The Automotive Parts Packaging market was valued at US$ 2,182.6 Mn in 2018 and is projected to reach US$ 3,124.9 Mn by 2027; it is expected to grow at a CAGR of 4.1% from 2017 to 2027.
A wholly integrated vehicle comprises of a large number of small, medium size and large components that are assembled together at the automobile OEM level. When these parts are assembled at the automotive OEM assembly line, the vehicle manufacturers need to remain ensured that parts are received without any defects. The assembled parts are often transported over a long distance, and have to travel through different means of transport. Packaging solutions ensure that these components reach to the end-user in a complete pristine condition. A plethora of components together constitute the automotive parts including engines, vehicle interiors, decorative items, grillers, spoilers, and engine components etc. Automotive parts packaging solutions maximize the use of packaging space, reduce packaging wastes and thereby creating lesser stress on the environment.Also, the automotive industry involves a wide variety of complexity of packaging materials. The vehicle industry is one of the smallest contributors in the automotive parts packaging market for utilizing packaging solutions, considering food & beverage and pharmaceutical as two largest market. It is estimated that the automotive sector contributes to almost 5% of all industrial and transport packaging worldwide. Failure to cater the right packaging solution across the value chain of automotive manufacturing could incur huge costs to the customers, as well as the manufacturers leading to overall cost additions. Hence, it is mandatory for the automotive industry to have a high-quality packaging solution that can deliver high protection and thereby deliver higher value goods as well as parts.
