The Corrugated Packaging Market Is Estimated To Record a CAGR of Around 4.41% During The Forecast Period
Market Highlights
The Global Corrugated Packaging market is projected to be valued at USD 607.2Billion by 2033, recording a CAGR of around 4.41% during the forecast period. The corrugated packaging market encompasses the production and utilization of corrugated cardboard materials for packaging purposes. Corrugated packaging is renowned for its durability, versatility, and eco-friendliness, making it a popular choice across various industries for shipping and storing goods. This market is driven by factors such as e-commerce growth, increasing demand for sustainable packaging solutions, and advancements in printing and design technologies. Key players in this market include packaging manufacturers, suppliers of raw materials like paperboard, and technology providers for machinery used in corrugated box production. The market is characterized by ongoing innovation in materials, designs, and production processes to meet evolving consumer and industry needs. Globalization and the rise of online retail continue to fuel the expansion of the corrugated packaging market worldwide.
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The Corrugated Packaging market experienced a detrimental effect due to the Covid-19 pandemic. The COVID-19 pandemic significantly impacted the corrugated packaging market, initially witnessing a surge in demand due to stockpiling behaviors and increased online shopping. However, supply chain disruptions, labor shortages, and fluctuating raw material costs posed challenges. The market adapted by prioritizing safety measures, implementing remote work where possible, and leveraging digital solutions to maintain operations amidst the uncertainties.
Segmental Analysis
The global Corrugated Packaging market has been segmented based on Product Type, Wall Type, Material Type and Application
Based on the Product Type, the market is segmented based on Rigid Box, Telescope Box, Folding Box, Slotted Box, and others. In terms of revenue generated by corrugated packaging, the Slotted Boxes sector accounted for almost 60% of the market in 2021. Typically, they are constructed from a single sheet of corrugated board that is attached using glue, tape, or stitching.
Based on Wall Type, the market has been divided into Single Wall, Double Wall, and Triple Wall. The single-wall segment held a dominant position in the market in 2021 and is anticipated to develop at a quicker rate over the 2022–2030 projection period. This is because lowering the package’s weight results in cheaper transportation costs. As a result, the category is anticipated to have the highest CAGR throughout the projection period.
Based on the Material Type, the market has been divided into Linerboard, Medium Sheet, and Others. In terms of both volume and value, the linerboard material category dominated the market. At least 80% of the fibers in kraft liner are virgin kraft pulp. Kraft liner is utilized as an outer and intermediate ply in corrugated boxes because of its great strength and resistance to moisture.
Based on Application, the market has been divided into Food & Beverage, Pharmaceuticals, Consumer Goods, and Others. Food and drink, which are perishable goods with a short shelf life, had the most category share in 2021. It is therefore imperative to safeguard the product against bacterial deterioration, pathogens, and external disruptions
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Regional Analysis
The Corrugated Packaging market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The Asia-Pacific region holds a dominant position in the Corrugated Packaging market. Asia-Pacific With a market value of USD 153.226 billion in 2021, corrugated packaging is predicted to grow at a compound annual growth rate of 6.1% throughout the course of the study. Asia Pacific’s packaging industry is growing quickly. China has consistently ranked in the top 15 countries in the world for corrugated output, along with South Korea, Australia, and India. Revenue growth in this region is being driven by factors including the growing number of urban residents, increased environmental consciousness, the demand for convenient and sustainable packaging, the expansion of e-commerce, and the adoption of electronic goods, home goods, and personal care products. The North America region is witnessing rapid growth and emerging as a significant market for the Corrugated Packaging industry. From 2022 to 2030, the North American corrugated packaging market is projected to expand at a compound annual growth rate (CAGR) of 3.3%. This is because the corrugated packaging market’s revenue growth has been bolstered by growing environmental awareness. Important businesses are making progress toward achieving sustainable objectives. Corrugated boxes used for e-commerce are more likely to be printed with high-quality graphics and adapted to fit packaged contents to minimize costs and boost the visual impact while unwrapping. Additionally, Canada maintained the greatest market share for corrugated packaging. In 2021, Europe’s corrugated packaging industry is expected to have a modest revenue share. The corrugated packaging market in this region is expanding in terms of revenue due to growing demand for sustainable packaging from a variety of end-use industries, including food and beverage, pharmaceutical, cosmetic, and automotive sectors. Another important element propelling the corrugated packaging market’s revenue growth in Europe is the presence of significant corporations as well as numerous startups focusing on product innovations and advances in this industry by combining improved technology.