New York, USA, March 17, 2021 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global electrostatic discharge (ESD) packaging market is forecasted to garner a revenue of $5,773.1millionby 2027, at a CAGR of 8.7%. The extensive report puts forth a summary of the present market scenario, including other aspects such as growth and restricting factors, industry dynamics, challenges, and opportunities during and post pandemic period. The report also offers industry statistics which makes it easier and more beneficial for the new participants to comprehend the present market.
COVID -19 Impact on Global Electrostatic Discharge (ESD) Packaging Market:
The pandemic is predicted to have a negative impact on the global electrostatic discharge materials packaging market. Electrostatic packaging is mostly used for the packaging of electronic items which are further used in various end user units. As the pandemic has forced certain industries to shut down, some temporarily and others permanently, the use of electrostatic discharge packaging has reduced drastically. Moreover, most of the industrial sites are shut down and many companies are adopting the work from home option. These factors are predicted to hamper the growth of the market. However, predictions state that the demands for ESD packaging will increase after pandemic settles.
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ESD packages offer safety to various products from inflammable liquid and gases. These types of packaging material are designed to prevent the materials that are inside the package from being damaged. ESD packages are a safe and secure way of packaging as they provide more safety as compared to other packages. These factors are anticipated to boost the growth of the global electrostatic discharge (ESD) packaging market in the forecast period.
The cost of electrostatic discharge package is higher as compared to other products such as anti-static bags. Irrespective of higher price of ESD packages, they are bulky in nature which makes it difficult to handle the package. Bulky packages need to be used to protect even a small device and it occupies more space as well as increases the transportation cost. These factors are anticipated to hinder the growth of the global electrostatic discharge (ESD) packaging market in the forecast period.
The report has segmented the market based on product type, end user, and regional analysis.
The Product Type Sub-Segment is Anticipated to Garner the Highest Market Share
The bags sub-segmentis predicted to have highest market share in the forecast period.The bags product type sub-segment accounted for $873.8 million in 2019 and is predicted to grow with a CAGR of 9.0% during the analysis period. These bags offer protection against ignition by dissipating charge build up and the space available in bag can be used as stackable by a large number of companies. This is anticipated to drive the growth of the bags sub-segment market in the estimated period.
End User Sub-Segment is Projected to be the Most Lucrative
The consumer electronics and computer peripheral end user sub-segment is anticipated to witness a boost in terms of revenue in the forecast period. Consumer electronics & computer peripheralsub-segment accounted for $1,247.90 million in 2019 and is anticipated to grow with a CAGR of 8.8% in the forecast period.Consumer electronics & computer peripheral make use ofESD packages on a large scale to procure and transfer electronic products from one place to another. Increasing use of ESD packages across the industry in consumer electronic and computer peripheral is anticipated to drive the consumer electronics and computer peripheral sub-segment market in the estimated period.
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North America Region will be the Most Lucrative
The North America region market is predicted to have highest market share in the forecast period. The market in the North America region accounted for $392.2 million in 2019 and is predicted to grow with a CAGR of 11.9% during the analysis period. The increase in adoption of technological devices in manufacturing and automobile industries has consequently boosted the need for transportation and adaptive packaging of these devices to protect them from damage. Thus, electrostatic discharge materials have seen a hike in their demand for the packaging of electrostatic-sensitive devices or products that contain flammable liquids or gases. Presence of large number of manufacturing units of these materials across the region is predicted to drive the regional market in the forecast period.
Key Players and Business Strategies
The report enlists the most significant players of the global electrostatic discharge (ESD) packaging market. It includes the profiling of companies such as –
- Smurfit Kappa Group
- Tandem Equipment Sales Inc.
- Elcom (UK) Ltd.
- Desco Industries
- Conductive Containers Inc.
- TIP Corporation
- PPG Industries
These market players are adopting various organic and inorganic growth strategies such as partnership and acquisitions to increase their market share in the global electrostatic discharge (ESD) packaging market.
For instance, in February 2021, Smurfit Kappa Group, Europe’s leading corrugated packaging company, declared that it has set new sustainability targets with Better Planet 2050, Cummins’ next generation environmental sustainability strategy. The new targets are designed in such a way that they focus on a further reduction of the company’s environmental footprint, further enhances the lives of its employees, and extends increased support for the communities in which it operates.
The report also discusses the other important aspects of the market including SWOT analysis, financial performance of the key players, product portfolio and recent strategic developments.
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