The corrugated boxes market is set to observe steady growth during the forecast period of 2017-2022. Logistic applications are expected to boost the growth rate of the corrugated boxes market. This is because of the growing demand for essential products including food, pharmaceuticals, tissue and hygiene products, and other consumer products due to the COVID-19 pandemic.
- The corrugated boxes sector is operational under the Centre for Disease Control and Prevention (CDC) and the Occupational Safety and Health Administration (OSHA) guidelines during the COVID-19 lockdown period. The operational plants are efficiently delivering packaging to consumers across various markets. Therefore, the growth of the corrugated boxes market remains unaffected.
- Manufacturers across various sectors are looking for sustainable packaging solutions. Hence, the demand for corrugated boxes is expected to increase to a great extent. Hence, this may prove beneficial for the growth of the corrugated boxes market.
- The unique feature of corrugated boxes is that it offers many options to decrease the environmental impact while avoiding disruption in the supply chain. This promises efficient growth for the corrugated boxes market. In addition, manufacturers are working on designing packaging solutions that lead to the reduction of fiber use. This will add to the sustainability quotient and greatly benefit the corrugated boxes market.
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Global Corrugated Boxes Market: Snapshot
The global market for corrugated boxes is observing a tremendous growth in line with the development trends of the packaging and converting industries. Several factors, such as the rising demand for corrugated boxes from logistic applications and the fresh food and beverages, electronic goods, and the home and personal care goods industries, the increasing preference for sustainable packaging among consumers, and the remarkable progress of the e-commerce industry, are boosting this market substantially across the world.
By 2017 end, the opportunity in this market is expected to reach a whopping sum of US$96.60 bn. Rising at a CAGR of 3.60% between 2017 and 2024, the market is projected to increase further to US$115.15 bn by the end of 2024. The increasing industrialization and the subsequent rise in the trade activities in emerging economies, such as India and China, is likely to propel this market over the next few years.
Recycled Fibers to Report Higher Demand
Broadly, the global market for corrugated boxes is assessed on four fronts: The source of the material, end user, packaging form, and the type of the board. Based on the source of the material, the market has been classified into virgin fiber and recycled fiber. Among the two, recycled fiber is more in demand and the trend is anticipated to remain so over the next few years.
By the end user, the market has been categorized into the food, beverages, tobacco, healthcare, personal care and cosmetics, homecare and toiletries, electronic and consumer durables, E-commerce, and the chemical and fertilizer industries. Corrugated boxes are mainly utilized to pack food and beverage products. The demand for these boxes has also increased in the personal care and cosmetics industry. However, it’s the E-commerce sector, which is providing the most promising opportunities for the growth of this market.
On the basis of the packaging form, the market has been divided into primary packaging and secondary packaging. Single wall, double wall, and triple wall are considered as the main types of the board available in this market.
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Demand for Corrugated Boxes to Remain High in APEJ
The worldwide market for corrugated boxes is also analyzed on the basis of its geographical spread. Latin America, Asia Pacific excluding Japan (APEJ), Japan, North America, Europe, and the Middle East and Africa (MEA) are considered as the key geographical segments of this market. Asia Pacific excluding Japan has been dominating the global market and is expected to remain doing so in the near future, thanks to the increasing business and trade activities in this region. The APEJ market for corrugated boxes is projected to expand at a CAGR of 4.10% during the period from 2017 to 2024.
Among other regional markets, North America and Europe are expected to report a noticeable rise in the demand for corrugated boxes over the next few years, thanks to significant increase in E-commerce sector and the subsequent preference for online shopping among consumers. The presence of leading vendors in is also anticipated to benefits these regional markets in the near future.
The global market for corrugated boxes is highly competitive, thanks to the presence of a large pool of players. Stora Enso Oyj., International Paper Co., Smurfit Kappa Group Plc., Pratt Industries Inc., Sonoco Products Co., Huhtamaki Oyj, WestRock Co., KapStone Paper and Packaging Corp., DS Smith Plc., and Georgia Pacific LLC are some of the key vendors of corrugated boxes in the global market.
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