According to the latest report published by FMI, on global case material market is anticipated to proliferate with CAGR of over 4% during the forecast period. While the market is likely to recover from the crisis in the mid-term of the projection period, demand is predicted to expand faster than the past over the long run.
What are the Driving Factors for Case Material Market?
Packaging industries are the prime utilizers of case material due to recent development on online shopping patterns. The packaging industry continues to emphasize the importance of shipments during inclement weather.
Due to better physical and chemical properties plastic will outshine metals as raw material despite of strict environmental regulations. On the other hand, players in the case material industry may face problems as a result of the growing popularity of 'custom-designed' paper-based protective cases, which offer cost savings.
But with increasing regulation by various government bodies for environment protection to control global warming has created clouds of worry for the manufacturers.
Increasing the variety of a diverse range of materials - including plastic, metal, and leather - to experiment with and stimulate creativity, manufacturers have a lot of options to choose from.
Furthermore, the adaptability of plastic materials for the production of cases of any shape or size, as well as their lightness and strength, is expected to remain a crucial lever for their widespread acceptance.
In turn, as consolidation-seeking manufacturers become more concerned about environmental sustainability, metal's importance in the development of protective casings will expand at an exponential rate.
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COVID-19 Impact on Case Material Market
COVID-19 has atrocious effect on the case material market due to increasing trade barrier during the pandemic. This has effected supply and demand side considerably limiting the market growth.
Trade and manufacturing operations were hampered for an extended period as a result of the lockdown, flattening the yearly revenue curve.
Following the adoption of government regulations, multinational firms began producing and working from home in the third quarter, resulting in an increase in the sale of fast charging laptops and mobile phones, which benefited the case material market.
Global Outlook of Case Material Market
The prominent regions included in the FMI on “Global case material market” are North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East and Asia.
Asia Pacific is prominent region holding major revenue share of market. As China is the largest producer and exporter of plastic goods. India and Japan are following the footprints of China due to high demand of product from all over the globe.
During the evaluation period, the regional market is expected to be driven by changing lifestyles and rising disposable income. Rapid development and an increase in the number of households due to population expansion are two other major drivers propelling market growth in the region.
Succeeding Asia Pacific followed by Europe in which Germany accounts for the majority of the market share in Europe market and is predicted to grow at a CAGR of 4.4% over the forecast period. The market in the region is being driven by the high use of various types of cookware which need to transported and packed for safe delivery.
Whereas, North America and Latin America are anticipated to capture a significant portion of the market share. On the other hand MEA, is showing the stagnant growth throughout the projection period.
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Plastic as Case Material Market
Plastic is preferred by manufacturers for protective cases. During the projected period, polypropylene is expected to lead the market in terms of market share. These cases are used to safeguard components and consumer products from harm, such as electronic components, military equipment, and delicate items that must be protected from environmental changes.
Polypropylene's high heat coefficient, combined with its excellent impact resistance, gives great value to protective case qualities. Leading players are opting for aluminum over steel in metal protective cases, which is predicted to rise at a significant rate over the projection period.
Who are the Key Manufacturers Case Material Market?
The capacity of market participants to adapt to the changing nature of the cases material market is critical to their success. Manufacturers requires to go beyond their traditional production capabilities to fulfil the latent potential of custom development, ensuring their clients' loyalty.
Expanding the value-added product portfolio might provide improved exposure prospects for market participants in this concentrated context, where there are a few, yet well-established market leaders.
Players are aggressively pursuing a substantial portion of the market, utilizing both organic and inorganic expansion strategies. Alliances, acquisitions, and a steady expansion of their global internet sales and distribution network were the main goals.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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