The global corrugated boxes market displays a highly consolidated market landscape, reports Transparency Market Research. It is characterized by the presence of numerous players holding dominance over the market. Prominent players in the market include Pratt Industries, International Paper Co., WestRock Co., and DS Smith Plc. These companies are focusing on foraying the regional markets by strategically acquiring the regional companies. Moreover, they are expanding their reach in the market by setting up new manufacturing units.
According to TMR analysts, the global corrugated boxes is expected to display steady growth rising at a 3.6 %. CAGR during the forecast period which is 2017 to 2023. The market is anticipated to attain the valuation of US$ 115.15 bn by the end of the forecast period.
On the basis of material, the global corrugated boxes market is segmented into recycled fiber and virgin fiber. Among these, the recycled fiber segment leads the market in terms of demand owing to focus on sustainable environment. Favorable regulatory policies are also attributable to the growth of this segment
Based of geography, the global corrugated boxes market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Of them, Asia Pacific shows leading growth in the market during the forecast period. This is mainly due rapid urbanization and an increase in the population.
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High Demand from End-use Industries to Fortify Growth
Packaging plays a significant role in numerous industrial sectors, food and beverages, healthcare and electronics to name a few. This is one of the key factors driving the growth of the global corrugated boxes market. Another factor boosting the market’s growth is the booming e-commerce sector. Corrugated boxes are extensively used to package the goods purchased online.
Corrugated boxes are highly recyclable and available at low costs. Moreover, governments are promoting the use of these boxes owing to their recyclability. Also, manufacturers are emphasizing on the development of new paper packaging solutions. These factors have impacted the global corrugated boxes market favorably, thus propelling growth.
In addition to the aforementioned drivers, easy availability of resources to manufacture corrugated boxes has helped the market gain momentum. Further, expansion in the food delivery industry and the development of new products has enhanced the growth prospects of the global corrugated boxes market.
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