Comprehensive Scope of Corrugated and Paperboard Boxes Market by 2023
The global corrugated and paperboard boxes market size 2020 is prompted to record 4% CAGR during the forecast period, 2017-2023. The progress in the market can be observed with the rising factors from all corners of the globe. Market Research Future estimates the figures and reveals that the market will witness high growth prospects in the coming years.
Top Impacting Factors
The corrugated and paperboard box market is developing with many opportunities gaining from the rise of box features that account for more direct-to-consumer applications and in maintaining sustainability. Corrugated and paperboard boxes are mainly utilized in the packaging and transportation of a wide variety of products. It has become immensely crucial at the moment owing to the accelerated growth of the e-commerce industry, which is anticipated to remain a prime driving factor for the global corrugated and paperboard boxes market.
The study envelops that corrugated packaging covers 88% of recycled content with some fresh fibers originating from forests and is safe rather than catastrophic. Notable e-commerce business bodies such as Amazon are pushing towards corrugated board packaging for e-commerce packaging, as it aids in costing apart from giving an environment-friendly option. These factors have proven to be solidly supporting the growth of the corrugated and paperboard box market.
As the food and beverage industry ranks to be significant and established for corrugated and paperboard boxes, future expansion is anticipated to come from more developing fields such as electronic products and accessory packaging. The fastest-growing market of corrugated and paperboard boxes is, moreover, led by factors of escalating disposable incomes, rising economies, and enhanced consumption of manufactured goods.
With the increasing online sales, an increase in production levels, and several new plant startups from 2017-2023 in primary regions of the world, the corrugated box industry looks poised for accelerated growth, which will continue in the future. The upward consumption of these types of packaging in emerging nations owing to the banning of usage of plastic packaging also gives stable growth outlooks for the corrugated and paperboard box market. This is expected to drive the demand for Corrugated & Paperboard Boxes in the coming timeframe.
Segmentation of Market: Corrugated & Paperboard Boxes
The global corrugated & paperboard boxes market, as per segmental analysis, has included segments of material, product, application.
Depending on the material segment, the market has included adhesives, paperboard, waxes, inks, and others. Among these, the paperboard might lead the corrugated and paperboard boxes market until 2023 owing to the growing implementation of paperboard packaging across all the end-user applications.
Depending on the product segment, the market has included folding paperboard boxes, set-up paperboard boxes, corrugated & solid fiber boxes, and others. The corrugated & solid fiber boxes led the market back in the year 2016 and now probable to be the highest-growing product over the assessment period.
Depending on the application segment, the market includes food & beverages, durable goods, chemicals, paper & publishing, and more. The durable goods segment led the market in the year 2016 and is now estimated to be the top-growing application in the next five years, as the global sale of electronic goods is rising, such as home appliances, and other electronic goods.
Europe, North America, Asia Pacific, and Rest of the World are the regions where the study of the global corrugated & paperboard boxes market has been conducted to understand the market dynamics.
Asia Pacific region, as per the study, has led the global corrugated and paperboard boxes market back in the year 2016 and is now anticipated to attain a phenomenal growth over the forecast period. The region would showcase a rapid growth in the e-commerce and food & beverage sectors leading to the rapid growth in demand for corrugated and paperboard boxes. Asia leads in the world in total corrugated production and shipments, which is above 130 billion square meters produced and making 53.7% of the market.
North America also has acquired an impressive share of the global corrugated and paperboard boxes market in support of the growing food & beverages and electronic industry.
Europe will also witness steady growth over the forecast period owing to the rise of substitute packaging methods in many European economies. With online sales escalating, production levels boost, and several new plants starting operations have made the corrugated box industry to look poised for accelerated growth.
Top Market Contenders
Georgia-Pacific Corporation (U.S.), Mondi Group t(Austria), Smurfit Kappa Group (Ireland), International Paper Company (U.S.), Cascades Inc. (Canada), Graphic Packaging International, Inc. (U.S.), Klabin S.A.(Brazil), DS Smith Plc (U.K.), Nine Dragons Paper(Holding) Limited (China), Oji Holding Corporation (Japan), Orora Packaging Australia Pty Ltd (Australia), Nippon Paper Industries Co. Ltd (Japan), WestRock (U.S.), and Rengo Co., Ltd. (Japan) are listed among the string market players by MRFR’s study.
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