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, it is anticipated that the market would 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 next years by an increase in online sales as well as a growth in 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.
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The Thriving E-commerce Industry May Foster Economic Boom
Due to a variety of 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 as a result of this issue. The corrugated board market would increase significantly with the help of these points.
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 and shrink-wrap, reusable plastic packaging, 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 market. The region’s developing industrialization and rising demand for e-commerce are expected to drive growth in the Asia Pacific market.
Key Takeaways
- The Japan 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 are investing in portfolio expansion, research and development, and strategic alliances to expand their market reach. Other growth techniques used by leading firms 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, and Graphic Packaging International, LLC are leading competitors in the global corrugated board market.
Recent Development
- Introduction of a new portfolio of solutions and services
Bobst, a corrugated board firm, may offered 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 Segments
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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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