Global corrugated packaging market expected to reach approximately USD 317 Billion in 2023, growing at a CAGR of slightly above 3.5% between 2017 and 2023
New York, United States - October 20, 2020 /MarketersMedia/ —
With the presence of a large pool of participants, the global corrugated packaging market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Smurfit Kappa Group, Mondi Group, Lee & Man Paper Manufacturing Ltd, Nine Dragons Paper (Holdings) Limited, and DS Smith Plc are some of the key vendors of corrugated packaging across the world. These players across corrugated packaging market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the corrugated packaging market study.
In a major event witnessed across corrugated packaging market, on September 4th 2018, De Jong Packaging Holding, a Holland-based corrugated board & solid cardboard packaging product manufacturer, acquired Gaster Wellpappe, a German firm producing corrugated board for die-cut packages and constructive packaging. Analysts believe that the strategic move is likely to help the former expand its production capacity in Europe.
As estimated in this report, the global corrugated packaging market stood at US$ 250 billion in 2017. Witnessing a tremendous rise during the period from 2017 to 2023, the revenue in this corrugated packaging market is expected to reach US$ 317 billion by the end of the forecast period.
Escalating Trend For Environment Friendly Packaging To Spur Market Size
“Mounting customer preference for sustainable & eco-friendly packaging along with strict laws governing product packaging is likely to boost the growth of corrugated packaging market in the years ahead,” says the author of this corrugated packaging market study. Apart from this, meteoric penetration in cosmetics, electronics, consumer goods, pharmaceuticals, automotive, chemicals, and food & beverage sectors will further drive the demand for corrugated packaging in the ensuing years.
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Poor barrier property of corrugated packaging materials, however, has restricted its use. In addition to this, manufacturers of liquid products avoid the use of corrugated packaging as a result of this. Reportedly, humid and moist weather conditions are found to reduce the durability of corrugated boxes. All the aforementioned factors are projected to hinder the expansion of corrugated packaging market.
Thriving Ecommerce Activities to Support APAC’s Regional Dominance
Regionally, Asia Pacific has been leading the worldwide corrugated packaging market and is anticipated to continue on the dominant position in the years to come, states the corrugated packaging market study. The flourishing food & beverages business in emerging countries such as Indonesia, Malaysia, China, and India in the region is the main factor behind the dominance of the Asia Pacific corrugated packaging market. Escalating ecommerce activities witnessed in APAC is another significant factor that is supporting the growth of this regional corrugated packaging market. For the record, Asia Pacific is the biggest manufacturer as well as consumer of corrugated boards.
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The global corrugated packaging market is segmented as follows:
By Flute Profile
A-Flute
B-Flute
C-Flute
E-Flute
F-Flute
By Combined Board
Single face
Single wall
Double wall
Triple wall
By Box Type
Slotted boxes
Telescope boxes
Rigid boxes
Folder boxes
By End-Use
Pharmaceuticals
Electronics
Automotive
Consumer goods
Chemicals
By Region
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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Source: MarketersMedia
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