Corrugated Board Market to Surpass 238.1 Billion by 2030 Drives Due to Increasing Urban Population
SkyQuest projects that the corrugated board market will attain a value of USD 238.1 billion by 2030, with a CAGR of 6.8% over the forecast period (2023-2030). The expanding urban population and the thriving e-commerce packaging industry are expected to play an essential role in driving corrugated board market demand. Furthermore, the rising awareness among the population regarding eco-friendly packaging solutions contributes to the market’s growth.
Westford, USA, Aug. 16, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, consumers have a growing environmental consciousness regarding the impact of food packaging, food production, and food waste in the corrugated board market. A survey by Stora Enso revealed that 59% of millennials believe packaging should adhere to sustainability principles across the entire value chain. As a result, there is a significant increase in demand for sustainable packaging solutions.
Browse in-depth TOC on the “Corrugated Board Market”
- Pages – 157
- Tables – 93
- Figures – 76
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Corrugated boards, composed of pulp and paper, possess excellent recyclability. This recyclability factor is one of their key strengths. In addition, the fluting medium found within corrugated boards acts as a reliable shock absorber, providing a protective shield to packaged items against external impacts in the corrugated board market.
Prominent Players in Corrugated Board Market
- International Paper Company
- Smurfit Kappa Group
- WestRock Company
- Mondi Group
- Packaging Corporation of America
- Nine Dragons Paper Holdings Limited
- Lee & Man Paper Manufacturing Ltd.
- Georgia-Pacific LLC
- DS Smith Plc
- Oji Holdings Corporation
- Stora Enso Oyj
- Svenska Cellulosa AB
- KapStone Paper and Packaging Corporation
- Hokuetsu Kishu Paper Co., Ltd.
- Rengo Co., Ltd.
- Nippon Paper Industries Co., Ltd.
- Pratt Industries Inc.
- U.S. Corrugated Inc.
- Bio Pappel S.A.B. de C.V.
- Visy Industries Australia Pty Ltd.
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C-Flute Type Segment is Expected to Dominate the Market Due to its Remarkable Growth
C-flute type segment emerged as the corrugated board market leader in 2022, capturing a substantial market share. Furthermore, it is anticipated that this segment will continue to dominate the market during the forecast period owing to its remarkable growth in demand across various applications, such as shipping cases, glass products, furniture, and the automotive sector.
The markets in the North America are experiencing the fastest CAGR during the forecast period, driven by several factors. The rapid expansion of e-commerce platforms in the region significantly contributes to this growth. As more consumers turn to online shopping, the demand for efficient packaging solutions, including corrugated boards, has increased substantially.
Single Wall Segment is Expected to Grow the Market Due to the Widespread Use of these Boards
Single wall segment is the dominant player in the corrugated board market, boasting the largest market share. This can be primarily attributed to the widespread use of these boards as supplemental protective materials, dividers, and partitions on the exterior and interior of packaging.
Regional markets in the Asia Pacific emerged as the dominant for corrugated boards, capturing a significant revenue share of over 40%. This growth can be attributed to several factors in the corrugated board market. The region houses highly populated countries such as China and India, where the packaging industry is experiencing substantial growth. The ongoing process of urbanization, coupled with the increasing spending power of consumers in these countries, further fuels the demand for packaging solutions.
A comprehensive analysis of the major players in the corrugated board market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Corrugated Board Market
- DS Smith, a prominent sustainable packaging provider based in the UK, announced the introduction of a novel corrugated box explicitly designed for e-commerce platforms in 2022. The objective behind this development was to enhance the shipping process of medical devices. DS Smith’s latest corrugated board solution features a single-material design, eliminating the need for glued packaging using a single-use plastic insert.
- Recently, WestRock Company, a leading manufacturer of containerboard and packaging products in the United States, entered a strategic agreement to acquire the remaining stake in Grupo Gondi for a total value of USD 970 million. This acquisition aims to bolster WestRock Company’s presence in the rapidly growing containerboard and packaging materials.
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Key Questions Answered in Corrugated Board Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Beverage Carton Packaging Machinery Market
Global Flexible Paper Packaging Market
Global Hot Drinks Packaging Market
Global Food Service Packaging Market
Global Biodegradable Packaging Market
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