Paperboard is used predominantly for packaging in various industries such as food & beverage, personal care, health care and home care. Paperboard closures are used for preserving the products and extend their shelf life. Increase in e-commerce and online shopping is expected to drive the global demand for paperboard closures. Growing sustainable demands and environmental conservation might propel the growth of paperboard closure. Convenience to open and close the paperboard closure easily and protection against damage is the key factors which are likely to boost the demand for paperboard closure market.
Paperboard Closure Market: Dynamics
Paperboard closure provides an opportunity for the brand owners to market and promote their product. Paperboard closures have ample space for graphic printing which can attract the customers to various details of packaging such as logo, designs and promotional details. In addition, paperboard closures are widely used as speciality and gift box. Paperboard closures with magnetic properties reduce the effort of sealing and sticking the box. Paperboard closures are used for packaging of footwear, apparels, cosmetics and luxury products. With the advent of brands selling bundled products in the form of kits, it is anticipated that there will be an increase in the demand for paperboard closure. Modern designs and demand for luxury good are likely to boost the market demand for paperboard closure.
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Rising urbanization, increase in disposable income and a better standard of living has led to the expenditure on personal care, apparels, footwear and accessories. Accessories such as watches, wallets, belts and jewellery widely use paperboard closure to pack their products. Abstract designs and layering of the closure with different material enhances the attractiveness of the product. Versatility, availability and convenience are the factors which are likely to impact the market for paperboard closures positively. Moreover, paperboard closure is economical compared to other substrates such as leather or metal. This is likely to increase its adaptability by the brand owners as it reduces the total cost of the product. In addition, paperboard closure is recyclable and made up of eco-friendly raw material which reduces the footprints on the environment. Increasing demand for sustainability is expected to hike the market demand for paperboard closures.
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Paperboard Closure Market: Regional Outlook
The Asia Pacific is likely to lead the global market for paperboard closure due to the presence of a large number of manufacturers in the region. India and China are expected to show an increase in the market demand for paperboard closures due to improvised standard of living and increasing expenditure on luxury goods. Rising urbanisation and middle-class population in the emerging economies such as India and China is anticipated to fuel the market growth for paperboard closure.
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Paperboard Closure Market: Impact of COVID 19
The COVID 19 outbreak has adversely affected the global supply chain in terms of lower inventory levels of paperboard, limited supply of raw materials, interruptions in logistics, halt in the production line and reduced workforce. This is likely to increase the cost of production of manufacturing paperboard closure. However, increased demand for paperboard closure is anticipated to boost rapidly due to the surge in online shopping and e-commerce activities. Customers will prefer to order products online rather than going out to buy them. This change in consumer behaviour is likely to impact the volume of deliveries globally which directly impacts the growth of paperboard closures.
Paperboard Closure Market: Key Players
Key players in the Paperboard Closure Market are as follows,
- Grief Packaging LLC
- Graphic Packaging Holding Co.
- Ever Green Packaging
- WestRock
- Ox Industries
- International Paper Co.
- Packaging Blue
- Classic Packaging Corporation
- Smurfit Kappa Group PLC
- Guangzhou Yifeng Printing & Packaging Co., Ltd.
- Shanghai Coffe Packing Group Co., Ltd
- Square Bag Corporation
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