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Corrugated Equipment Market to gain remarkable traction through 2027

05-24-2021 07:24 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: global market insights

Corrugated Equipment Market

Corrugated Equipment Market

The COVID-19 pandemic has caused severe implications on the growth of the corrugated equipment market. The industry growth is hindered due to disruptions in the supply of raw material. The prices of the products recorded a sharp fall in 2020 owing to a sudden decrease in demand and a surge in inventory.

However, efforts towards economic revival and initiatives by corrugated equipment manufacturers towards the introduction of collaborative strategies and product launches are expected to drive industry demand. For instance, in July 2020, Sonoco announced plans for the upgradation of its corrugated medium machine in Hartsville, South Carolina, United States, with the help of investment amounting to a sum of $83 million.

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The step for the transformation of the machine into a new recycled paperboard machine having a production capacity of 180,000 tons a year is intended at bolstering the recycled paperboard mill system of the company.

Such developments are expected to augment the demand for corrugated box equipment through the coming years. On this note, the global corrugated equipment market size is slated to surpass USD 282.3 million by 2027, as per a recent study by Global Market Insights, Inc.

This growth is attributed to the adoption of new technologies and rising levels of automation in the area of industrial equipment. Paperboard is extensively deployed across the e-commerce and packaging industries and has been instrumental in driving the demand for corrugated box equipment. In addition, a surge in the demand for fit-to-product packaging is expected to impel the consumption of semi-automatic and automatic printing press through the ensuing years.

Considering the recent trends, the corrugated equipment market is characterized by the rising demand for rotary die cutters. These machines are witnessing an escalation in popularity owing to their multiple attributes that comprise safety, high quality, and energy saving nature. In addition, these machines run at high speed, which makes them suitable for high volume industries such as home & personal care as well as food & beverage. Therefore, owing to these factors, rotary die cutters are expected to record a commendable CAGR of 3.5% between 2021 and 2027.

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Another major trend observed in the corrugated equipment industry is the surging demand for web-to-sheet litho-laminators. The product demand is impelled by an increase in the requirement for decorative packaging products. The segment is expected to account for a revenue share of more than USD 26.7 million through 2027. The products are witnessing a high demand from various use industries, comprising cosmetics as well as food & beverages.

Furthermore, from the regional perspective, the corrugated equipment market is expected to expand at a substantial CAGR of 3.5% in Latin America over 2021-2027. This rise is attributed to the high growth recorded by a rise in favorable regulatory policies and an increase in export opportunities through the anticipated period. The region is witnessing a high demand for ultra-processed food and beverages. Countries comprising Brazil and Mexico are making huge investments in the areas of industrialization and key industries comprising electrical & electronics and pharmaceuticals.

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However, various difficulties associated with supply chain and logistics amid the COVID-19 pandemic have created hindrances to the expansion of the corrugated equipment industry in the near future.

On the whole, a surge in the expenditure in the packaging sector is expected to stimulate the growth of the automated corrugated equipment market through the projected period.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@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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