Corrugated Box Market to grow at a CAGR of 5.0% through 2032 to reduce Shipping and Warehousing Cost - Future Market Insights, Inc.
Corrugated boxes market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
NEWARK, Del., June 2, 2022 /PRNewswire/ -- The corrugated box market is expected to escalate at a CAGR of 5.0% from USD 134.7 billion in 2022 to USD 219.4 billion through 2032. The COVID-19 pandemic has had a significant impact on the aluminum industry worldwide, and it is difficult to estimate the severity and extent of the impact over time. According to U.S. government statistics, as of August 2020, approximately 198,000 dental clinics and hospitals have been closed due to the Coronavirus outbreak.
As a result of the recession that followed the pandemic, the packaging industry was negatively impacted. In light of the COVID-19 pandemic and the unexpected drop and uncertainty in raw material prices, packaging solution manufacturers around the world have been facing significant challenges.
The increased use of online shopping in Central and Eastern Europe, along with sustainability, is driving the corrugated box market.
The packaging of corrugated boxes used in Central and Eastern Europe incorporates a sustainable approach and eco-friendly material, which is appreciated by nearly 80% of the population. Consumers use sustainable corrugated packaging solutions for online shopping in 77% of cases.
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The growth of the corrugated box market is slowed by fierce competition from flexible plastic packaging Flexible packaging provides the best value for manufacturers and retailers. This is due to its ability to reduce packaging weight which results in reduced shipping and warehousing costs. Consequently, less space is needed for the packaging.
Digitalization is being implemented by Smurfit Kappa in the market for corrugated boxes through the development of a range of new products. The corrugated industry has been enriched by the introduction of digitalization by Smurfit Kappa, a renowned manufacturer of corrugated packaging solutions.
Graphic design customized for each client has produced various benefits, such as increased sales and greater flexibility. As well as developing new technologies and improving current ones, the company also looks forward to increasing its sustainability efforts. Innovations in these areas are driving the digitalization of paper-based packaging and creating substantial opportunities for the expansion of the corrugated box market.
Leading Companies Profiled in Corrugated Box Market are
- Mondi Group Plc
- Bee Packaing
- DS Smith Packaging Limited
- Oji Holdings Corporation
- Smurfit Kappa Group Plc
- International Paper Company
- WestRock Company
- Georgia Pacific Packaging LLC
- Pratt Industries, Inc.
- Others
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Key segments
By Material Type:
- Virgin
- Recycled
By Board type:
- Single Face Board
- Single Wall Board
- Double Wall Board
- Triple Wall Board
By Grade type:
- Liner
- Fluting Medium
By Product Type:
- Slotted Box
- Folder Box
- Telescope Box
- Die-Cut Box
By End Use:
- Food
- Beverages
- Electricals & Electronics
- Healthcare
- Textiles & Apparels
- E-commerce
- Building & Construction
- Personal Care & Cosmetics
- Chemical & Fertilizers
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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KEY TAKEAWAYS:
- The CAGR for the virgin segment of the material type category in corrugated box market is anticipated to be 3.8% through 2032.
- In the United States, the corrugated box market is estimated to reach US$ billion by 2032, rising at a CAGR of % throughout the forecast period.
- By 2032, the corrugated box market in the United Kingdom is expected to be valued US$ million, with a CAGR of % through 2032.
- With a CAGR of % throughout the forecast period, China is expected to reach a market size of US$ million in corrugated box market by 2032.
- By 2032, the corrugated box market in Japan is estimated to be worth US$ million, growing at an annual rate of % through 2032.
- With a CAGR of % throughout the forecast period, South Korea is predicted to reach a market size of US$ million in corrugated box market by 2032.
COMPETITIVE LANDSCAPE:
Businesses within the corrugated box market are working to launch new products, expand their operations, and build strategic partnerships with other manufacturers. Furthermore, key players are expanding their manufacturing capabilities, product lines, and global presence. Leading corrugated box manufacturers dedicate time and resources to researching and developing innovative products.
The Smurfit Kappa Group LLC, e.g., has announced the opening of a new e-commerce corrugated packaging facility in the United Kingdom, which will test and launch new solutions in the e-commerce arena certified with reliable ISTA certification at least by June 29th 2021.
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Moving Supplies Market – The moving supplies market is anticipated to have an effective CAGR of 4.4% during the period of 2022-2032.
Custom Boxes Market – The global custom boxes market was valued at around US$ 46.3 Billion in 2022 and is predicted to create revenue of about US$ 71.0 Billion by the end of 2032, rising at a CAGR of nearly 4.4% between 2022 and 2032.
Packing Tape Market – The packing tape market is anticipated to have a significant CAGR of 4.8% during the period of 2022-2032. According to FMI, the packaging tape market will expand from US$ 21.8 billion in 2022 to US$ 34.9 billion in 2032.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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