Corrugated Automotive Packaging Market is projected to rise to US$ 3.07 billion by 2033

Corrugated Automotive Packaging Market

The FMI projects that the market for corrugated automobile packaging will reach a value of US$ 2.0 billion in 2023. By 2033, it is anticipated that the market will grow to $3.07 billion USD. The market is anticipated to achieve a CAGR of 4.4% over the anticipated time frame.

Electric vehicles (EVs) are becoming more popular, which will increase the use of electrical and electronic components in the automotive sector in the years to come. This will raise the demand for corrugated automotive packaging. 2% of the world market for corrugated packaging is made up of corrugated packaging for automobiles.

According to a recent report by Future Market Insights (FMI) the market for corrugated automotive packaging is likely to reflect moderate growth from 2020 to 2030. The sector is expected to benefit from sustainability initiatives in the packaging industry. The growth trajectory of the global corrugated automotive packaging market is projected to be significantly affected throughout 2020. A substantial dip in comparison to previous years is likely, largely owing to the effects of the coronavirus pandemic on the global automotive sector.

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According to the report applications of corrugated packaging will primarily find use for lighting components, owing to safety standards associated with electronic parts, with boxes remaining a popular option for efficient logistical supply chain operations. The market is expected to gain from industry acquisition and capacity expansion strategies and investments toward product development.

In addition, continued demand for plastic and foam-based corrugated packaging and increased niche applications for engine and battery components are likely to aid the industry for years to come. On the other hand, strict regulations about automotive component standards in terms of safety and the environment will restrict industry prospects. Also, high capital costs in the industry are expected to restrict market developments to large-scale players.

The FMI report provides an overview of the industry, covering key dynamics in the market. Some of the top takeaways of the report include:

  • The corrugated automotive packaging market has been valued at over US$ 1.7 billion in 2019, and the growth rate of the market is likely to be strongly affected by the covid-19 outbreak, owing to lockdown restrictions on the manufacturing and automotive sectors
  • Corrugated boxes remain the preferred packaging format, owing to benefits in stacking, and efficiency in logistical operations from suppliers to end users
  • Packaging for automotive lighting will generate higher demand as that of batteries, engine components, filters, and electrical among others. Engine and battery packaging applications are likely to reflect faster growth owing to lower risk of accidental discharges

East Asia remains a leading market, supported by a vast automotive industry and numerous packaging material manufacturing facilities. Further, South Asia is also expected to be a key contributor on the back of demand from India, Indonesia, and Thailand.

“Original equipment manufacturers (OEMs) in the automotive industry are displaying increased preference towards corrugated packaging options owing to easier recycling, lower costs of shipping, and low weight. Corrugated packaging products are easier to customize as per the needs of the end user through the supply chain,” said a lead analyst at FMI.

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Covid-19 Effect on Corrugated Automotive Packaging Market

The coronavirus outbreak has had a largely negative impact on the corrugated automotive packaging industry. Lockdown restrictions on the automotive, manufacturing, and packaging sectors will result in a sharp decline in demand.

Also, restrictions imposed on international trade in terms of raw materials and components and restricted operations at production plants are likely to have a disruptive impact on the market in the short term. Recovery is likely to be sluggish owing to uncertainty over duration and severity of the outbreak, with growth likely to rise through 2021.

Who is Winning?

In its latest report, Future Market Insights has given a detailed analysis of the many strategies being employed by market players in the corrugated automotive packaging market. Leading players are largely emphasizing on product development and launch strategies in addition to strategic acquisitions and capacity expansions.

Some of the major players in the industry include International Paper Company, Sonoco Products Company, Mondi Group Plc, Sealed Air Corp, WestRock Company, Greif Inc., DS Smith plc, and Smurfit Kappa Group plc, among others.

Key Segments of  Industry Survey

 By Product Type :

  • Corrugated Automotive Boxes
  • Corrugated Automotive Crates
  • Corrugated Automotive Trays
  • Corrugated Automotive Partitions
  • Corrugated Automotive Pallets
  • Corrugated Automotive Octabins
  • Corrugated Automotive PoP Displays

 By Layer Type :

  • Single Face
  • Single Wall
  • Double Wall
  • Triple Wall

 By Automotive Part :

  • Automotive Filters
  • Batteries
  • Engine Components
  • Lighting Components
  • Underbody Components
  • Electrical Components
  • Cooling Systems

 By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa (MEA)

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About Future Market Insights, Inc

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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