Anticipated between 2022 and 2031, the multi-depth corrugated boxes market worldwide is set to make substantial advancements, with a projected compound annual growth rate (CAGR) of 6.4%. By 2031, the market’s value could scale up to US$ 1,614.2 million.
North America continues to be a highly promising market for multi-depth corrugated boxes, and its growth prospects remain robust during the forecast period. Several key factors contribute to this positive outlook, including the region’s high consumer spending and a notably high standard of living. The multi-depth corrugated box market in North America is expected to witness a Compound Annual Growth Rate (CAGR) of 4.5%, underlining its resilience and potential for expansion.
The surge in online shopping in the United States, with approximately 36% of consumers purchasing retail goods online, reflects a significant shift in consumer behavior. This trend has been further accelerated by the events of 2020, where many physical retail stores were temporarily closed. This growing preference for online shopping bodes well for the multi-depth corrugated box industry, as these boxes are essential for packaging and shipping goods in the e-commerce sector.
The retail and transport markets in North America are continuously expanding, offering substantial opportunities for corrugated box manufacturers. The expanding presence of e-commerce, particularly in the grocery sector, has further broadened the retail e-commerce market. Corrugated boxes play a crucial role in shipping raw materials from manufacturers and delivering finished goods to distributors or retailers, making them an integral part of the supply chain. This trend underscores the enduring relevance and importance of multi-depth corrugated boxes in the North American market.
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Key Market Drivers-
- E-commerce and Online Shopping: The growth of e-commerce has driven the demand for multi-depth corrugated boxes as they are essential for shipping products ordered online.
- Customizable Packaging: Multi-depth corrugated boxes can be easily customized to fit a wide range of product sizes, making them a versatile packaging solution for businesses.
- Efficient Storage: Multi-depth corrugated boxes are stackable and can be stored efficiently, reducing storage costs and space requirements.
- Sustainability: The use of recyclable and eco-friendly materials in multi-depth corrugated boxes aligns with the growing emphasis on sustainable packaging solutions.
- Product Protection: These boxes offer reliable protection for products during transit, preventing damage and ensuring product quality upon delivery.
- Cost-Effective Packaging: Multi-depth corrugated boxes are cost-effective, particularly for businesses that require a variety of box sizes without the need for multiple box types.
Key takeaways:
- The global multi-depth corrugated boxes market is expected to grow at a CAGR of 6.4% between 2022 and 2031, reaching a value of US$1,614.2 million by 2031.
- Increasing demand for transport, packaging services, and trading activities is driving the sales of multi-depth corrugated boxes.
- FMCG, automotive, and electronics industries are among the key sectors driving the demand for multi-depth corrugated boxes.
- The rise of e-commerce is further boosting the market as these boxes are widely used for shipping and transportation.
- Challenges related to government policies and import duties may impact the market’s growth.
- Advancements in production techniques, such as high-speed production with wood pulp material, are contributing to market expansion.
- The lightweight, durable, flexible, and cost-effective nature of multi-depth corrugated boxes appeals to buyers.
- Secondary packaging across various industries is driving the increased usage of multi-depth corrugated boxes.
Competitive Landscape
Companies operating in the multi-depth corrugated boxes market are aiming at strategic collaborations with software and digital printing service providers to address the requirements of an expanding packaging market. Presence of more number of competitors means a large number of players are competing for the same customer base and resources, therefore keeping up the momentum.
Thus, the rivalry among existing competitors is significantly high.
- On May 2nd 2019, WestRock Company acquired UBS Printing Group, Inc. to intensify its ability to support beauty and personal care industry.
- On 15th April 2019, WestRock Company was honoured with Innovator Award for its work in improving the recyclability of foodservice packaging by Sustainable Packaging Coalition (SPC).
- On January 27, 2021, Georgia-Pacific LLC expanded its Hummingbird® digital operations through the purchase of HP PageWide T1190 Press for corrugated packaging printing solutions. HP PageWide T1190 Press is set to deliver 305 meters (1000 feet) of corrugated liner per minute and up to 100 million corrugated boxes per year.
- On January 14, 2021, DS Smith Packaging Ltd. installed an EFI™ Nozomi C18000 Plus digital printer in its plant based out of Lisbon. This digital printer allows customizing the corrugated packaging with good quality print and lesser delivery time.
Key Players:
- Georgia-Pacific LLC
- International Paper
- DS Smith Packaging Limited
- Oji Holdings Corporation
- Pratt Industries, Inc.
- Acme Corrugated Box Co. Inc.
- Great Little Box Company Ltd.
- A.D. Inc. of Milwaukee
Insights on Multi-Depth Corrugated Box Markets in Different Countries
- North America: A Lucrative Market with Growth Potential North America remains a lucrative market for multi-depth corrugated boxes, fueled by high customer spending and standards of living. The region is expected to witness a steady growth rate of 4.5% during the forecast period. The online shift in the retail sector, driven by the expansion of e-commerce and the increasing demand for retail and transport markets, presents opportunities for corrugated box manufacturers in North America.
- Brazil: Niche Offerings and Export Industry Drive Market Brazil, known for its small-scale business-friendly environment, has a significant market for multi-depth corrugated boxes. The manufacturing of these boxes drives the market, and niche offerings have found success in this region. The booming e-commerce industry in Latin America, along with the need for safe transportation of export goods such as automobiles, electronics, and oil & gas products, further fuels the demand for multi-depth corrugated boxes in Brazil.
- India: E-Commerce Growth and Government Initiatives Boost Market India’s fast-growing e-commerce and retail trade sectors are driving the demand for multi-depth corrugated boxes. Government initiatives like Digital India, Make in India, Start-up India, and Innovation Funds have played a crucial role in shaping the Indian market. Technological advancements, including digital payments, analytic customer engagements, and digital packaging, support the growth of e-commerce and the multi-depth corrugated box market in India.
- Europe: Corrugated Material Dominates Packaging Corrugated material remains the most commonly used packaging material in Europe, particularly in the transportation of manufactured goods and agricultural products. The growing food industry in countries like France demands packaging and transportation innovations. Multi-depth corrugated boxes, with their flexibility, efficiency, and recyclability, cater to the rapidly changing demands of the supply chain while being sustainable for both retailers and customers.
- China: Tech-Savvy Generation and Varied Uses Drive Adoption China has experienced significant growth in online shopping, driven by the increasing usage of the internet through smartphones and tablets. The tech-savvy generation and large corporate sector contribute to the adoption of multi-depth corrugated boxes. These boxes find applications in various industries, including aerospace. However, challenges such as rising raw material costs and COVID-19 restrictions are expected to hinder the growth of multi-depth corrugated boxes in China.
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Key Segments Covered in Multi-Depth Corrugated Boxes Industry Research
Multi-Depth Corrugated Boxes Market by Capacity Type:
- Up to 80 lbs
- 80 to 180 lbs
- 180 to 300 lbs
- Above 300 lbs
Multi-Depth Corrugated Boxes Market by Board Type:
- Single Wall
- Double Wall
- Triple Wall
Multi-Depth Corrugated Boxes Market by Strength:
- Normal (Below 32 ECT)
- Standard (32 ECT)
- Heavy Duty (44 ECT)
- Heavy Duty Double Wall (48 ECT)
Multi-Depth Corrugated Boxes Market by End Use:
- Food & Beverages
- Consumer Electronics
- Home Care & Personal Care
- Textiles
- Glassware & Ceramics
- Automotive
- Others
Multi-Depth Corrugated Boxes Market by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
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