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Corrugated Packaging Market size to exceed $91.3 billion by 2028

  • Published Date: April 12, 2022

According to a new research report by Global Market Insights Inc., the Corrugated Packaging Market size to exceed USD 91.3 billion by 2028. The rising preferences of customers for online shopping are driving the global market over the forecast timeframe.
 

For instance, as per the U.S. Department of Commerce, the total e-commerce sales in the U.S. reached an estimated value of USD 870.8 billion in 2021, while reflecting a surge of 14.2% from 2020. In addition, the total retail sales in the country increased by almost 18% in the same period. E-commerce represented 13.2% of the total sales in the U.S. in 2021; therefore, the rising popularity of online shopping will positively influence the corrugated packaging market growth in the upcoming years. However, the volatile raw material prices of corrugated & folding boxes across the globe may pose considerable challenges to product manufacturers.
 

Browse key industry insights spread across 200 pages with 235 market data tables & 19 figures & charts from the report, “Corrugated Packaging Market Size, By Products (Corrugated Box [Single phase corrugated box, Single wall corrugated box, Double wall corrugated box, Triple wall corrugated box], Folding boxboard), By Printing Technique (Lithography, Flexography, Digital Printing), By End-use Industry (Food & beverages, Personal Care & Home Care, Medical, Home Appliances & Electronics, Other FMCG, Agriculture, Industrial, Chemical & Plastics, Paper & Carton), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/corrugated-packaging-market
 

The growing healthcare sector to impart growth to the folding boxboard segment

The folding boxboard segment is anticipated to contribute over $15 billion by 2028 owing to major applications in health & beauty products, pharmaceuticals, chilled, frozen & other foods, confectionaries, graphical uses, and cigarettes, among others. Folding boxboard products are anticipated to gain high demand in the coming years as they offer unparalleled consistent quality, product performance, and efficiency in packaging production and packing process.
 

High adoption of digital printing to augment the industry growth

Among the various printing techniques, digital printing is anticipated to witness a significant growth rate of around 4.4% during the forecast period. Although this segment accounts for a nominal portion of the market revenue and differs from traditional printing methods, the unavailability of print plates offers various advantages, such as quantity, speed, and quality control. This technique can print multiple colors at the same time, unlike other traditional methods that can only print one color at a time.
 

Surging electronics production to boost the consumption of corrugated packaging

The home appliances & electronics segment in the corrugated packaging industry is projected to exhibit a healthy 4.3% CAGR over the forecast period. The product demand in the sector is underpinned by the highly sensitive nature of home appliances and other electronics items that require additional protection from shocks to avoid damage. As corrugated boxes fulfill all these criteria, air conditioners, dishwashers, televisions, refrigerators, and many other home appliances are transported through corrugated boxes to ensure the safety of products for a longer period of time.
 

North America will represent a significant product demand

The North America corrugated packaging market will register a CAGR of over 4.5% during the forecast span. The U.S. has the highest share in terms of demand for corrugated and folding boxboard packaging. The country accounts to have a share of over 80% in the overall demand. The high demand is due to the rising e-commerce retail activities in the country coupled with the increasing demand for packaged food products.
 

Acquisitions & capacity expansions to strengthen the industry foothold of market players

The major corrugated packaging industry players include All Packaging Company, Mondi Group, Danhil de México, S.A. de C.V., International Paper, Westrock Company, DS Smith, Sultana Packaging, S.A. de C.V., Celulosa y Corrugados de Sonora, S.A. de C.V. (CESCO), Packaging Corporation of America (PCA), Georgia-Pacific LLC, Evergreen Packaging LLC, Smurfit Kappa Group, Rengo Co., Ltd., Cascades Inc., and Montebello Container Company LLC, among others.
 

Key corrugated packaging product manufacturers are concentrating on production capacity expansion, acquisitions, and mergers to reinforce their foothold in the market. For instance, in December 2020, Mondi Group expanded its existing corrugated packaging production plant in Germany, which turned it into Europe’s largest corrugated cardboard facility. The strategy will expand the company’s presence in the European region, thus augmenting the overall industry growth.
 

Authors: Kiran Pulidindi, Hiralkumar Patel