Global Assembly Trays Market - 2021-2028
The global assembly trays market size was worth US$ XX billion in 2020 and is estimated to report significant growth by reaching up to US$ XX billion by 2028, growing at a CAGR of XX% during the forecast period (2021-2028).
In general, assembly trays are also referred to as conveyor trays. These trays provide improved material handling and stability in the transport of goods in conveyor-based transport. Generally, these trays are lightweight and have a wide range of resistant characteristics. Features such as resistance to grease and high melting point have built the product's opportunities to target electronics and automotive industry end-users.
The global assembly trays market is driven by increasing production and consumption of electrical components at the domestic level. Rising demand for conveyor trolleys in the automotive and electronics sectors has built the market share of assembly trays in recent times.
Increasing production and consumption of electrical components at the domestic level creates huge opportunities for the assembly trays to build huge market share in recent times.
Electronic packaging refers to enclosures for integrated circuits, passive devices and circuit cards. The effectiveness of an electronic device is strongly determined by the packaging materials used and its durability and cost. This is vital for the transmission of signals and electricity, heat dissipation, protection against electromagnetic interference and protection against environmental factors such as humidity, pollution, chemicals and radiation. Mainly electrical products get spoilt due to the generation of immense static electricity in them. As per the research, around 33% of electrical devices get damaged due to the absence of suitable packaging solutions. Growing demand in the electrical and electronics industry for ESD assembly trays drives the market for assembly trays. Besides, there is a major expansion in the semiconductor and PCB industry, a popular use for assembly trays. The best protective packaging solution for the packaging of ESD-prone electrical and electronic parts is assembly trays.
Rising demand for conveyor trolleys in the automotive and electronics sectors has built the market share of assembly trays in recent times.
Mechanical devices or assemblies that move material with minimal effort are Conveyor Systems. While several different conveyor systems exist, they generally consist of a frame that supports either rollers, wheels, or a belt on which materials pass from one position to another. The system can be motor-powered, by gravity, or manually. Material handling equipment needs to be adaptable to each production line's specifications via the dynamic assembly process of vehicle bodies and major components in the automotive industry. With automotive patterns shifting between small SUVs and hybrid/electric vehicles, it becomes more difficult to schedule production and has fixed material handling systems that can restrict a manufacturer's agility to respond to demand fluctuations. Thus the faster movement of a limited number of components is generated by choosing trolleys and carts, as well as custom solutions designed to handle large or odd-shaped objects. The best solutions for transporting car seats, display units and engine parts are trolleys and carts. In developing countries such as India, Brazil, etc., the rise in demand for conveyor trolleys in the automotive and electronics industries has increased the demand for assembly trays. These countries have marginal production facilities for the manufacture of electronic components, except China.
The increasing inclination of various companies focusing production of electronics components is anticipated to trigger the market of assembly trays
Countries such as India and Brazil import electronic components for producing electronic devices, such as semiconductors and PCBs. In order to minimize the final cost of the material, companies in developing regions are currently concentrating on the domestic manufacture of these electronic components. Various companies are investing heavily in backward integration at their PCBs in-house facilities. The number of suppliers of these components has seen a large increase in recent years. Therefore, the increase in production of these components is anticipated to improve the demand for assembly trays in the APAC regions. This, in turn, is likely to lead to high growth opportunities for the assembly trays market in these emerging markets.
COVID-19 Impact Analysis
The global assembly trays have shown a slight decline due to the COVID-19 pandemic, as several manufacturing plants were shut for months. The COVID-19 crisis has forced approximately 95% of all German automotive-related firms to place their workers on short-term jobs during the shutdown, a scheme whereby employees are temporarily laid off and earn a large portion of their wages government. Furthermore, the consequences of the COVID-19 crisis are significant and unparalleled globally. In reality, for a month or more, several auto-retail stores remained closed. As per the records, the income is expected to decline by approximately $100 billion in 2020 for the top 20 OEMs in the global auto industry, a decrease of approximately 6% points from just two years ago, and it could take years to recover from this dip in profitability. Thus, the immense impact on the market growth of different end-users of assembly trays has severely affected assembly trays' business, particulary in 2020.
The global Assembly Trays market is segmented based on product, material, load capacity, end-user and region.
Plastic assembly trays offer larger tray cavities with multi-purpose storage facilities coupled with reusable plastic parts, which make it build a bigger market as compared to the competitive segments
In terms of material, the global assembly trays market is segmented into plastic, fiberglass, metal, etc. Out of the mentioned types of material, plastic assembly trays are more likely to build a bigger business in terms of revenue than other segments. The most significant benefit of plastic assembly trays is that they are reusable and environmentally friendly. Also, plastic assembly trays are supposed to be 100% recyclable and an ideal sustainable option for handling materials, parts, and items. To preserve product integrity, plastic trays are built to have a smooth interior and exterior surface. Compared to alternative methods, plastic assembly trays are a durable and cost-effective type of packaging materials. Plastic assembly trays offer large tray cavities with multi-purpose storage facilities that build a bigger market than the competitive segments.
Significant growth witnessed in the electronics and automation of industries, and the presence of key players in the region Asia-Pacific region is building the growth of the market
Asia-Pacific region is estimated to dominate the assembly tray market in recent times globally due to the significant growth witnessed in the electronics and automation of industries present in the region. Furthermore, the region holds a good percentage of local players and is estimated to maintain the forecast period's growth momentum. Countries like China and India are anticipated to represent tremendous growth in the assembly trays market due to various growth factors.
The Europe assembly trays market is expected to witness judicious growth due to matured market in Germany, France & Italy. Due to the increasing penetration of electrical & electronics, MEA is expected to be the fastest-growing market that aim to drive the demand for assembly trays.
The assembly trays market is highly competitive with the presence of local as well as global companies. Some of the key players contributing to the market's growth include Molded Fiber Glass Tray Company, Impala Plastics, LewisBins+, Gilmore Kramer Co, Z-Mar Technology, Inc, DS Smith, StockCap, Engineered Components & Packaging, LLC, Conductive Containers, and among others.
The major players are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the growth of the assembly trays market globally. The major players worldwide are focusing on adopting acquisition as the growth strategy to build their business.
Overview: DS Smith is the world's largest consumer-specific packaging company with a focus on state-of-the-art packaging design and local service near customer facilities. DS Smith responds to and market demand with a product range that includes transit packaging, customer packaging, display and advertising packaging, personalized protective packaging and industrial packaging.
The global assembly trays market report would provide access to an approx: 69 market data table, 67 figures and 214 pages.
Target Audience 2022
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