The solid board packaging market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 2.5% throughout the forecast period. Estimated to be worth US$ 9.4 billion in 2024, the market size is expected to escalate to US$ 12.1 billion by 2034.
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Key Trends Driving Solid Board Industry Growth:
- Continuous Technological Advancements: The solid board market continues to evolve with innovations such as smart folding methods, facilitating easier handling of solid boards, and enhancing packaging efficiency.
- Rising Demand for Eco-Friendly Solutions: Solid board packaging solutions are gaining traction due to their eco-friendly and recyclable nature. The integration of printing technology with solid boards enhances packaging aesthetics, particularly in the food and beverage industry.
- Logistical Advantages: The lightweight nature of solid boards makes them advantageous for manufacturers, promoting their adoption in packaging solutions across various industries.
- Expanding eCommerce Sector: The exponential growth of online shopping underscores the need for quality packaging solutions. Brands are investing in premium packaging designs to enhance consumer experiences and reinforce brand value.
- Popularity of Printed Solid Boards: Leading brands across industries are leveraging printed solid boards to differentiate their products and add brand value, reflecting the increasing consumer preference for premium packaging.
- Sturdiness and Moisture Resistance: Solid board packaging offers superior sturdiness and rigidity, making it ideal for protecting fragile or heavier products during storage and transportation. Moisture-resistant treatments further enhance their versatility, particularly in packaging food and beverage items susceptible to moisture damage.
- Rising Demand for Sustainable Solutions: With growing awareness of environmental impact, consumers and businesses are favoring packaging materials like solid board, composed of recycled paper fibers and fully capable of meeting sustainable packaging needs.
Business Growth Opportunites:
- Expansion in E-commerce Packaging: With the rise of online shopping, there’s a growing demand for sturdy and sustainable packaging solutions, driving opportunities for solid board market growth.
- Sustainable Packaging Solutions: As environmental concerns escalate, the demand for eco-friendly packaging materials like solid board is increasing, presenting a significant growth opportunity in the market.
- Innovation in Product Design: Continuous innovation in solid board product design, including enhanced durability and customization options, can attract new customers and expand market share.
- Penetration in Emerging Markets: Untapped markets in developing regions offer opportunities for solid board manufacturers to expand their presence and cater to the rising demand for packaging solutions.
- Collaborations and Partnerships: Collaborating with retailers and e-commerce platforms to provide tailored solid board packaging solutions can open up new avenues for market growth and customer acquisition.
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Key Insights:
- Solid board made from virgin paper holds more than half of the total market share among all segments by material type in the global solid board market, as this type can be easily be cut and is suitable for printing. This segment is estimated to expand 1.2X its current value by 2023.
- As per FMI analysis, the boxes segment is identified as the most preferred application of solid boards for packaging, as consumers are concerned about the environmental impact of packaging waste.
- The food & beverage industry is projected to remain the key consumer for players in the solid board market during the forecast period, and is expected to grow by 1.5X its current value by 2029. Increased consumption of food & beverages such as fresh produce and frozen food in developed countries is anticipated to accelerate the demand for solid boards during the forecast period.
Solid Board Market:
Smurfit Kappa Group, International Paper, VPK Packaging Group NV, Metsä Board, and Sappi Limited are tier-1 market players operating in the global solid board market. Holmen Group, Billerudkorsnas AB, Mugler Masterpack Crimmitschau GmbH, WestRock Company, and Stora Enso have been identified as tier-2 market players in the global market. However, several unorganized and regional manufacturers may enter the solid board market through mergers or collaborations to compete with global players.
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Solid Board Market By Category
By Material Type:
- Recycled Paper
- Virgin Paper
By Weight:
- Upto 200 GSM
- 201-300 GSM
- 301-500 GSM
- Above 500 GSM
By Application:
- Boxes
- POP Display
- Edge Protectors
- Trays
- Layer Pads
By End Use Industry:
- Electrical & Electronics
- Health care & Pharmaceuticals
- Cosmetics & Personal care
- Food & Beverages
- Confectionery
- Fresh Produce
- Milk & Dairy
- Frozen Food
- Meat & Poultry
- Other Industrial Packaging
- Building & Construction
- Tobacco Packaging
Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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