Global Corrugated Packaging Market to Reach US$ 357.6 Mn by 2027 - Coherent Market Insights
SEATTLE, Jan. 28, 2020 /PRNewswire/ -- The global corrugated packaging market was valued at US$ 273.7 Mn in 2018 and is expected to exhibit a CAGR of 3.4% during the forecast period (2019-2027), in terms of revenue.
Key Trends and Analysis of the Global Corrugated Packaging Market:
The global corrugated packaging market is expected to witness significant growth during the forecast period, owing to growth of the e-commerce sector across the globe
Among product type, boxes segment held dominant position in the corrugated packaging market in 2018, accounting for approximately 49.8% of the global corrugated packaging market and is expected to maintain its dominance over the forecast period. Boxes are highly customized and are most preferred choice for transporting products by goods manufacturers. This is expected to increase demand for boxes during the forecast period. However, in manufacturing sector, crates and octabins are gaining traction, owing to its less impact on the environment and recyclability.
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Among end use, transportation & logistics segment is expected to hold dominant position in the global corrugated packaging market, owing to increasing demand from B2B e-commerce. According to the United Nations Conference on Trade and Development (UNCTAD), global e-commerce sales grew by 13% in 2017, with an estimated sales of US$ 29 Tn. Also, B2B e-commerce sales continued to dominate the e-commerce total sales, accounting for around 88% of global e-commerce sales. The B2B e-commerce sector is expected to drive demand for corrugated packaging during the forecast period. E-commerce has raised the durability and accountability of corrugated packaging, as more and more boxes are delivered to offices and homes successfully. This trend is expected to grow continuously, owing to consumer transition from brick & mortar stores to online shopping.
Corrugated packaging is essential to protect goods & products. However, corrugated packaging is not compatible with very heavy products and may get deformed under high pressure. Also, corrugated packaging is certainly not the best choice for adverse conditions such as weatherproofing, that is, it can be certainly affected by water and similar products as it gains moisture readily. These factors are expected to hamper growth of the global corrugated packaging during the forecast period.
Key Market Takeaways:
- The global corrugated packaging market is expected to exhibit a CAGR of 3.4% in terms of revenue during the forecast period. The global corrugated packaging market is expected to witness high growth, owing to increasing applications of corrugated packaging in various industries including electrical & electronics, logistics & transportation, food, pharmaceuticals, and personal care & cosmetics among others. Electrical & electronics sector accounted for around 17.0% of the total demand in 2018.
- Among board style, single wall (also called as a double face corrugated) segment accounted for the largest share of around 37.0%, in terms of revenue in 2018 in the global corrugated packaging market, owing to ease of manufacturing. Besides, single wall corrugated packaging is cost-effective, robust, and is highly used in the e-commerce sector.
- Moreover, key players operating in the corrugated packaging market are focused on expanding their production capacity, to meet increasing consumer demand. The manufacturers of corrugated packaging are focusing on adopting various strategies to offer innovative and sustainable products to reduce carbon footprint.
Key companies operating in the global corrugated packaging market—
International Paper Company, West Rock Company, DS Smith Packaging Limited, Mondi Group, Nefab Group, Georgia-Pacific, Smurfit Kappa, Stora Enso, Packaging Corporation of America, and Graphic Packaging International, LLC.
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Market Segmentation:
- Global Corrugated Packaging Market, By Board Style:
- Single Face
- Single Wall
- Double Wall
- Triple Wall
- Global Corrugated Packaging Market, By Product Type:
- Boxes
- Slotted Boxes
- Telescope Boxes
- Rigid Boxes
- Folder Boxes
- Crates
- Octabins
- Pallets
- Others
- Global Corrugated Packaging Market, By End Use:
- Electronics and Electrical
- Home care products
- Food and Beverage
- Personal Care Products
- Transportation and logistics
- Healthcare
- Others
- Global Corrugated Packaging Market, By Region:
- North America
- U.S.
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East
- GCC
- Rest of Middle East
- Africa
- North Africa
- Central Africa
- South Africa
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