May 29, 2024
Consumer Electronics Packaging Market
Ict

Consumer Electronics Packaging Market is Trending by Sustainable Green Packaging Solutions

The consumer electronics packaging market comprises protective packaging for consumer devices like mobile phones, laptops, tablets, gaming consoles, and other household electronic appliances. Rigid and flexible packaging solutions like boxes, flexible packaging, plastic wraps, and molded fiber are designed to safeguard electronic devices from damage during storage, handling, and transportation. Growing online shopping trends and changing lifestyles are driving demand for consumer electronics, thereby fueling packaging needs.

The Global Consumer Electronics Packaging Market is estimated to be valued at US$ 22.63 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period between 2024 to 2031.

Key Takeaways

Key players operating in the Consumer Electronics Packaging Market Demand are Hangzhou Xunda Packaging Co., Smurfit Kappa Group PLC, DS Smith Plc, Pregis Corporation, Dunapack Packaging Group, Sonoco Products Company, Stora Enso Oyi, WestRock Company, Mondi Group, JJX Packaging LLC, Huhtamaki Oyj, Dordan Manufacturing Company, Shenzhen Hoichow Packing Manufacturing Ltd., UFP Technologies, Inc., International Paper Company, and Sealed Air Corporation. Key players related content comprises key players related content. Key players operating in the consumer electronics packaging are Hangzhou Xunda Packaging Co., Smurfit Kappa Group PLC, DS Smith Plc, Pregis Corporation, Dunapack Packaging Group, Sonoco Products Company, Stora Enso Oyi, WestRock Company, Mondi Group, JJX Packaging LLC, Huhtamaki Oyj, Dordan Manufacturing Company, Shenzhen Hoichow Packing Manufacturing Ltd., UFP Technologies, Inc., International Paper Company, and Sealed Air Corporation.

The growing demand for consumer electronics worldwide is fueling the need for suitable packaging solutions to protect devices from damage during distribution and storage. Rising e-commerce sales of smartphones, laptops, and other electronic gadgets are further augmenting demand.

The global consumer electronics packaging market is expanding due to growing international trade of electronics. Leading brands are sourcing materials and outsourcing production to lower-cost countries, necessitating robust multi-national supply chains. Sustainable green packaging is gaining traction to reduce environmental footprint.

Market Key Trends

Sustainable and eco-friendly packaging solutions are gaining prominence in the consumer electronics packaging market. Brands and retailers are investing in recycled, recyclable, and biodegradable packaging materials to appeal to environmentally-conscious consumers. Packaging manufacturers are developing packaging with reduced plastic and utilizing recycled content. CompostableCellulose based molded fiber packaging is replacing plastic wrapping and expanded polystyrene for added sustainability. Bio-based flexible films and paper bags are two evolving green alternatives. Sustainable packaging will be a defining trend, as companies address consumers’ rising focus on reducing waste.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low as setting up a manufacturing unit requires huge capital investments and packaging materials technology. Bargaining power of buyers: The bargaining power of buyers is high as consumer electronics products are highly substitutable and buyers can switch to other brands easily. Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials used in packaging are commoditized but specialty materials suppliers have some pricing power. Threat of new substitutes: The threat of new substitutes is moderate as new substitute packaging materials can be developed but establishing their use takes time. Competitive rivalry: Competition is high among existing packaging manufacturers and consumer electronics OEMs compete heavily on pricing and innovation.

Geographical Regions

Asia Pacific region accounts for the major share in terms of value owing to the presence of consumer electronics manufacturers and growing middle class population in countries such as China, Japan, and India. China has the largest market share globally for consumer electronics production as well as consumption.

North America is expected to witness the fastest growth during the forecast period mainly due to increasing adoption of sustainable flexible packaging formats in the region. Various packaging manufacturers are focusing on developing innovative flexible plastic films from recycled content to cater to the rising environmental concerns of consumers in the US and Canada.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it