In terms of revenue, the Global Paperboard Packaging Market is expected to reach USD 172.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 3.2% from 2022 to 2028.
In recent years, the packaging industry is growing rapidly as new products require various paper packaging techniques. The growing e-commerce sales and increasing demand for folded carton packaging drives the market growth. Growing trend for preference for biodegradable and recyclable packaging is adding fuel for the market to flourish during the forecast period.
Key Findings:
- The carton board sub-segment of the grade type segment is anticipated to dominate the Paperboard Packaging Market. Majority of final product companies prefer carton board packaging as carton board is available in ample amount and offers cost effectiveness. Major industries prefer carton board.
- The folding carton sub-segment of the product type segment is accounted for the largest market share in 2021 for the Paperboard Packaging Market. Easy availability of foldable carton boards and easy manufacturing makes this segment flourish during the forecast period.
- Asia Pacific is the largest regional segment. This surge is attributed to the rising demand for paperboard packaging in developing economies such as the India and China. Rising manufacturing capability and high production ratios makes the Paperboard Packaging Market to flourish in coming years.
Major advancements in packaging technology along with digital printing capabilities make the market to grow in near future. Moreover, stringent regulations for the use of single use plastic packaging opens doors for paperboard packaging which offers sustainability transformations and safeguards environment. However, paper requires cutting trees which somehow restrains market growth but novel recycling technologies in European countries makes it possible for the market to flourish during the forecast period. Corrugated packaging has emerged as a key driver of this market due to its evolution as a point-of-sale display in retail applications, coupled with continuous development in small flute and high-quality graphics board, which is enabling corrugated boxes to penetrate traditional folding carton applications.
Asia Pacific is expected to dominate the Global Paperboard Packaging Market in 2021 and is likely to continue the same trend during the forecast period. Globalization has led to an increase in trade activities in countries such as China, India, South Korea, and Malaysia over the past few years. Rapid urbanization, strong economic growth, and rising consumption of packaged food products are some of the major factors contributing to the growth of the packaging market in the region. The highly competitive environment is expected to generate opportunities for the future market growth. Moreover, favourable trends associated with cosmetics and medical sectors will drive the paperboard packaging market sales within this region.
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