Need for Sustainable Packaging and growing demand for Corrugated Boxes in APAC is driving the Corrugated Boxes Market
As stated in our extensive report, providing insights on Type, Material, Printing Ink, Printing Technology, and End-Use segments, the Global Corrugated Boxes Market accounted for USD 67.4 Billion in the year 2021.
In recent years, the Global Corrugated Boxes Market is growing faster than expected, confounding some predictions that forecast a slowdown in corrugated consumption. A downturn in demand in China and the banning of contaminated recycled paper stocks has not fully materialized.
E-commerce sales are increasing rapidly with a 20% estimated growth rate. Global online sales are expected to be over USD 5.5 trillion in 2023, thus it will have a profound impact on the packaging industry as it represents 80% of demand in e-commerce.
The growing complex logistics chain is one of the factors that is hindering the market demand and thus slowing down the market potential. This technology enables the production of customized secondary packaging based on the exact size of the product being packed, including irregular shapes. For the end-user, this eliminates the need for large inventories of standard-sized boxes which often require copious amounts of filler material.
The Global Corrugated Boxes Market has been adversely affected in recent months due to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in analytics, which is decreasing the demand for corrugated boxes.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the coming years owing to the high demand for e-commerce packaging products in the retailer sector. Countries such as the U.S. & Canada are considered to be the most developed countries in the field of packaging technology. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of corrugated boxes. The Asia Pacific held the largest share of the Corrugated Boxes Market in 2021, followed by Europe and North America. In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of Research and Development (R&D) facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Global Corrugated Boxes Market such as Rengo Co., Ltd. (Japan), Mondi Group (UK), DS Smith (UK), Smurfit Kappa Group (Ireland), International Paper (US), Tat Seng Packaging Group, VPK Packaging Group nv, STORA ENSO OYJ, Nelson Container Corporation, Great Little Box Company Ltd., Action Box Inc., Acme Corrugated Box Co. Inc., Wertheimer Box Corporation, Shillington Box Company, Bee Packaging, A.D. Inc. of Milwaukee..
Browse the full Report - Corrugated Boxes Market Size, Share & Trends Analysis Report by Type (Slotted Boxes, Telescope Boxes, Rigid Boxes, Folder Boxes), by Material (Linerboard, Medium, Others), by Printing Ink (Water-Based Ink, Uv-Curable Ink, Hot Melt-Based Ink, Solvent-Based Ink), by Printing Technology (Digital Printing, Flexography Printing, Lithography Printing, Others), by End-use (Food & Beverages, Electronic Goods, Home & Personal Care Goods, Chemicals), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)