The anticipated demand for Industrial Electronics Packaging Market in Korea is poised to reach a valuation of US$ 68.5 million by 2024, having attained a size of US$ 64.6 million in 2023. Projections indicate a consistent growth trajectory for the industry in Korea over the forecast period from 2024 to 2034, with a projected compound annual growth rate (CAGR) of 4.1%. By the conclusion of 2034, the sales of industrial electronics packaging in Korea are expected to achieve a substantial value of US$ 102.7 million.
Korea, renowned as one of the world’s technological powerhouses, owes much of its reputation to industry giants like Samsung and LG. The continuous advancement of technology in Korea amplifies the demand for industrial electronic packaging, as it becomes instrumental in storing and safeguarding the evolving landscape of electronic components.
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Market Trends
In Korea, the demand for packaging fragile electronic components necessitates the utilization of sturdy and resilient materials. Consequently, materials such as plastic and paper are extensively employed in packaging solutions to ensure the protection of delicate electronic materials.
While the industrial sector in Korea experiences significant growth, there is a heightened awareness among Korean individuals and manufacturers regarding the environmental impact of packaging materials, particularly plastic. This has led to a notable shift towards the adoption of eco-friendly materials, with paper emerging as a preferred choice in the realm of industrial electronic packaging.
In tandem with technological progress, manufacturers in Korea are emphasizing the importance of user-friendly packaging. As electronic devices continue to shrink in size, the demand for more compact and manageable packaging solutions is on the rise. Key players in Korea are actively responding to this demand by developing packaging solutions that align with the evolving landscape of smaller electronic devices.
Market Drivers
- Technological Advancements: Korea’s reputation as a technological powerhouse drives the demand for advanced packaging solutions to protect and preserve electronic components. The constant evolution of technology necessitates packaging that keeps pace with the intricacies of modern electronic devices.
- Growth in the Industrial Sector: The booming industrial sector in Korea contributes significantly to the demand for industrial electronics packaging. As the manufacturing landscape expands, there is a parallel increase in the need for robust packaging solutions to safeguard electronic materials during transit and storage.
- Environmental Consciousness: There is a growing awareness of the environmental impact of packaging materials, particularly plastics. Korean consumers and manufacturers are increasingly prioritizing eco-friendly alternatives, leading to a shift towards materials such as paper in industrial electronics packaging.
- Compact Packaging Solutions: With ongoing technological advancements leading to smaller electronic devices, there is a corresponding need for more compact packaging solutions. Manufacturers in Korea are responding to this demand by innovating packaging designs that are not only protective but also space-efficient and easy to handle.
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Key Players
- 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.
Key Segments
By Packaging Type:
- Rigid
- Corrugated Boxes
- Containers
- Protective Packs
- Trays
- Clamshells
- Bin & Totes
- Others
- Flexible
- Bags & Pouches
- Tapes & Labels
- Films & Others
By Material Type:
- Plastic
- PE
- PET
- PS
- PP
- PVC
- Paper & Board
By Province:
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju
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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.
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