The rise in the use of leading edge electronics and the increase in funding for recyclable packaging materials and packaging technologies drive growth in the global consumer electronics packaging market.
According to a report published by Allied Market Research, the global consumer electronics packaging industry generated $22.1bn in 2022 and is anticipated to reach $49.1bn by 2032, witnessing a compound annual growth rate (CAGR) of 8.4% from 2023 to 2032.
The report, titled “Consumer Electronics Packaging Market by Type, by Material Type, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032”, analysed the market based on type, material type, application and region.
Prime determinants of growth
The report attributes the growth of the global consumer electronics packaging market to the increased use of electronics in smart houses.
The market growth, however, is restrained by strict guidelines for recycling and packaging waste. The increase in demand for retail-ready and rigid packaging presents new opportunities in the coming years.
Covid-19 scenario
The report noted that the Covid-19 epidemic significantly changed the supply chain dynamics. It raised the demand for e-commerce packaging and brought attention to health and safety precautions influencing the consumer electronics packaging market.
Segments Covered
Based on type, the paperboard boxes segment held the highest market share in 2022, accounting for nearly two-fifths of the global consumer electronics packaging market revenue. It is estimated to maintain its leadership status throughout the forecast period.
Based on application, the mobile phones segment held the largest share in 2022, contributing to more than one-fourth of the global consumer electronics packaging market revenue. It is projected to maintain its lead position during the forecast period.
Regional analysis
North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global consumer electronics packaging market revenue and is likely to dominate the market during the forecast period.
The Asia-Pacific region is expected to witness the fastest CAGR of 10.6% from 2023 to 2032.
Leading market players
The report provides a detailed analysis of key players in the global consumer electronics packaging market, including DS Smith Plc, Mondi Group, International Paper Company, Sonoco Products Company, Sealed Air Corporation, Huhtamaki Oyj, Smurfit Kappa Group PLC, Westrock Company, UFP Technologies, Inc and Stora Enso Oyj.
