Corrugated Boxes Market Insights | Key players : Mondi Group Plc, International Paper Company, WestRock Company, DS Smith Plc, Smurfit Kappa Group & Rengo Co. Ltd.

The corrugated boxes market is growing rapidly in accordance with the growth in the packaging market globally. Factors such as rising demand for sustainable packaging, growing demand in logistics, and growing food & beverage packaging products have contributed majorly to the growth of the corrugated boxes market.

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The corrugated boxes market is classified on the basis of its type, material, printing technology, printing ink, end-use industry, and region. It has experienced continuous progress with regard to technological advances and innovations in the packaging industry. According to MarketsandMarkets, the global market for corrugated boxes, in terms of value, was valued at USD 63.29 billion in 2016 and is projected to reach USD 76.76 billion by 2021, at an estimated CAGR of 3.94%.

The growth of the corrugated boxes was largely influenced by mergers & acquisitions and partnerships, agreements, joint ventures, and contracts, in the past five years. The year 2015 experienced a large number of mergers & acquisitions by top players in the market. Partnerships, agreements, joint ventures, and contracts also formed an essential part of their strategies, which led to the growth of the companies in emerging markets. The major players include companies such as Mondi Plc (South Africa), International Paper Company (U.S.), WestRock Company (U.S.), DS Smith Plc (U.K.), Smurfit Kappa Group (Ireland), and Rengo Co. Ltd. (Japan).

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Mondi Plc (South Africa) held the leading position in the global corrugated boxes market. The company has maintained its leadership position through its strong distribution network across Europe, Americas, and emerging markets. Mondi Plc is among the leading manufacturers of corrugated boxes for many of the markets it serves. It has adopted mergers & acquisitions as strategies to capture the market. In November 2015, Mondi Group Plc acquired KSP Co. (South Korea), a packaging company serving the food & beverages industry. This acquisition supported Mondi’s consumer packaging business in the Asian region. It also helped Mondi to strengthen its business portfolio and increase its business revenue and customer base.

Rengo Co. Ltd. (Japan) is a global manufacturer of packaging materials and equipment. They manufacture and deliver a broad range of corrugated board, corrugated boxes, folding cartons and other paper products. The overseas business segment handles overseas operations of the paperboard, corrugated boxes, flexible packaging, and heavy duty packaging products. Rengo Co. Ltd. has adopted mergers & acquisitions to gain a competitive advantage in the market.

The global market for corrugated boxes, in terms of value, was valued at USD 63.29 billion in 2016 and is projected to reach USD 76.76 billion by 2021, at an estimated CAGR of 3.94%. The corrugated boxes market is growing rapidly in accordance with the growth in the packaging market globally. Factors such as rising demand for sustainable packaging, growing demand in logistics, and growing food & beverage packaging products have contributed majorly to the growth of the corrugated boxes market. The corrugated boxes market is classified on the basis of its type, material, printing technology, priniting ink, end-use industry, and region.

High growth potential in emerging markets of Asia-Pacific is expected to provide new growth opportunities to players in the corrugated boxes market. In 2015, the Asia-pacific region accounted for the largest share in the global corrugated boxes market, with China being the fastest-growing market in this region. Developing countries such as China and India are projected to be emerging markets, making Asia-Pacific the highest growing in the corrugated boxes market. These emerging economies focus on adopting the latest technologies and manufacturing processes in various industrial segments. The growth of the corrugated boxes market in this region is driven by factors such as the growing food and beverage industry, the rise in demand for electronic goods, and home & personal care products, budding trend of convenient packaging, and economic development.

The food & beverage segment is estimated to be the fastest growing segment in the corrugated boxes market, on the basis of end-use industry and this trend is projected to continue during the forecast period. Growing awareness among the consumers about the sustainable products has led to an increase in the global demand of corrugated boxes as they provide environmental friendly packaging solutions at competitive prices.

The water-based ink segment is estimated to be the fastest growing segment in the corrugated boxes market, on the basis of printing inks. These inks offer better performance, low printing cost, and less damage to the environment. Also water-based inks have a rapid drying rate which helps in rapid printing and reducing production time. And hence water-based inks are gaining traction in the corrugated boxes market.

The slotted boxes segment is estimated to be the fastest growing segment in the corrugated boxes market, on the basis of type and this trend is projected to continue during the forecast period. Slotted boxes are ideal for shipping a variety of products such as cups, mugs, and books among others. Also they generate minimal waste during its manufacturing process, thus making them environmental friendly.

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