The global corrugated board market is anticipated to reach US$ 143.86 billion in 2023, growing at a 6.8% CAGR between 2023 and 2033. The market is expected to reach US$ 277.75 billion by 2033.
Strengthening Industrialization and Market Liberalization May Fuel the Market
During the forecast period, the market is anticipated to be driven by the ban on plastic packaging in developing countries like India, rising industrialization, and expanding global trade. The widespread adoption of corrugated boards in products, including liquid bottles, fruits and vegetables, ready-to-eat food, and confectionery goods, is anticipated to promote the corrugated board market expansion.
The market is predicted to be driven over the following years by increased online sales and consumer awareness of sustainable packaging. Government regulations regulating the safety of food packaging and the desire for better packaging materials are expected to cause the market to expand in the future years.
The Thriving eCommerce Industry May Foster Economic Boom
Due to various circumstances, including the pandemic’s rise and the simplicity of purchasing across a wide range of possibilities on shopping websites, the e-commerce industry is flourishing. The e-commerce players have begun extending the reach of their warehouses for storing the products due to the rising demand for a wide range of goods online.
Corrugated boxes are now much more in demand due to this issue. The corrugated board market would increase significantly with the help of these points.
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Sustainability is Critical to the Market Growth
In terms of environmental conservation, the globe is changing. With increased awareness of rising global warming and pollution levels, government authorities in many nations are concentrating on reducing the negative impact of pollution and other environmental factors. This factor escalates the corrugated board market adoption trends.
Various government and non-governmental organizations are organizing recycling programs and initiatives. These actions contribute to long-term sustainability.
Market Growth Restriction Factors
The availability of low-cost alternatives to the corrugated board is impeding the corrugated board market growth. Stretch, shrink-wrap, reusable plastic, and intermediate bulk packaging are more appealing, long-lasting, and cost-effective than the corrugated board.
As a result, these alternatives are stifling the demand for corrugated boards. Furthermore, rising raw material prices limit demand for corrugated boards.
Asia Pacific Market Fuelled by Surge in E-commerce Future Growth
The Asia Pacific region is expected to be the most valuable market. Asia Pacific is predicted to expand at a significant CAGR during the projection period. Growing demand and supply in the food and beverage, electronics, and personal care industries, particularly in China, India, and Japan, promote market expansion.
Asia Pacific is predicted to have a significant growth share in terms of regional contribution to the corrugated board growth. The region’s developing industrialization and rising demand for e-commerce are expected to drive growth in the Asia Pacific market.
“Corrugated board is a versatile packaging material; its unique structure offers durability and protection, making it an essential choice for packaging solutions across various industries, from e-commerce to manufacturing.” – Lead Research Analyst, Future Market Insights, Inc.
Key Takeaways
- The Japanese market is expected to register a CAGR of 6.7% during the forecast period.
- During the projected period, the corrugated board market in the United States accounted for approximately 19.1% of the global corrugated board industry.
- During the forecast period, Sweden’s market accounted for around 6% of the global market.
- Asia Pacific emerged as a prominent market, accounting for more than 40% of total revenue.
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Competitive Landscape
Key firms invest in portfolio expansion, research and development, and strategic alliances to expand their market reach. Other growth techniques leading firms use to expand their market position include partnerships and collaborations, agreements, expansions, acquisitions and mergers, and new product releases.
- International Paper Company
- West Rock Company
- DS Smith Packaging Limited
- Mondi Group
- Nefab Group
- Georgia-Pacific
- Smurfit Kappa
- Stora Enso
- Packaging Corporation of America
- Graphic Packaging International, LLC
Recent Development
- Introduction of a new portfolio of solutions and services
Bobst, a corrugated board firm, may offer a new portfolio of products and services in June 2022 to assist converters and brand owners with digitization and sustainability. Connectivity, digitization, automation, and sustainability have been promoted as the ‘four key pillars’ of the printing and packaging machinery. This assists this company in promoting its items.
- The Portfolio may be expanded, and manufacturing processes may be optimized.
A new production line may be constructed at Mondi Group’s corrugated box production plant in Szczecin, Poland, in September 2021. As a result of the growth, this company’s packaging range may grow, and production processes may be streamlined.
Key Segmentations
By Flute Type:
- Flute A
- Flute B
- Flute C
- Flute E
- Flute F
By Board Type:
- Single Wall
- Double Wall
- Triple Wall
By End Use:
- Food & Beverages
- Pharmaceuticals
- Cosmetics & Personal Care
- Automotive
- Transportation & Logistics
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Author By-
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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The post Global Corrugated Board Market Anticipated to Reach US$ 277.75 Billion with a Projected CAGR of 6.8% by 2033 | Future Market Insights Inc. appeared first on Future Market Insights.
