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Plastic Corrugated Packaging Market Report 2024 - 2033 | Insights, Analysis, Key Drivers
Plastic Corrugated Packaging Market Demand
According to The Business Research Company's, the plastic corrugated packaging market size has grown strongly in recent years. It will grow from $219.59 billion in 2023 to $229.84 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to demand for sustainable packaging, e-commerce growth, automotive industry demand, food and beverage industry trends, logistics and supply chain optimization.
The plastic corrugated packaging market size is expected to see strong growth in the next few years. It will grow to $274.01 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to regulatory changes, global pandemic impact, circular economy initiatives, and consumer preferences and e-commerce evolution. Major trends in the forecast period include innovations in packaging design and technology, advantages of plastic corrugated packaging, and growing awareness of sustainability.
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Market Drivers and Trends:
The growth of e-commerce is expected to propel the growth of the plastic corrugated packaging market going forward. E-commerce refers to the exchange of money and data over an electronic network, usually the internet, and purchasing and selling goods and services. E-commerce utilizes plastic corrugated packaging for its durability, lightweight nature, and cost-effectiveness, ensuring secure and efficient transportation of goods. For instance, in March 2022, according to the International Trade Administration, a US-based government agency, e-commerce sales in Canada was $2.34 billion and expected to reach $40.3 billion by 2025. Therefore, the growth of e-commerce is driving the continued growth of the plastic corrugated packaging market.
Major companies operating in the plastic corrugated packaging market are focusing on developing innovative solutions, such as reusable packaging, to sustain their position in the market. Reusable packaging is a type of packaging that is designed to be used multiple times, extending its lifecycle beyond a single use. For instance, in April 2021, ORBIS Corporation, a US-based company specializing in reusable packaging, introduced PlastiCorr, a reusable plastic corrugated box, at the first-ever virtual ProMat Digital Experience (ProMatDX). It is a direct replacement for corrugated fiber boxes, with improved features and the same functionality. This eco-friendly solution is ideal for food, beverage, and CPG applications and integrates smoothly with current automated packaging lines. PlastiCorr's unique construction makes it possible for the box's flaps to fold and straighten like new each time, allowing for repeated use without affecting the number of packs or pallet configurations.
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Major Key Players of the Market:
DS Smith Plc, Menasha Corporation, ORBIS Corporation, Primex Plastics Corporation, Dynapac Co. Ltd, Minnesota Diversified Industries Inc., FlEXcon Company Inc., Signode Industrial Group, Technology Container Corp, American Containers Inc., GWP Group, Coroplast Inc., Samuel Grant Packaging, CoolSeal USA, A&C Plastics, Androp Packaging Inc., New-Tech Packaging, Söhner Kunststofftechnik GmbH, Amatech Inc., Packman Packaging Private Limited, Classic Enterprises Pvt Ltd, Mills Industries, Twinplast Ltd., Pinnacle Packaging Industries, Corlite Packaging Industries Sdn Bhd, Hinkle Manufacturing Inc., Siddhi Plast by suninfy, Dongguan Jianxin Plastic Products Co. Ltd., Yamakoh Co. Ltd.
Plastic Corrugated Packaging Market 2024 Key Insights:
• The plastic corrugated packaging market is expected to grow to $274.01 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• E-Commerce Expansion Fueling Growth In The Plastic Corrugated Packaging Market
• Increasing Focus On Introducing Reusable Plastic Corrugated Packaging for Sustainable Solutions
• Asia-Pacific was the largest region in the plastic corrugated packaging market in 2023
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