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.
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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.
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.
On the downside, there are a few restraints that may restrict the growth of the corrugated boxes market. Cumbersome manufacturing process and the high maintenance cost of the machinery required for manufacturing may restrain the market’s growth. Nonetheless, versatility offered by the corrugated boxes allowing the stacking of multiple products along with the ease of use may reduce the effects of the restraints.
Introduction of New Corrugated Materials to Create Growth Avenues
Recently, host of new functional corrugated materials have been introduced, presenting new growth opportunities for the global corrugated boxes market. For instance, chitosan, a corrugated material offering excellent microbial properties is highly beneficial for the food packaging industry. It is derived from chitin, a component in insect shells. Another newly introduced corrugated material is whey protein isolate (WPI). It offers splendid tensile properties and burts strength. Moreover, it reduces the water-vapor permeability of the paper and enhances the ink-printability. These materials are highly beneficial in the packaging of fresh produce as they play a key role in reducing the water evaporation from the food products.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Corrugated Boxes Market (Material Source – Virgin Fiber and Recycled Fiber; End User – Food, Beverages, Tobacco, Healthcare, Personal Care & Cosmetics, Homecare & Toiletries, Electronic & Consumer Durables, E-Commerce, and Chemical & Fertilizers; Packaging Form – Primary Packaging and Secondary Packaging; Board Type – Single Wall, Double Wall, and Triple Wall) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2023.”
The global corrugated boxes market is segmented based on:
- Virgin Fiber
- Recycled Fiber
- Personal Care & Cosmetics
- Homecare & Toiletries
- Electronics & Consumer Durables
- Chemical & Fertilizers
- Primary Packaging
- Secondary Packaging
- Single Wall
- Double Wall
- Triple Wall
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