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.
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 2022. The market is anticipated to attain the valuation of US$ 115.15 bn by the end of the forecast period.
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.
Impact of Covid-19 on Global Market
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. 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.
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 other hand, 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.
Asia Pacific Excluding Japan is Expected to Offer Highly Promising Growth Opportunities
The global 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 2022. 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.
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
- North America
- The U.K.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of the World
- Middle East
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