Yahoo Finance Consumer Electronics Packaging Global Market Report 2022: Ukraine-Russia War Impact
Major players in the consumer electronics packaging market are DS Smith PLC, Mondi PLC, International Paper Company, Sonoco Products Company, Shenzhen Hoichow Packing Manufacturing Ltd. , Dordan Manufacturing Company, Hangzhou Xunda Packaging Co.
New York, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Consumer Electronics Packaging Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06370330/?utm_source=GNW
, Dunapack Packaging Group, Universal Protective Packaging Inc., Parksons Packaging Ltd., Neenah Inc., Plastic Ingenuity, JJX Packaging, UFP Technologies Inc., and JohnsByrne Company.
The global consumer electronics packaging market is expected to grow from $ 17.47 billion in 2021 to $ 20.05 billion in 2022 at a compound annual growth rate (CAGR) of 14.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The consumer electronics packaging market is expected to grow to $ 31.26 billion in 2026 at a CAGR of 11.7%.
The consumer electronics packaging market consists of sales of consumer electronics packaging by entities (organizations, sole traders, and partnerships) that are used to protect the electronics from mechanical damage, electrostatic charge, natural disasters, and mishandling damage.Any electronic device intended for end users’ or consumers’ daily and non-commercial or professional use is known as consumer electronics (CE).
Consumer electronics packaging is a protective covering for the products to ensure safe and secure shipping. Packaging is crucial, as electronic products have very tiny components that are delicate and prone to damage.
The main types of products in consumer electronics packaging includes corrugated boxes, paperboard boxes, thermoformed trays, bags and pouches, blister packs and clamshells, protective packaging, and others.The corrugated boxes are used as packaging materials for a variety of goods such as food, stationery, electronics, medicine, etc.
Corrugated boxes refer to cartons that are made up of a few layers of material instead of just a single sheet-like cardboard.Usually, three layers are present in corrugated boxes, which are stuck together to form a single sheet.
The different technologies include active packaging, intelligent packaging, modified atmospheric packaging, anti-microbial packaging, aseptic packaging, and others. The various material types include plastic, paper, paperboard, and others that are used in mobile phones, computers, TVs, DTH and set-top boxes, music systems, printers, scanners, and photocopy machines, game consoles and toys, camcorders and cameras, and others.
Asia Pacific was the largest region in the consumer electronic packaging market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the consumer electronic packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing demand for paper and paperboard in packaging is driving the growth of the consumer electronics packaging market.Paper and paperboard are usually used in packaging due to their biodegradable and environmentally friendly nature.
This can help to lower the cost of shipping used electronics.For instance, according to a survey conducted in January 2021 to explore consumer preferences, perceptions, and attitudes toward print, paper, and paper-based packaging, among 8,800 consumers at the global level by Two Sides North America, a US-based non-profit organization working to elevate the use of paper-based packaging and spread awareness, approximately 50% of people believed that paper-based packaging was better for the environment than other types of packaging, while 52% preferred products ordered online to be delivered in paper-based packaging.
Therefore, the increasing demand for paper and paperboard packaging is propelling the growth of the consumer electronics packaging market.
Product innovation is a key trend gaining popularity in the consumer electronics packaging market.Major companies operating in the consumer electronics packaging sector are using new and innovative products to enhance productivity and efficiency.
For instance, in June 2021, Sandvik Coromant, a manufacturer of manufacturing tools and packaging services, launched a smart packaging solution to increase operational efficiency.This solution uses artificial intelligence (AI) to determine the smallest packaging required to contain products that would reduce costs and CO2 emissions.
With this innovation, everything that can be packed, whether it’s a small item like a tool, any electrical equipment, or a huge item like a bicycle, will be located in the smallest box it can fit into by the application. It makes no difference how something is packed, regardless of its size or geometrical shape.
In February 2022, Menasha Packaging Company LLC, a US-based packaging and merchandising solutions provider, acquired Color-Box, a business unit of Georgia-Pacific LLC, for an undisclosed amount.With this acquisition, Color-Box is expected to increase Menasha’s geographic reach and give clients more graphic, design, and structural packaging alternatives.
Georgia-Pacific LLC is a US-based firm operating in the packaging business for consumer goods, consumer electronics, and medicines.
The countries covered in the consumer electronic packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The consumer electronics packaging market research report is one of a series of new reports that provides consumer electronics packaging market statistics, including consumer electronics packaging industry global market size, regional shares, competitors with consumer electronics packaging market share, detailed consumer electronics packaging market segments, market trends, and opportunities, and any further data you may need to thrive in the consumer electronics packaging industry. This consumer electronics packaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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