The global industrial electronics packaging market is predicted to register a CAGR of 4.1% over the forecast period, as per FMI’s analysis. The industry’s size is anticipated to increase from US$ 1,944.9 million in 2023 to US$ 2,906.73 million by 2033 end.
Surging industrial automation is projected to open up a plethora of opportunities for the industrial electronics packaging industry. Since industrial automation offers enhanced productivity, better workplace safety, and lower production cost, the technology is being adopted in multiple end-user industries like automotive, aerospace and defense, chemicals, pharmaceuticals, oil, and gas. Multiple industrial automation technologies depend chiefly on electronic components. As a result, the expanding manufacturing operations in emerging economies are projected to bolster the sales of industrial electronics packaging.
Key players in the industrial electronics packaging industry are addressing prevalent issues in the electronics industry by developing dedicated packaging solutions. These new industrial electronics packaging solutions are designed to lessen environmental impact by reducing CO2. The companies that are active in the market are offering innovative packaging solutions that help cut costs and protect industrial electronic components, thereby augmenting product adoption.
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Key Highlights of the Industrial Electronics Packaging Market:
- The North America 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. Germany 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.
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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.
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Key Segments of Industrial Electronics Packaging Industry Survey
By Product Type:
- Testing & Measuring Equipment
- Process Control Equipment
- Industrial Controls
- Power Electronics
- Industrial Automation Equipment & Others
By Material Type:
- Plastic
- PE
- PET
- PS
- PP
- PVC
- Paper & Board
By Packaging Type:
- Rigid
- Corrugated Boxes
- Containers
- Protective Packs
- Trays
- Clamshells
- Bin & Totes
- Others
- Flexible
- Bags & Pouches
- Tapes & Labels
- Films & Others
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