Press release
Corrugated Boxes Market to Rise at 4.3% CAGR through 2028; Essential Commodity Packaging Applications Drive Adoption During Covid-19 Outbreak
As per Future Market Insights (FMI) analysis, the corrugated boxes market is estimated to register positive growth through 2021, with the overall valuation to reach US$ 128.3 Bn in 2021. FMI projects corrugated boxes sales to increase at 4.3% CAGR between 2021 and 2031. In terms of volume, the corrugated boxes market has been projected to expand at 3.7% CAGR over the forecast period.
The corrugated boxes market analysis shows that global consumption of overall corrugated boxes increased year-on-year (YoY) by 4.4% in 2021. Corrugated boxes demand will expand 1.5x times during the forecast period. “As consumers display greater bias towards better product protection, efficiency in labeling and branding along with sustainability, corrugated boxes have become essential for operations in the e-commerce sector, which will contribute to revenue streams through the forecast period,” states the FMI analyst.
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Corrugated Boxes Market- Critical Takeaways
Fit to product box on demand systems will generate substantial demand, owing to demand for customized secondary packaging.
Corrugated boxes manufactured from recycled fibers are gaining traction, supported by sustainability initiatives across the packaging sector.
Asia Pacific is displaying major growth in the corrugated boxes market supported by high international trade and ecommerce activity.
Corrugated Boxes Market- Drivers
Massive growth of ecommerce retail sector is a major factor contributing to demand for corrugated boxes.
Rising importance being given to secondary packaging for rigorous handling requirements in logistics will support adoption.
Corrugated Boxes Market- Restraints
Poor endurance to heavy mechanical stress limits the application of corrugated boxes.
Corrugated boxes are often not resistant to moisture, which restrains adoption in select applications.
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Coronavirus Impact on Corrugated boxes Market
Corrugated boxes manufacturers continue to focus on production operations to keep up with the requirements of packaging for essential products including pharmaceutical, personal care products, and food. The corrugated packaging industry has been recognized as essential by government bodies around the world. On the other hand, the coronavirus has been found to survive for days on board materials, which are also used to produced corrugated boxes limiting short term prospects.
Competitive Landscape
Shanghai DE Printed Box, Smurfit Kappa Group plc, A.D. Incorporated of Milwaukee, International Paper Co., Bee Packaging, WestRock Co., Shillington Box Co. LLC, Georgia Pacific LLC, Wertheimer Box Corp., Pratt Industries Inc., and Acme Corrugated Box Co., are some of the leading manufacturers of corrugated boxes.
Corrugated box manufacturers have been observed to invest resources in expansion of facilities and production capacities through strategic acquisitions and expansion of existing assets.
For instance, Indiana based Welch Packaging has announced the acquisition of Excel Display and Packaging to boost corrugated box and digital printing portfolios. Astron Paper & Board Mill Ltd has received approval from the government to open a new corrugated packaging production unit in Gujarat India. Similarly, Gulf Packaging has opened a new sustainable corrugated packaging facility in Alabama.
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Who is the Leading End User of Corrugated Boxes?
Food is the most lucrative application segment in the corrugated boxes market. The food industry followed by the electrical and electronics segment is estimated to lead the target market with a market value share of ~61% in the year 2021.
Besides expansion of both industries, higher willingness among consumers to spend on food and quality electronic items will result in high demand for corrugated boxes in the coming years.
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