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Global Corrugated Packaging Market Will Reach USD 317 Billion by 2023: Zion Market Research

According to the report, global corrugated packaging market was valued at around USD 250 Billion in 2017 and is expected to reach approximately USD 317 Billion in 2023, growing at a CAGR of slightly above 3.5% between 2017 and 2023.

/EIN News/ -- New York, NY, April 26, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Corrugated Packaging Market by Flute Profile (A Flute, B Flute, C Flute, E Flute, F Flute) by Combined Board (Single Face, Single Wall, Double Wall, Triple Wall) by Box Type (Slotted Boxes, Telescope Boxes, Rigid Boxes, Folder Boxes) by End-Use Industry (Pharmaceuticals, Electronics, Automotive, Consumer Goods, Chemicals) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023’’. According to the report, global corrugated packaging market was valued at around USD 250 Billion in 2017 and is expected to reach approximately USD 317 Billion in 2023, growing at a CAGR of slightly above 3.5% between 2017 and 2023.

Corrugated packaging is mostly recommended during shipping as they are more pressure resistant and stronger than other cardboard boxes. The boxes are mostly used while transporting heavier or fragile products. Its reliable strength ensures damage free transit of many consumer goods. Owing to its superior quality standards over cardboard, they have applications in multiple industries. General advantages of these boxes include their eco-friendliness, ease of handling, and pressure handling capability. Most of the corrugated boxes are composed of recycling materials that are beneficial to the environment along with cost saving.

Browse through 71 Tables & 37 Figures spread over 130 Pages and in-depth TOC on "Global Corrugated Packaging Market Report 2017: Industry Size, Share, Trends and Forecast, 2023”.

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Most of the products ranging from cosmetics, food & beverage, to electronics are packed in corrugated boxes. These containers are widely used to transport and ship perishable goods, fragile glassware, and electronics products. Further, increasing consumer awareness for sustainable packaging coupled with stringent regulations pertaining to environment-friendly packaging products will boost the product penetration. Additionally, robust growth in “delivery on demand” services and online shopping has propelled corrugated packaging usage. However, limitations such as poor barrier property of the material are restricting its usage in many applications. Further, the humid and moist weather is reducing the strength and firmness of corrugated boxes. The packaging is not preferred for liquid products owing to its poor barrier properties. 

Robust industrialization growth in developing countries has led to flourishing international trade activities along with a boost in infrastructure facilities. Moreover, growth in oil & gas sector, energy and chemical industry coupled with rising in per capita income has propelled corrugated packaging demand in last decade. The upsurge in adoption rate of lightweight, eco-friendly and economical packaging in various industries such as food & beverages, healthcare, pharmaceuticals, automotive and electronics is augmenting global corrugated packaging market. The industry is witnessing advancements in the product that include cooler corrugating, improved corrosion and water resistance, decreased corrugated board weight, and zero-defect technology. Latest fields introduced in the market are of nanotechnology and microencapsulation.

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Corrugated packaging market is bifurcated as per its flute profile by A-Flute, B-Flute, C-Flute, E-Flute, and F-Flute. F-flute will be contributed substantially, as it is affordable than counterparts and has wide range applications for small-scale industries and medium size products. As per combined board category, the industry is divided into a single face, single wall, double wall and triple wall segments. Triple wall is anticipated to grow at a faster rate owing to its enhanced cushioning properties as compared to counterparts. These packaging can be done in various boxes such as folder box, rigid box, telescope box and slotted boxes. Telescope boxes will register highest growth rate in the near future owing to its niche applications in the field of clothing, footwear, and apparels. Various applications pertaining to corrugation packaging are in pharmaceuticals, electronics, automotive, consumer goods and chemicals industries. Pharmaceuticals industry will register a significant growth owing to increasing usage of corrugated boxes in the packaging of medicines.

