Worldwide automobile sales were more than 90Mn in the start of 2017 and expected to reach 1Bn by the end of year 2035. Emerging economies such as India, China and Mexico are witnessing robust growth rates of more than 17%. The recent trend shows that the automobile production is shifting to developing economies. Emerging economies started to serve global automotive market due to the rapidly growing regional consumer base, cheap labor and growing cost efficiency in manufacturing. In addition a component manufactured in one corner of globe needs to be delivered across the globe. In turn there is growing need for more efficient and reliable automotive parts packaging industry to protect vehicles or vehicle parts while shipping and storage. So there comes concepts called corrosion packaging, expandable packaging, ESD packaging and returnable packaging. There is a need for cut down of ever increasing automotive packaging costs. Automotive parts packaging includes corrugated boxes, metal cases, wooden crates, pallets, foam, folding cartons, trays, steel racks etc.
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Automotive Component Packaging Market: Market Dynamics
Growing worldwide automotive industry at 4% growth rate is the main driver of automotive parts packaging industry market. Rapidly growing infrastructure developments in emerging economies is the other driver of automotive parts packaging industry and automotive components. Furthermore component safety, ease in handling, transportation and storage of automotive and automotive components is anticipated to the major driving factor for the growing demand of Automotive parts packaging industry. Rapidly growing per capita disposable income levels in emerging economies is driving the automobile sales in China, Mexico and India, which in turn driving the growth of Automotive parts packaging industry.
Increasing and volatile gasoline, petrol and diesel prices is the main restraint for the growth of Automotive parts packaging industry. Geopolitical crisis like Brexit, Grexit and sanctions on Qatar and Iran are also acting as restraints for the growth of automotive parts packaging industry. Growing government regulations on emissions of vehicles is the other restraint factor. Environmental protection, global warming concerns and related activities like Paris climate accord are restraining the growth of automotive industry, which in turn slowing the growth of automotive parts packaging industry market. Growing hybrid vehicles market is an opportunity for the growth of automotive parts packaging industry.
Automotive Component Packaging Industry: Market Segmentation
The global automotive parts packaging industry can be segmented based on material, product and packaging. Based on material global automotive parts packaging industry is segmented into paper, metal, plastic, wood and others. Based on packaging technology it is segmented into returnable packaging and expandable packaging. Based on product it can be segmented into corrugated boxes, transportation cases, wooden crates, folding cartons, steel racks, trays, pallets, folding metal containers, and others (corrosion inhibitors, edge protectors & end caps, slip sheets, inner fillings, ESD barriers, foam and etc.). Returnable packaging is the recent hot topic in automotive parts packaging industry.
Automotive Component Packaging Industry: Regional outlook
Automotive parts packaging Industry has been segmented on the basis of region into North America, Latin America Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Middle East & Africa (MEA), and Japan. Emerging markets in APEJ, MEA and Latin America are major contributors for the growth of automotive parts packaging industry. North America represents highest share of global automotive parts packaging industry market which is expected to stands at more than 20%. Overall European market is showing sluggish growth.
Automotive parts packaging Industry: Key players
Some of the players in the global automotive parts packaging Industry are NEFAB GROUP, Smurfit Kappa Group, Victory Packaging, MJS PACKAGING., Interobal, k.s., UFP Technologies, Inc.
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