Corrugated Boards Market 2023-2030: Size, Share, and Growth Forecast Analysis
The global market for corrugated boards has witnessed substantial growth in recent years, with a market size of USD 91.2 billion in 2021, and a projected CAGR of 6.2 percent during the forecast period. This growth can be attributed to various factors driving the market forward and overcoming challenges.
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Growing Purchases of Lightweight Corrugated Boxes Driving Market Growth
The increasing demand for lightweight corrugated boxes across various industries has been a major driver for the growth of the global corrugated board packaging market. These boxes offer excellent protection for goods while being easy to handle and transport. However, the market has also faced challenges due to stringent government regulations for product packaging, which have impacted the industry's growth.
Acquisitions and Collaborations Creating Opportunities for Market Growth
One of the key opportunities for market expansion is the increase in acquisition and collaboration activities between companies. This trend has allowed players to widen their product portfolios and strengthen their presence in the global market. Recent examples include DS Smith's introduction of a quickly erectable tray equipped with automatic lateral bases and Smurfit Kappa Group PLC's acquisition of a containerboard mill in Italy.
Sustainability Concerns Pose Challenges for the Market
Despite the growth potential, the lack of awareness about the sustainability of packaging remains a significant challenge for the corrugated board packaging market. Consumer demand for eco-friendly and recyclable packaging is on the rise, and companies are working towards providing sustainable solutions to address this concern.
COVID-19 Pandemic Impact
During the COVID-19 pandemic, the demand for corrugated boards surged, primarily due to the rise in online shopping. The need for sustainable packaging solutions for online grocery
delivery services has driven companies like Mondi to develop innovative packaging products to meet the demand.
Processed Food Industry Driving Market Growth
The increasing demand for convenience foods and processed food products has significantly contributed to the growth of the corrugated board packaging market. Corrugated boards provide excellent protection for perishable items and are increasingly adopted for secondary and tertiary packaging in the food industry.
Segment Overview: Triple-Wall Boards and C-Flute Category Lead
Triple-Wall boards, offering high mechanical stress resistance and cost-effectiveness, are expected to dominate the market during the forecast period. The C-Flute category, with its stackability and greater cushioning effect, is also anticipated to hold a significant share in the market.
Regional Landscape: Asia Pacific Leads, Europe Shows
Rapid Growth
Asia Pacific has been the leading region for the corrugated board packaging market, owing to rapid urbanization and increasing environmental awareness. However, Europe is expected to witness rapid growth, driven by the processed food and electronics industries.
Competitive Landscape
Key players in the market, including International Paper, Georgia-Pacific, WestRock Company, and others, are constantly innovating and adopting strategies like mergers, acquisitions, and new product development to stay ahead in the competitive market. The future of the global corrugated boards market looks promising as companies continue to focus on sustainability and innovation, catering to the growing demand for eco-friendly packaging solutions. With the rise in industrial activities and expanding international trade, the market is expected to witness continued growth during the forecast period.
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