Corrugated Packaging Market Size and Growth Rate:
Corrugated Packaging Market was valued
at USD 239.24 billion in 2016 and is expected to reach USD 332.49 billion in
2024 growing at a CAGR of 4.20% during the forecast period 2016 to 2024.
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Corrugated Packaging Market Overview:
Corrugated
packaging is one of the most economical packaging solutions for many industries
because it is made of natural materials and has the highest recycling rate
compared to other packaging solutions. Environmental sustainability and the
costs associated with this kind of packaging, and the growing preference for
sustainable packaging solutions are the main drivers of the corrugated
packaging market.
Corrugated Packaging Market Growth Drivers and Restraints:
In
recent years, consumers and regulators have expressed concern for the
environment and sustainability. Waste disposal is becoming a major challenge
for the government and, as a result, the demand for environmentally friendly
packaging materials is increasing, particularly for non-durable consumer goods.
Therefore, the governments of several countries are also encouraging the use of
corrugated packaging materials for sustainable development, thus stimulating
the growth of the global market. Rapid industrialization in developing
countries has led to an increase in international trade activities, the
expansion of infrastructure, an increase in per capita income and the growth of
several industries, such as chemicals, oil and gas, and energy. All this has
stimulated the growth of the corrugated packaging materials market in recent
years. Developing economies are experiencing rapid industrialization in the
current scenario. According to the World Factbook of the Central Intelligence
Agency (CIA), China's industrial production was valued at $ 3.7 billion, compared
to $ 2.9 billion in the United States. Therefore, this increasing
industrialization is expected to have a significant impact on the corrugated
packaging in the coming years.
Geographical Analysis
of Corrugated
Packaging Market:
Across the
world, Asia Pacific (APAC) was the largest market for corrugated packaging,
with a contribution of more than 45.0% in 2017. The region is heavily
influenced by Westernization, the growing consumption of ready-to-eat foods
smaller, which stimulates demand. The busy lifestyle of consumers and the
increasing urbanization of developing countries have increased the consumption
of durable and unsustainable goods. In addition, the booming sales of processed
foods, particularly in developing countries, particularly India, China and
Indonesia, are attributable to most of the APAC market.
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Key Players of Corrugated Packaging Market:
Some of the major players operating in the global
corrugated packaging market are Nine Dragons Paper (Holdings) Limited,
International Paper Company, WestRock Company, Smurfit Kappa Group,
Georgia-Pacific Equity Holdings LLC, Lee & Man Paper Manufacturing Ltd.,
Oji Holdings Corporation, Mondi Group, Packaging Corporation of America, and DS
Smith PLC.
Corrugated Packaging Market
Segmentation:
By Box Type:
·
Folding Box
·
Slotted Box
·
Telescope Box
·
Rigid Box
By
Application:
·
Food and Beverages
·
Automotive
·
Health and Hygiene
·
Electronics
·
Consumer Goods
·
Pharmaceuticals
By Region:
·
North America
·
South America
·
Europe
·
Asia Pacific
·
Middle East and Africa
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