Know how Paperboard Packaging Market is accelerating fast By top key innovators: Nippon Paper Industries, Mondi plc, ITC Limited, International Paper Company, Metsä Group, Oji Holding Corporation, Rock-Tenn Company, Smurfit Kappa Group
The product segment includes boxboard and containerboard. Boxboard category is further divided as solid unbleached board, folding boxboard, white lined chipboard, and solid bleached board. Folding boxboard segment have several applications such as in confectionaries, cigarettes, beauty products, pharmaceuticals, and frozen foods. Its market is likely to grow at CAGR of 8.5% in forecast timeframe.
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Paperboard Packaging Market will likely surpass USD 240 billion by 2024; according to this new research report. Growing packaging market in emerging economies is likely to boost paperboard packaging industry in forecast period. It is extensively used in food, medicine, clothing, footwear, and cosmetics wrapping applications owing to its lightweight and recyclable properties.
Long working hours in growing corporate lifestyle is resulting in increasing doorstep food deliveries and packaged food eating habits which will drive paperboard packaging market demand in forecast period. Moreover, this product is witnessing a significant demand in many countries owing to increasing health and environmental concern from the harmful effects of plastic packing.
Though plastic based packaging is predicted to become a threat to the product growth, owing to its low cost and durable properties. The demand for plastic covering is increasing because the paperboard packaging properties are not efficient to provide water resisting shield to the packaged products. This factor will decelerate growth of the paperboard packaging market.
Currently, food packing standard and law are prohibiting the application of recycled paper for food industry, to maintain food safety standards and grades. The food packing segment occupies a major share and government prohibition on the recycled paper usage may restrain the paperboard packaging market over the coming years.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Nippon Paper Industries Co., Ltd.
2. Mondi plc
3. ITC Limited
4. International Paper Company
5. Metsa Group
6. Oji Holding Corporation
7. Rock-Tenn Company
8. Stora Enso Oyj
9. South African Pulp & Paper Industries Limited (Sappi Limited)
10. Shandong Bohui Paper Co. Ltd.
11. Smurfit Kappa Group plc
12. Svenska Cellulosa Aktiebolaget (SCA)
13. Outlook Group LLC
14. Southern Champion Tray
15. Badger Paperboard, Inc.
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Based on regions, Asia Pacific paperboard packaging market held a substantial share in the market and is likely to cross USD 170 billion over the forecast timeframe. This region will experience high gains owing to growing income level and demand from food & beverage industry. North America is the second ranking region, which accounted for a substantial share of the industry in 2016. Europe will grow at a slower pace due to unfavorable regulations on paper recycling.
The prominent companies of paperboard packaging market are SCA paper company, Outlook, Smurfit Kappa, Badger Paperboard, Shandong Bohui Paper, STORA ENSO, WestRock, Oji Holding, International Paper, ITC, Southern Champion Tray, Mondi, Nippon, Metsa and others.
- Paperboard Packaging Market by Application
• Food & beverages
• Non-durable goods
• Durable goods
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The applications for this product are segmented into four key segments including food & beverage (F&B), medical, durable goods, nondurable goods and others. Increasing demand from online based retail industry, and food takeaways are predicted to propel the product growth in future. F&B is a major end-user which held a more than one-third share of the global paperboard packaging market. Food and beverage is fastest growing application and is likely to witness growth at a CAGR of 8% in forecast period.
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