The global corrugated boards market is experiencing substantial growth, with a market size of USD 91.2 billion in 2021, and is projected to maintain a robust Compound Annual Growth Rate (CAGR) of 6.2 percent throughout the forecast period. The markets growth is driven by various factors, including the increasing demand for lightweight corrugated boxes across industries and the surge in industrial activities necessitating efficient packaging solutions. However, stringent government regulations related to product packaging and sustainability awareness pose challenges to the markets expansion.
Rising Demand for Sustainable Packaging Drives Market Growth
One of the key drivers of the corrugated boards market is the increasing emphasis on sustainability in packaging. Companies are actively developing eco-friendly corrugated packaging solutions to meet the growing demand for environmentally responsible products. Innovative designs and materials, such as those utilizing recyclable paperboard, are gaining popularity. For instance, Heinz partnered with WestRock to introduce an eco-friendly sleeve for their products, resulting in 50% less material usage than traditional packaging.
Processed Food Industry Fuels Demand
The convenience and demand for processed foods are on the rise, driven by busy lifestyles and a growing population. Corrugated board packaging plays a crucial role in preserving and transporting these perishable products. Paperboard boxes, commonly manufactured entirely of paperboard, are becoming a preferred choice for packaging, offering recyclable and sustainable alternatives to plastic packaging.
Challenges Related to Weatherproofing
Despite its many advantages, corrugated board packaging can be affected by extreme weather conditions. The materials response to humidity and dryness can pose challenges for manufacturers and impact the quality of packaging. Ongoing research and development efforts are focused on addressing these weather-related limitations.
- Triple-Wall Boards: This segment is expected to dominate the market due to its superior mechanical strength, making it suitable for packaging and shipping bulky products. It offers a cost-effective and sustainable alternative to traditional packaging materials.
- C-Flute Category: C-Flute corrugated boards are widely used for shipping cases, glass products, furniture, and automotive components due to their thickness and protection capabilities.
- Asia Pacific: The Asia Pacific region leads the market, driven by rapid urbanization and growing environmental awareness. Government initiatives to reduce plastic usage further contribute to market growth.
- Europe: Europe is experiencing significant growth, particularly in the processed food and electronics industries. Corrugated board packaging is preferred for its hygienic and protective qualities.
Key players in the global corrugated boards market include International Paper, Georgia-Pacific, WestRock Company, Packaging Corporation of America, Stora Enso, Oji Holdings Corporation, Smurfit Kappa, Port Townsend Paper Company, Mondi, DS Smith, and others. These companies are actively expanding their product portfolios and geographical presence through mergers, acquisitions, and innovative product development.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/corrugated-boards-market
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