Industrial Electronics Packaging Market Forecast Hit by Coronavirus Outbreak, Downside Risks Continue to Escalate
Nearly 3.5% annual growth is expected in the volume consumption of industrial electronics packaging solutions, in 2019. As indicated by a new market research study of Future Market Insights (FMI), nearly 70% of the demand for industrial electronics packaging is generated by industrial controls and power electronics.
More than 90% of the overall industrial electronics packaging solutions are in the rigid format. Flexible packaging formats, although rapidly gaining ground across industries, holds a negligible share in packaging of industrial electronics.
Asian Economies Hold Promising Investment Opportunities for Industrial Electronics Packaging Companies
North America is estimated to be the most prominent industrial electronics packaging market, the report also points to the robust growth in East Asia's market attractiveness over the years to come. The East Asian market for industrial electronics packaging will thus remain a significant regional contender in the industrial electronics packaging landscape, according to FMI's analysis.
In East Asia, Japan holds more than 50% of the market share, followed by China. South Asia is also cited as a highly lucrative investment pocket for manufacturers of industrial electronics packaging solutions, potentially outpacing other regional markets in terms of growth rate. Growth of South and East Asian market is attributed to robust manufacturing of consumer electronics and swelling demand for impact-resistant protective packaging solutions.
Europe is another prominent market for industrial electronics packaging, more than 60% of which is accounted by Germany. The country will continue to spearhead European market owing to towering rate of production of semiconductor components and equipment.
Europe & the US Account for a Massive Share in Global Production of Industrial Electronics
Manufacturers of industrial electronics packaging are eyeing business expansion across countries with high consumer electronics production, as an effort to strengthen their foothold in the global industrial electronics packaging market. Leading manufacturers of industrial electronics packaging are either based out of the US or Europe, or have a strong presence in these regions, as both the markets hold a collective share of more than 60% in the global production of industrial electronics.
Some of the key players that have been profiled in FMI's report on the industrial electronics packaging market include DS Smith Plc., Smurfit Kappa Group Plc., UFP Technologies, Inc., Sealed Air Corporation, Achilles Corporation, Desco Industries Inc., Botron Company Inc., Kiva Container Corporation, Orlando Products Inc., Delphon Industries, LLC, Summit Container Corporation, Protective Packaging Corporation, Dou Yee Enterprises (S) Pte Ltd., Dordan Manufacturing Company, Inc., GWP Group Limited, Pure-Stat Engineered Technologies, Inc., AUER Packaging GmbH, Emballages Cre-O-Pack International Inc., and Universal Protective Packaging, Inc., among others.
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