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Chipboard Packaging Market Outlook 2024-2033 - Size, Growth & Key Trends
Chipboard Packaging Market Outlook
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According to The Business Research Company's, The chipboard packaging market size has grown strongly in recent years. It will grow from $11.19 billion in 2023 to $12.17 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to the industrial revolution, the proliferation of consumer goods, increasing environmental awareness, and increasing globalization and rapid urbanization.
The chipboard packaging market size is expected to see strong growth in the next few years. It will grow to $17.14 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to the rise of retail chains, the rise of e-commerce, the increasing use of chipboard packaging in the food and beverage sector, increasing disposable income, and increasing demand for sustainable packaging. Major trends in the forecast period include improvements in printing technologies, technological advancements in chipboard manufacturing, product innovation, development of retail-ready packaging (RRP), and improvements in supply chain logistics.
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Market Drivers and Trends:
The expansion of e-commerce is expected to propel the growth of the chipboard packaging market going forward. E-commerce refers to the buying and selling of goods or services over the internet, often involving online transactions and digital payments. The rise in e-commerce can be attributed to several factors, including the increasing use of social media, the convenience and personalized shopping experiences offered by online platforms, and the ability to compare prices and products. Chipboard packaging is required for e-commerce to provide protective, lightweight, and environmentally friendly packaging solutions for shipping products to customers. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, U.S. retail e-commerce sales for the first quarter of 2024, after adjusting for seasonal variation, reached $289.2 billion, marking a 2.1 percent (±0.7%) increase compared to the fourth quarter of 2023. Therefore, the expansion of e-commerce is driving the growth of the chipboard packaging market.
Major companies operating in the chipboard packaging market are focusing on developing technologically advanced platforms, such as packaging platforms, to better serve customers. Packaging platforms refer to systems or frameworks used by companies to manage and optimize their packaging processes. For instance, in January 2022, Amcor Plc, an Australia-based packaging company, launched the AmFiber platform. This platform stands out for its ability to upgrade traditional paper packaging by offering improved features and functional advantages. This reflects Amcor's commitment to consumer-focused and flexible innovation, delivering high-quality packaging technology tailored to specific material requirements.
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Major Key Players of the Market:
Graphic Packaging International LLC, Mayr-Melnhof Karton AG, Elopak, Great Northern Corp., RTS Packaging LLC, Associated Bag Co., Deluxe Packaging Inc., PakFactory Inc., Carton Service Inc., Neway Packaging Corporation, Alpha Packaging Inc., Riverside Paper Co. Inc., Peek Packaging Inc., Ameripak CO., Stamar Packaging Inc., Multicell Packaging Inc., Mankato Packaging Co., Quality Support LLC, Imperial Printing & Paper Box Mfg. Co., Romiley Board Mill, Canpaco Inc., Classic Packaging Corp., Complete Finishings Inc., Imperial Paper Company, Marion Paper Box Company
Chipboard Packaging Market 2024 Key Insights:
• The chipboard packaging market size is expected to see strong growth in the next few years. It will grow to $17.14 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Expansion Of E-Commerce Fuels Growth In The Chipboard Packaging Market
• Advancements In The Chipboard Packaging Market
• North America was the largest region in the chipboard packaging market in 2023
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