North America is a giant market in terms of pharmaceutical companies. In 2012, the region contributed above 40% of the global pharmaceutical sales. Enormous pharmaceutical industries are based in U.S. such as Merck, Johnson and Johnson and Pfizer. This huge pharmaceutical market has an equal demand for pharmaceutical packaging materials to sustain the growth of the industry. The packaging of the drugs is an integral part to maintain its safety and quality for its functioning. Corrugated boxes are used to ship bundles of blister and other drugs packed in it. Pharmaceutical packaging market of the region is projected to reach above USD 28 billion in 2021 with a growth rate of nearly 5.5%. Increasing diseases is leading to rising spending on healthcare products by the government. This growth potential in the pharmaceutical industry is opening new avenues for the corrugated packaging industry in the region.

Browse the full "Corrugated Packaging Market by Flute Profile (A Flute, B Flute, C Flute, E Flute, F Flute) by Combined Board (Single Face, Single Wall, Double Wall, Triple Wall) by Box Type (Slotted Boxes, Telescope Boxes, Rigid Boxes, Folder Boxes) by End-Use Industry (Pharmaceuticals, Electronics, Automotive, Consumer Goods, Chemicals) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023" report at    https://www.zionmarketresearch.com/report/corrugated-packaging-market

European automobile industry is recognized as the biggest private investor in the region for its research and development activities. It invests above USD 60 billion annually. Leading automobile users and producers in the region drive the industry size. Further, a boost in integration operations, site relocations, mergers & acquisition activities are taking place in the region. Manufacturers are trying to strengthen themselves across the value chain through forwarding and backward integration. Over the period of time, significant investment in the industry is expected to flow in, particularly in component sector. Technology advancements, climatic policies, and shifting consumer preferences are thriving demand of smart, fuel efficient and environment-friendly vehicles. Components of these vehicles such as oil seals, bearing, bushings, are packed in corrugated boxes. Thus, positive outlook of European automobile industry will trigger corrugated packaging market in the region.

Global consumer services and goods industry are anticipated to grow by USD 700 billion till 2020. Most of the consumer goods such as pickles, jams, and other food products are packed in corrugated boxes. Asia Pacific will account for nearly 50% of the market share, in which China alone will account for nearly USD 200 billion, that is 60% of the region. Retail sales of consumer goods in the region will reach up to USD 10 trillion in 2018, with nearly one-fourth accounting from e-commerce sales. Consumer packaged goods manufacturers’ are focusing on e-commerce sale to maintain a competitive edge in the Asia Pacific. Companies are also focusing on mobile platforms and are providing similar experience both offline and online.

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Latin America will witness a significant growth in corrugated packaging market during the forecast timeframe owing to its flourishing e-commerce market. Brazil is the largest market in the region. Numerous consumers in Brazil are using digital options and credit cards for payments. The country’s retail e-commerce sales accounted for more than USD 16 billion in 2017. This estimate for 3% of total Brazil’s retail sales that was above the regional average of 2%. Corrugated packaging is used to deliver online ordered products with the brand name of corresponding e-commerce giant.

The Middle East and Africa will register a sluggish growth in the market due to its slow growth in online shopping trend. In 2017, its e-commerce sales were projected only 2% of retail sales and are anticipated to remain stagnant till 2021. As its e-commerce industry is getting hampered owing to socio-economic reasons and consumer concerns for data security. Consumer’s preference for cash payment and unreliable shipping are adding to the factors of slowdown growth of e-commerce sales.

Key producers in the corrugated packaging market include Packaging Corporation of America, DS Smith Plc., Oji Holdings Corporation, Mondi Group, Lee & Man Paper Manufacturing Ltd, Georgia-Pacific Equity Holding LLC, Rock-Tenn Company, Smurfit Kappa Group, International Paper Company, and Nine Dragons Paper (Holdings) Limited.

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The report segments global corrugated packaging market as follows:

Corrugated Packaging Market: Flute Profile Segment Analysis

  • A-Flute
  • B-Flute
  • C-Flute
  • E-Flute
  • F-Flute

Corrugated Packaging Market: Combined Board Segment Analysis

  • Single face
  • Single wall
  • Double wall
  • Triple wall

Corrugated Packaging Market: Box Type Segment Analysis

  • Slotted boxes
  • Telescope boxes
  • Rigid boxes
  • Folder boxes

Corrugated Packaging Market: End-Use Industry Segment Analysis

  • Pharmaceuticals
  • Electronics
  • Automotive
  • Consumer goods
  • Chemicals

Corrugated Packaging Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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