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.
The pervasive trend of digital transformation is fueling a surge in IoT adoption, consequently driving the need for efficient packaging solutions for industrial electronic goods. This uptick in demand for electronic packaging is expected to be propelled by the expanding market for industrial electronic products, encompassing devices such as laptops, tablets, smart computing systems, mobile phones, and smartphones across both developed and emerging economies.
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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.
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.
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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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