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Paperboard Packaging Market to attain significant growth in coming years

02-17-2020 09:34 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: global market insights

Paperboard Packaging Market

Paperboard Packaging Market

With the rapid expansion of packaging industry, especially in emerging economies, global paperboard packaging market is expected to chalk out a remunerative growth graph through a diverse array of verticals in coming years. Paperboard packaging is widely used in packaging applications such as medicine, clothing, cosmetics, wrapping, food and footwear due to its recyclable and lightweight properties.

Subsequently, the product is also observing strong demand in many countries due to rising concerns for health and environment from the harmful effects of plastic packing.

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Moreover, due to the long work hours that are associated with corporate lifestyles, eating habits of people have also changed in recent years. This has given rise to the trend of getting food delivered and increased consumption of packaged food significantly, thereby fueling market demand for paperboard packaging.

However, plastic-based packaging is anticipated to become a risk to the growth of the product due to its durable and low-cost properties. The demand for plastic covering is rising since the properties of paperboard packaging are not effective to provide a shield that is water resistant to the packaged products. The above-mentioned factor is likely to slow-down the growth of the global paperboard packaging market.

Additionally, at present, the law as well as food packing standard are forbidding the application of recycled paper for food industry, in order to maintain grades and safety standards related to food. The food packing segment represents a key industry share and prohibition from the government for using recycled paper may restrict paperboard packaging industry revenues in the future.

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As per a research report by Global Market Insights, Inc., global paperboard packaging market is estimated to $240 billion by 2024.
The paperboard packaging market has been segmented into product, raw material and application. The raw material segment includes fresh sources like straw, sugarcane, wood pulp, cotton and bagasse. Among these the wood pulp alone accounts for 90% of this segmental revenue.

The product segment consists of containerboard and boxboard. Boxboard is further divided as white lined chipboard, solid bleached board, solid unbleached board and folding boxboard. Among these, the folding boxboard segment has numerous applications such as in beauty products, frozen foods, cigarettes, pharmaceuticals and confectionaries. The market for folding boxboard is anticipated to grow at a CAGR of 8.5% during the forecast time period.

With respect to application, the market is segmented into medical, non-durable goods, durable goods, food & beverage, and others. Growing demand from online based retail industry as well as food takeaways are predicted to boost the product growth in the future.

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Food & beverage is a key end-user which accounts for more than one-third share of the market. F&B is one of the fastest growing application and is further set to foresee growth at a CAGR of 8% in the forecast timeframe.

On the geographical front, APAC paperboard packaging industry held a significant share in the market and is expected to cross around $170 billion in coming years. The region would also experience high profits due to rising demand from the F&B industry and due to growing level of income.

Furthermore, the second highest ranking regional growth avenue is North America. The North America paperboard packaging sector accounted a considerable share of the business back in 2016. Meanwhile, due to unfavorable regulations imposed on recycling of paper, the Europe paperboard packaging sector is likely to showcase slow growth.
Overall, the above-mentioned factors are likely to offer a wide array of growth opportunities for paperboard packaging market.

The competitive spectrum of global paperboard packaging market includes companies like Metsa, Badger Paperboard, Oji Holding, Southern Champion Tray, Outlook, Shandong Bohui Paper, International Paper, Smurfit Kappa, WestRock, SCA paper company, Mondi, STORA ENSO, ITC, Nippon and others.

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Contact Person: Arun Hegde
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Global Market Insights, Inc.
Phone:1-302-846-7766
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Email: sales@gminsights.com
Web: https://www.gminsights.com

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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