The worldwide sales could reach US$ 3,747.8 million in 2023, indicating that the corrugated wraps market is now in a substantial upswing. Insights from a thorough analysis by FMI indicate that the years between 2018 and 2022 had impressive sales growth, registering a CAGR of 3.1%.
Corrugated wraps are becoming more popular across the economies as a more environmentally friendly packaging option is taking precedence over traditional packaging solutions. The popularity of corrugated wraps to protect goods during shipment has accelerated with the booming e-commerce industry’s requirement for secure and protective packing solutions. Moreover, with growing consumer and industry attention on sustainable practices and eco-friendly materials, the overall market has strengthened in the last few years.
The sales of corrugated wraps worldwide are expected to record an average annual growth rate of 4.5% from 2023 to 2033. By 2033. The market value is projected to reach an impressive valuation of US$ 5,820.2 million, thanks to this development trend.
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Corrugated wraps provide room for imaginative design and personalization, enabling companies to improve brand identification and attractiveness and encouraging their adoption. The robustness, protection, and handling convenience of corrugated wraps also make them ideal for a variety of products and their manufacturing industries. Corrugated wraps also encourage the adoption of recyclable and renewable packaging options, which is in line with the ideals of the circular economy.
Key Takeaways from the Global Corrugated Wraps Market Study Report by FMI
- The consumption of corrugated wraps in the United States industries was higher than in other nations, as recorded by the survey until 2022. According to this survey, the United States and Canada held a global market share of 27% that year.
- A significant transition in the European corrugated wraps market is driven by customized trends and more attention to environmentally friendly packaging. In 2022, European countries contributed to one-fourth of the total revenue generated from sales of corrugated wraps globally.
- Corrugated wraps are positioned to play a significant role in influencing the future of packaging across several countries in the Asia Pacific region. Addressing issues with compliance and technical improvements could be crucial for regional players trying to profit from the soaring demand in the worldwide market.
Key Companies:
- Springfield Corrugated Box
- Crown Technologies
- Palmer Packaging Inc.
- Packsize LLC
- Amcor
- International Paper
- Smurfit Kappa Group
- WestRock
- Mondi Group
- DS Smith
- Context
Competitive Landscape for the Corrugated Wraps Market Players
Springfield Corrugated Box, Inc., Crown Technologies, Palmer Packaging, Inc., Willard Packaging Co., Antalis S.A., and On-Demand Packaging are some top players in this market. Prominent corrugated wrap producers are now blessed with strategic growth opportunities in both international and domestic markets, which could ultimately consolidate the overall market.
New players can experiment with cutting-edge styles and practical improvements to compete with existing players and stand out in a crowded market. Recent developments in printing technology and packaging automation also offer opportunities for corrugated wrap suppliers to expedite production processes and enhance customization. However, for existing and new market players, maintaining competitive prices while assuring product quality and sustainability is essential to succeed.
With sustainability at the forefront, start-ups also have the chance to scale up their business by offering green corrugated wraps, satisfying the desire for greener alternatives. They may differentiate themselves from competitors in the market by adhering to packaging standards and gaining relevant certifications for sustainable packaging.
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Key Segments Profiled in the Corrugated Wraps Market Industry Survey
By Material Type:
- Paper
- Semi-gloss/Matte Paper
- Direct Thermal Paper
- Vellum Paper
- Others
- Plastic
- Fiber
By End Use:
- Schools
- Retail Stores
- Warehouses
- Restaurants
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East & Africa
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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