In 2022, the market for corrugated bin boxes is projected to be worth US$24,191 Million. Market expansion is predicted to be fueled by rising demand for environmentally friendly packaging options and rising packaging requirements of e-commerce platforms. The total demand for corrugated bin boxes is anticipated to reach 36,855.1 Million by 2032, growing at a CAGR of 4.3% between 2022 and 2032.
Corrugated bin boxes are made from the corrugated board, which is a preferred packaging material, because of its sustainability, recyclability and versatile features. Manufacturers are getting influenced by this high-performance material and therefore are preferring corrugated materials over other conventional materials.
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Corrugated bin boxes are manufactured from natural renewable resources, consuming high percentages of recovered fibers which include old newspapers, mixed papers, old corrugated containers, and Kraft papers, thus diverting these materials from the public solid waste stream. For instance, in 2015, around 92% of all cardboard and containerboard manufactured were recovered and recycled in the U.S.
Corrugated materials have the maximum recycling rate of any packaging material used today. Owing to which, corrugated bin boxes have been reused, in order to store and move items across the industries.
Corrugated Bin Boxes Market: Dynamics
Factors such as recyclability of corrugated materials coupled with strong growth in the food & beverage as well as electronic goods industries is driving the growth in the corrugated bin boxes market globally. The demand from the food & beverage packaging industry is expected to grow at a healthy rate, owing to the growing demand for branded and packaged products, and consumer awareness toward the safe packaging of the product.
In addition, beverage manufacturers are using corrugated bin boxes due to safe shipment these boxes offer. Increasing spending by consumers for packaged products and growing e-commerce industries is expected to fuel the demand for corrugated bin boxes market in future. Rising manufacturing activities together with increasing retail ready packaging driven by the influence of modern trades over the retail landscape and sustained by their increasing share in the retail market, is also one of the major factor which is driving the growth of the global corrugated bin boxes market. However, factors such as greenhouse gas emission during production and growing raw material cost can hinder the growth in the corrugated bin boxes market.
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Corrugated Bin Boxes Market: Segmentation
On the basis of materials, the global corrugated bin boxes market is segmented into,
Paper
Paperboard
Corrugated Paperboard
On the basis of product type, the global corrugated bin boxes market is segmented into,
Corrugated bin Dividers
Corrugated Totes
Jumbo Corrugated Bin Boxes
Kraft Open Top Bin Boxes
Stackable Bin Boxes
Storage Boxes
White Corrugated Bin Boxes
Warehouse Rack Corrugated Bins
On the basis of application, the global corrugated bin boxes market is segmented into,
Food & Beverage
Pharmaceuticals
Manufacturing Units
Warehouses
Electronic Firms
Automotive Spare parts dealerships
Others
Corrugated Bin Boxes Market: Region Wise Outlook
On the basis of geography, the global corrugated bin boxes market is divided into five regions, which includes North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America is expected to attain the maximum market share in the corrugated bin boxes market. While, Asia pacific is anticipated to be the highest growing region over the forecast period. The growth in Asia Pacific will primarily be driven by the growth in the developing economies due to rising disposable income, growing retail and packaging industry. Europe is expected to witness an above average growth in the corrugated bin boxes market. Latin America and Middle East & Africa are expected to experience a stagnant growth in the corrugated bin boxes market.
Corrugated Bin Boxes Market: Key Players
Some of the major players for the corrugated bin boxes market are Ameripak, Pack box, International Plastics, Inc., Deluxe Packaging, Saxon Packaging Limited., Gabriel Container Co, Cactus Containers and many more.
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Competitive Landscape: What are the Leading Players in the Corrugated Bin Boxes Market Up to?
- In July 2022, US-based packaging and merchandising company Menasha Packaging finalized its acquisition of corrugated packaging manufacturer Color-Box. The acquisition comes after Menasha Packaging signed an agreement to purchase Color-Box in February of the same year.
- In March 2021, Nigeria’s leading food and agro-allied company, Flour Mills of Nigeria (FMN), is set to tighten its grip on the country’s flour milling market as it prepares to acquire a majority stake in Honeywell Flour Mills PLC (HFM), an affiliate of the Honeywell Group Ltd.
- In October 2021, Smurfit Kappa UK announced the acquisition of Saxon Packaging based in Lowestoft, Norfolk (UK). Saxon Packaging is an independent converter of the board into corrugated boxes and fitments. According to Smurfit Kappa, Saxon has invested over the past three years in the latest technology machinery which allows the company to meet the needs of its broad customer base in Suffolk, East Anglia, and the Home Counties.
- In August 2022, B2B Industrial Packaging, a GenNx360 company, announced the acquisition of Springfield Corrugated Box. Inc. in Agawam, Mass. This acquisition will allow the company to provide more resources to its existing East Coast clients while enhancing the services for Springfield Corrugated Box clients.
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