Future Market Insights research forecasts that the global coated recycled boxboard market will attain a valuation of US$ 44.7 billion in 2023. Over the projected period, it is expected to grow steadily at a Compound Annual Growth Rate (CAGR) of 4.5%, reaching US$ 69.4 billion by 2033. This trajectory underscores the increasing demand for sustainable packaging solutions, driven by environmental concerns and regulations. Coated recycled boxboard offers a balance between eco-friendliness and functionality, making it a preferred choice for various packaging applications. The anticipated market expansion reflects ongoing efforts to adopt more sustainable practices in the packaging industry.
The coated recycled boxboard market is poised for a favorable growth trajectory in the forecast period, with FMI’s latest projections indicating a notable uptick in sales from 2023 to 2033. The forecast suggests a substantial absolute incremental growth opportunity of US$ 26.5 billion, underscoring the market’s potential for expansion. This optimistic outlook reflects the increasing demand and preference for coated recycled boxboard in various industries, driven by its eco-friendly characteristics and versatility in packaging applications, contributing to the overall positive market dynamics and creating significant opportunities for industry stakeholders.
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Growth Drivers:
- Sustainability Trends: Increased awareness and emphasis on sustainability have driven the demand for recycled materials across industries. Coated recycled boxboard offers a sustainable packaging solution, appealing to environmentally conscious consumers and businesses.
- Regulatory Support: Governments and regulatory bodies worldwide have implemented policies favoring the use of recycled materials and promoting recycling initiatives. This has encouraged businesses to adopt coated recycled boxboard for packaging purposes to comply with regulations and meet consumer expectations.
- Cost-Effectiveness: Coated recycled boxboard often presents a more cost-effective option compared to virgin materials. As businesses seek to optimize costs in packaging without compromising quality, the affordability of coated recycled boxboard becomes a significant driver for its adoption.
- Technological Advancements: Continuous innovations and advancements in recycling and coating technologies have improved the quality and performance of coated recycled boxboard. Enhanced properties such as strength, printability, and barrier properties make it a more viable choice for various packaging applications.
- Consumer Preferences: Changing consumer preferences towards eco-friendly products and packaging have influenced brand strategies. Companies are increasingly opting for sustainable packaging solutions like coated recycled boxboard to align with consumer values and enhance brand reputation.
Industry Restraints:
- Quality Concerns: Despite technological advancements, concerns regarding the quality and consistency of coated recycled boxboard persist. Variability in recycled fiber composition can affect the physical properties and printability of the material, posing challenges for manufacturers and end-users.
- Limited Supply: The availability of high-quality recycled fibers, necessary for producing coated recycled boxboard, can be limited at times. Fluctuations in the supply of recycled materials may impact production volumes and lead to supply chain disruptions for manufacturers.
- Competitive Landscape: The coated recycled boxboard market faces competition from alternative packaging materials, including virgin paperboard and plastics. In some cases, these materials may offer superior performance or cost advantages, posing a challenge to the widespread adoption of coated recycled boxboard.
- Infrastructure Challenges: Inadequate recycling infrastructure and collection systems in certain regions can hinder the availability of recycled fibers for manufacturing coated recycled boxboard. Lack of investment in recycling facilities may limit the growth potential of the market in such areas.
- Perception and Education: Despite growing awareness of sustainability issues, there may still be misconceptions or lack of education regarding the benefits and capabilities of coated recycled boxboard. Efforts to educate consumers and businesses about the advantages of recycled packaging materials are essential to overcome these barriers.
The Major Key Players Are:
- Graphic Packaging International, Inc.
- Greif, Inc.
- Cascades Inc.
- Smurfit Kappa Group plc
- Paperworks Industries Inc.
- Netpak.
- DS Smith plc
- Georgia-Pacific Corporation
- Klabin SA
- Packaging Corporation Of America
- Orora Ltd.
- Emenac Packaging USA
- Caraustar Industries Inc.
- Mondi Group plc
Recent Developments-
- In September 2022, Graphic Packaging International, Inc. made a strategic investment in Paper seal Machine. The investment has been done with the objective of meeting up the local demand in the US The investment in recyclable paperboard manufacturers is strengthening the company’s operations in the particular market.
- In November 2022, Greif, Inc. acquired LEE Container. The company’s acquisition is further expanding its presence in the recycled boxboard market. Through its acquisition company is now focusing on innovative and advanced packaging solutions.
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Key Segmentations:
By Coating Type
- Poly
- Clay
- Adhesive
By Application
- Backing Board
- Boxes & Cartons
- Cores & Tubes
- Displays
- Trays
- Others (Cups, Tubs, etc.)
By End Use
- Food & Beverages
- Electrical & Electronics
- Personal Care & Cosmetics
- Pharmaceuticals
- Homecare & Toiletries
- Others (Automobiles, etc.)
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa (MEA)
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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