New York, U.S., May 31, 2022 (GLOBE NEWSWIRE) — Overview of the electronics packaging market
According to a comprehensive research report by Market Research Future (MRFR), “electronics packaging market Information by material, product size, technology, application and region – Forecasts until 2027“, the market is expected to grow at a CAGR of 8.1% to reach USD 54,104.3 million by 2027.
Electronic products such as televisions, tablets, smartphones, set-top boxes and digital media adapters use effective electronic and semiconductor packaging to protect them against electrostatic discharge, water, weather, corrosion and dust . It is used in various military and aerospace installations containing solid-state devices, such as information display systems, information processing units, and aircraft control units, as it helps reduce the board area, weight, and PCB routing complexity.
The acceptance of e-commerce and the rapid development of the electronic goods industry have increased the demand for packaging products and alternatives. As cross-border shopping becomes popular, the demand for efficient, high-quality packaging also increases. Electronic packaging is known as the design and manufacture of enclosures for electronic equipment ranging from simple semiconductor devices to complete systems, such as a mainframe computer.
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|Market size 2027||$54,104.3 million|
|Forecast units||Value (USD million)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||Material, product size, technology, application and region|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Increase in demand for consumer electronics|
|Technological advancement and growing digitalization trends|
Market Competitive Landscape:
Leading companies in the Electronic Product Packaging Market are:
- Graham Packaging Company (USA)
- Sealed air (US)
- Proxital SRL (Italy)
- Georgia-Pacific (USA)
- West Rock (USA)
- International Paper (USA)
- Smurfit Kappa (Ireland)
- DS Smith (London)
- Universal Protective Packaging Inc. (USA)
- Abriso Jiffy (Belgium)
- Novostrat Ltd (Ireland)
- Sonoco Products Company (USA)
- Mondi PLC (USA)
- Dunapack Packaging (Austria)
- Stora Enso (Finland)
- Pregis LLC (USA)
- Veritiv Corporation (USA)
- Gold Moss SP. ZO.O (Oporto)
Covered USP market:
New electronic gadgets based on revolutionary materials and technologies are emerging as electronic components become integrated. The size of electronic components becomes smaller and board alignment becomes more sophisticated; thus, the electrostatic, moisture-proof, mechanical and other protection of the package becomes more and more important. The demand for high-quality military-grade packaging in the aerospace and defense industry for on-board satellite communication channels, naval warships, weapon control systems, data and aircraft control-guidance assemblies, on the other hand, drives the revenue of the electronic packaging market. The growth of the IoT network market and the continuous investments in R&D to enable more productive electronic and semiconductor packaging are likely to open up new opportunities for the electronic packaging sector.
Even though digital technology is changing packaging, the electronics industry is changing rapidly. Companies can use digital transformation to empower people, engage customers, improve processes and transform goods. The packaging industry will be able to realize its full potential as the supply chain becomes digital.
Companies in the consumer packaged goods industry are constantly trying to innovate to meet changing customer expectations and to differentiate their products. Innovative packaging provides them with such platforms by exploiting the size, shape, color and utility of the packaging. Packaging companies are keen to keep up with technological advancements. Manufacturers will need to invest in new equipment and infrastructure to manufacture imaginative packaging designs like these. With technology, a holistic approach would be needed. Every step of the buying process will require automation.
Browse the in-depth market research report (171 pages) on electronics packaging: https://www.marketresearchfuture.com/reports/electronic-goods-packaging-market-3118
COVID 19 Analysis
COVID-19 has drastically reduced the demand for electronic product packaging solutions in industrial sectors. The COVID-19 outbreak has caused a decline in demand for semiconductor products. Due to the confinement situation, the manufacture of the devices has stopped. The entire supply chain of the global electronic packaging market has been disrupted because of this. Due to the considerable developments in on-site and off-site operations, the packaging industry is also witnessing a mixed influence. Many food chain sites, such as restaurants and cafes, have completely shut down in many countries, significantly hurting the packaging industry. Due to the shortage of labor and raw materials, and other problems, industrial factories have closed down.
Due to limits on public meetings, tourist activities and outings, the packaging industry is seeing a decline in demand for electronics packaging solutions, while the demand for cosmetics is much higher. Additionally, the growing demand for products through e-commerce and online businesses is contributing to the overall expansion of the packaging industry.
Corrugated cardboard boxes are ideal for packing fragile items due to their structural rigidity and cushioning characteristics. As a result, it will be the segment leader.
By product size
During the forecast period, the small home appliances segment will be driven by increased demand for tablets, portable speakers, smartphones, headphones, and e-readers.
Some of the highly demanded track and trace packaging technologies in the market include barcode labels, barcode technology, and RFID technology.
The e-commerce equipment and major appliances categories are expected to be the most promising over the projection period.
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In terms of turnover, Europe is the world’s second largest market. However, during the forecast period, the market is expected to rise steadily. This is because the consumer electronics industry in Europe has grown and a high-tech network environment supports it. Smart workplaces and smart homes are increasing the demand for consumer electronics such as smart TVs, smart refrigerators, smart air conditioners, etc. as technology advances. Rising personal disposable income of consumers and changing tastes towards smart homes and smart offices are thus fueling the growth of the industry.
Asia-Pacific dominates the market and is expected to grow at the fastest rate over the forecast period. Due to increasing disposable income and the fastest growing population, sales of consumer goods in this region are increasing exponentially. Middle-class home prices have skyrocketed, leading to a surge in demand for home electronics. The need for business-to-business electronic devices such as computers, laptops, LCD screens, conference projectors and others is also increasing. The electronics packaging market has huge growth potential as China is considered as the global electronics hub due to mass production and manufacturing of electrical components and electronic products to meet quality standards, highest efficiency and delivery.
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