has invested US$ 140 million in research and development to bolster its work in the circular economy. The program aims to discover prospects for fiber and plastic replacement capabilities of multitudinous materials to extend its range of sources for packaging.
In May 2022, ABB chose DS Smith's updated automation system for Europe's second-leading recovered fiber-based paper operation.

Top Key Players Covered-

DS Smith Plc.
Smurfit Kappa Group Plc.
UFP Technologies Inc.,
Sealed Air Corporation,
Achilles Corporation,
Desco Industries Inc.,
Botron Company Inc.
Kiva Container Corporation
Orlando Products Inc.
Delphon Industries LLC
Summit Container Corporation
Protective Packaging Corporation
Dou Yee Enterprises (S) Pte Ltd.
Dordan Manufacturing Company Inc.
GWP Group Limited
Pure-Stat Engineered Technologies Inc.
AUER Packaging GmbH
Emballages Cre-O-Pack International Inc.
Universal Protective Packaging Inc.

Asian Economies Hold Promising Investment Opportunities for Industrial Electronics Packaging Companies

North America is estimated to be the most prominent industrial electronics packaging market, the report also points to the robust growth in East Asia's market attractiveness over the years to come. The East Asian market for industrial electronics packaging will thus remain a significant regional contender in the industrial electronics packaging landscape, according to FMI's analysis.

In East Asia, Japan holds more than 50% of the market share, followed by China. South Asia is also cited as a highly lucrative investment pocket for manufacturers of industrial electronics packaging solutions, potentially outpacing other regional markets in terms of growth rate. Growth of South and East Asian market is attributed to robust manufacturing of consumer electronics and swelling demand for impact-resistant protective packaging solutions.

Europe is another prominent market for industrial electronics packaging, more than 60% of which is accounted by Germany. The country will continue to spearhead European market owing to towering rate of production of semiconductor components and equipment.

Europe & the US Account for a Massive Share in Global Production of Industrial Electronics

Manufacturers of industrial electronics packaging are eyeing business expansion across countries with high consumer electronics production, as an effort to strengthen their foothold in the global industrial electronics packaging market. Leading manufacturers of industrial electronics packaging are either based out of the US or Europe, or have a strong presence in these regions, as both markets hold a collective share of more than 60% in the global production of industrial electronics.

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Key Segments of Industrial Electronics Packaging Industry Survey

Industrial Electronics Packaging Market by Product Type:

Testing & Measuring Equipment
Process Control Equipment
Industrial Controls
Power Electronics
Industrial Automation Equipment & Others

Industrial Electronics Packaging Market by Material Type:

Plastic Industrial Electronics Packaging
PE
PET
PS
PP
PVC
Paper & Paperboard Industrial Electronics Packaging

Industrial Electronics Packaging Market by Packaging Type:

Rigid Industrial Electronics Packaging
Corrugated Boxes
Containers
Protective Packs
Trays
Clamshells
Bin & Totes
Others
Flexible Industrial Electronics Packaging
Bags & Pouches
Tapes & Labels
Films & Others

Industrial Electronics Packaging Market by Region:

North America Industrial Electronics Packaging Market
Latin America Industrial Electronics Packaging Market
Europe Industrial Electronics Packaging Market
East Asia Industrial Electronics Packaging Market
South Asia & Pacific Industrial Electronics Packaging Market
Middle East & Africa (MEA) Industrial Electronics Packaging Market

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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.

This release was published on openPR.