Corrugated Packaging Market 2022 Global Size, Share, Industry Key Features, Growth Drivers, Key Expansion Strategies, Upcoming Trends and Regional Forecast by 2030
Growing applications across burgeoning industries, especially food & beverages, personal care, pharmaceuticals & healthcare, and electronic goods, contribute to the corrugated packaging market share. The corrugated packaging market share is projected to escalate further during the forecast period. According to Market Research Future (MRFR) asserts that the global corrugated packaging market is expected to reach ~USD 348.9 billion by 2027 and is expected to witness ~5.9% CAGR during the forecast period. The base year considered for the study of the market is 2019, and the forecast period for the global corrugated packaging market is 2020 to 2027.
Corrugated boxes are primarily used for products such as fruits & vegetables, liquid bottles, ready-to-eat food, and confectionery products. Besides, online retailing of food & beverages leads to the increased adoption of corrugated boxes. The food & beverage segment is assessed to register a high growth rate during the review period.
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COVID-19 has impacted the global corrugated packaging market severely. The pandemic caused huge revenue losses to end-use industries like healthcare and eCommerce. Also, the coronavirus-driven lockdown disrupted the production of several key raw materials in the global market, which in turn spiked the prices and lowered the demand for corrugated packaging.
The strict lockdown imposed by the governments to control the virus spread restricted cross-border trade between countries, proving to be detrimental for the corrugated packaging market demand. However, the market is regaining its momentum and rapidly getting back to normal with relaxing lockdown mandates in many countries.
The demand for packaging of medical supplies and healthcare products to address SARS-CoV-2 is steadily increasing, which can be favorable for the market in the years ahead. Also, it is expected that the corrugated packaging demand in end-use sectors could pick up following the uplift of the lockdown.
Government initiatives aimed at promoting eco-friendly packaging materials and initiatives from the CPA (The Corrugated Packaging Alliance), with the mission to promote corrugated packaging, support market growth. Scientific research has proven that corrugated packaging significantly reduces the microbiological contamination risk, prolonging shelf life by up to three days.
Growing applications across burgeoning industries, especially food & beverages, personal care, pharmaceuticals & healthcare, and electronic goods, contribute to the corrugated packaging market share. Additive manufacturing allows the transformation from the supply chain to production, parts manufactured by subtractive methods to higher performance, innovative designs that enable agile supply chains to adopt Industry 4.0/5.0 principles.
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The corrugated packaging market research report is segmented on the basis of type, wall construction, material, application, and region. The type segment is sub-segmented into self-erecting boxes, rigid boxes, telescope boxes, slotted boxes, and others. Among these, the rigid boxes segment accounts for the largest market share, witnessing the widespread demand across industry verticals such as food & beverage, pharmaceutical, and personal care.
The telescope boxes segment is further classified as full telescope design container and half telescope design container. Similarly, the slotted boxes segment is further classified as full overlap slotted boxes (FOL), half slotted containers (HSC), and regular slotted containers (RSC).
The wall construction segment is sub-segmented into single-wall, double-wall, and triple-wall. Among these, the single-wall segment accounts for the largest market share due to the cost-effectiveness and rigidity & shock absorption qualities of these sheets that increase their uses in shipping cases from online merchants. The segment would continue with its dominance during the forecast period.
The material segment is further bifurcated into linerboard, medium, and others. Among these, the linerboard segment accounts for the largest as in 32% market share, mainly due to the environment-friendly nature of these boards. The segment would continue with its dominance during the review period.
The application segment is further bifurcated into food & beverages, electronic goods, pharmaceuticals, personal care, and others. The food & beverage segment acquires the largest market share due to the increased demand for processed food products. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and rest-of-the-world.
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Asia Pacific is likely to remain a highly attractive market for corrugated packaging during the review period. The region accounts for the largest market share, witnessing the rising demand from the booming food & beverage and pharmaceutical industries. There is a tremendous opportunity for corrugated packaging in this region.
Malaysia, China, Indonesia, and India are the major contributors to the corrugated packaging growth market in the region. The strong presence of key manufacturers in the region leads to the faster development of corrugated packaging technologies. Additionally, state-backed initiatives and investments to increase corrugated packaging use increase the regional market share.
North America holds the second-largest share in the global corrugated packaging market. Factors such as the rising eCommerce venture and shifting trends towards online shopping increase the corrugated packaging market share of the region. The US is the key revenue generator in the regional market, becoming the most attractive market space for the manufacturers.
The market appears competitive and fragmented due to the presence of several big and small market players, adopting strategic expansion of business in emerging markets. In order to survive and create new markets, manufacturers rely on innovation. Therefore, they keep themselves updated with new technological developments and the latest consumer trends by developing human capital.
For instance, on Jan.05, 2021, Paper and packaging group Mondi announced its plan to acquire a Turkish packaging firm Olmuksan to expand its presence in Turkey. Mondi has agreed to buy a 90.38% stake in Olmuksan International Paper. The deal is subjected to conditions, including approval from competition authorities. The company recently resumed dividend payments to shareholders, citing its resilience amid the Covid-19 pandemic.
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Key players active in the market are Smurfit Kappa Group, Mondi Group, International Paper, DS Smith, Orora Packaging Australia Pty Ltd, WestRock, Archis Packaging (India) Pvt. Ltd, Georgia-Pacific LLC, Packaging Corporation of America, and Europac Group.
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