This study intends to unfurl the multiple facets of global corrugated board packaging market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
Rising Preference for Sustainable Packaging to Influence Growth of the Corrugated Board Packaging Market
There has been a shift towards use of sustainable packaging since past several years. The rising preference for eco-friendly, lightweight, and economical packaging by end users remains instrumental in driving the growth of the corrugated board packaging market. Furthermore, apart from economic and eco-friendly benefits, corrugated board packaging is easily customizable, reduces wastage of material, offers secure packaging, is renewable and recyclable. In addition, its multifunctional nature has further fuelled its use. It can be useful in different functions throughout the entire journey of the product, right from packaging to shipping as well as product display in retail stores. This makes it a consistent and efficient packaging option for industries such as consumer goods, food products, electronics and automotive among others. Also, after the product journey, the corrugated board packaging can be used for storage and safety purposes. In this backdrop, high sustainability of the corrugated packaging makes it an apt choice across several applications, thus auguring well for the corrugated board packaging market growth.
Single Wall Board Style to Gain High Traction Across Commercial Applications in Corrugated Board Packaging Market
Single wall corrugated board packaging held a significant revenue share in the market on the global front. This type of board style can be used as a divider or a partition or as supplemental protective material inside the outer packaging. This board style form allows easy printing in which different coatings can be applied on the surface. Moreover, it also reduces the overall weight of boxes, thus resulting in reduction in shipping costs. In this backdrop, the demand for single wall board style is expected to increase across commercial applications, consequently contributing towards growth of the corrugated board packaging market.
Emerging Economies in Asia Pacific to Account for a Significant Value Share in the Corrugated Board Packaging Market
Momentous growth in the e-commerce sector coupled with rising demand for packaged food products has influenced the expansion of the corrugated board packaging market in Asia Pacific. In addition, awareness regarding environmental security has led to the production and consumption of green packaging solutions. Also, government authorities are imposing bans on the use of plastic material in various Asian countries. This factor continues to fuel the adoption of corrugated board packaging for various end use applications in the region. From an e-commerce standpoint, purchasing done by individuals has been increasing significantly. For instance, e-commerce giants such as Alibaba.com have reported that individuals in China have made huge merchandise purchases. As per Alibaba, in 2021, during the company’s Double Eleven Shopping Event, shoppers in China purchased merchandise worth more than US$ 84 billion. This has directly influenced the demand for advanced green packaging solutions, thus contributing towards value growth of the corrugated board packaging market in Asia Pacific. Furthermore, growing industries such as electronics, food and beverage, cosmetics and other consumer goods have significantly influenced the use of corrugated board packaging solutions. These aspects coupled with macroeconomic factors such as stable rise in the economy and GDP per capita and rising urbanization across countries such as China and India remain instrumental in bolstering the growth of the market in Asia Pacific.
Corrugated Board Packaging Market: Competitive Scenario
Key players in the corrugated board packaging market have invested in growth strategies such as new product launches, acquisitions, partnerships, capacity expansions and alliances to strengthen their position. For instance, in 2021, new production line was established in the corrugated board production plant of Mondi Group in Poland. This expansion was focused towards streamlining the production processes alongside improving the packaging portfolio of the company. Same year in August, DS Smith developed environment friendly and recyclable packaging for e-commerce sector. This packaging is free from plastic material and includes pure corrugated cardboard only. In March 2021, International Paper Company acquired two corrugated board packaging businesses in Spain. Effective April 2021, the two companies, La Gaviota and Cartonatges Trilla S.A would be part of International Paper Company. With this acquisition the company would enhance its presence in Catalonia and Madrid.
In May 2022, an investment of 280 million Euros was raised by Mondi Group as an aid to its earlier plan of production capacity expansion in 2021. This investment will support the corrugated cardboard production and further improve expansion in Czech Republic, Turkey and Germany apart from Poland. In July 2022, a US based packaging manufacturer, WestRock Co., announced its plant to acquire remaining assets in Grupo Gondi for about US$ 970 million. According to the company, on completion of the acquisition, its position in Latin America would strengthen considerably. In February 2022, subsidiary of Menasha Corporation, Menasha Packaging Company LLC made an announcement to acquire Color-Box which is a part of Georgia-Pacific LLC. This acquisition is expected to conclude in the same year, thus expanding the footprint of the company.
A few of the major players in corrugated board packaging market include Mondi Group Plc, Acme Corrugated Box Co. Inc., Bee Packaging, International Paper Company, Smurfit Kappa Group Plc, WestRock Company, DS Smith PLC, Pratt Industries Inc., and Georgia Pacific Packaging LLC.
Regional Classification of the Global Corrugated Board Packaging Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Corrugated Board Packaging Market
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