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(USGovernment-News.Com, April 17, 2019 ) grow at a CAGR of 4.1% during the forecast period 2019 - 2027, to account to US$ 3.12 Bn by 2027.APAC is expected to be the fastest growing region for the usage of automotive parts packaging. The major reason for this is the huge automotive hub in China. As China is the largest automotive hub in the world, highest market growth as well as market share is anticipated to be exhibited in this country. The new market initiatives and strategic partnerships are expected to continue during the forecast period, contributing to high growth of automotive parts packaging market in the region.
Latest market study on “Automotive Parts Packaging Market to 2027 by Product Type (Pallets, Crates, Cartons, Bags & Pouches, Trays, and Others); Packaging Type (Reusable and Disposable); and Component (Battery, Cooling Systems, Lighting Component, Engine Component, Electricals, and Others) - Global Analysis and Forecast”, the automotive parts packaging market is estimated to reach US$ 3.12 Bn by 2027 from US$ 2.18 Bn in 2018. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The major companies offering automotive parts packaging market include CMTP Packaging Pty Ltd DS Smith Plc. Encase Ltd. JIT Packaging Nefab group Pacific Packaging Products Inc. Pratt Industries Inc. Sealed Air Corporation Smurfit Kappa Group Sonoco Products Company
The aftermarket or replacement market plays an important role in automotive parts packaging market. With the increasing awareness of preventive maintenance as well as scheduled servicing of vehicles, consumers today are focusing in maximizing the lifespan value of their existing vehicles. This has significantly bolster the growth of aftermarket parts and services demand globally and has generated new revenue opportunities for an extensive number of players operating in the automotive aftermarket industry.
The global automotive parts packaging market by product type is segmented into Pallets, Crates, Cartons, Bags & Pouches, Trays, and Others. Each type has their own pros and cons and the supplier of automotive parts has to select the product type depending on the experience, order’s content, volume and shape, and regulations so that the shipped product or part reach the final destination in a pristine condition. The parts in automotive industry varies greatly in size and composition.
Strategic Insights
Merger and acquisition was observed as the most adopted strategy in global corporate secretarial services industry. Few of the recent mergers and acquisitions are listed below:
2019: Nefab Americas acquired Pacific Coast Packaging, a company which specializes in the design and manufacturing of custom wood, foam and corrugated packaging products. The acquisition is anticipated to serve to both strengthen company’s product offering as well as boost its presence in the Southern California market.
2018: Smurfit Kappa Group has significantly expanded its product range in France with the acquisition of Papcart, a specialist in offset printing and conversion of cardboard and corrugated board consumer packaging. The acquisition of Papcart enables Smurfit Kappa to extend its portfolio with a complete range for the luxury goods, wines & spirits, FMCG and bag-in-box markets.
2017: Sealed Air Corporation acquired Fagerdala Singapore Pte Ltd., a manufacturer and fabricator of polyethylene foam. Through this acquisition, Sealed Air Corp expanded its presence and manufacturing footprint in Asia and also expanded Fagerdala’s business beyond foam and initiated to offer its combined customer base a full portfolio of differentiated solutions, such as automated fulfillment systems and operational excellence consultative services.
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