Corrugated Boxes Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Corrugated Boxes Market Research Report, Type, Wall Construction, Application and Region - Forecast till 2028” the market is projected to be worth USD 278.18 billion by 2028, registering a CAGR of 5.38% during the forecast period (2021 - 2028)., The market was valued at USD 186.18 billion in 2021.
Competitive Analysis
List of the Key Companies Profiled in the Corrugated Boxes Market Research Report are
- Archis Packaging (India) Pvt. Ltd
- Packaging Corporation of America
- Europac Group
- International Paper
- Mondi Group
- Orora Packaging Australia Pty Ltd
- Smurfit Kappa Group
- DS Smith
- Georgia-Pacific LLC.
- Others
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The corrugated boxes market is highly competitive and fragmented due to several big and small market players forming a competitive landscape, adopting strategic expansion of business in emerging markets. To create new markets and maintain their market positions, manufacturers rely on innovation and keep themselves updated with new technological developments and consumer trends.
For instance, on August 27, 2021, The Smurfit Kappa Group plc (Ireland), a leading global corrugated packaging company and paper-based packaging company, announced a US$ 22 MN investment in its corrugated plant in Mexico to boost sustainable packaging offerings.
The move demonstrates the company's commitment to expanding capacity, capabilities, and products offerings in the Mexican market in the fresh produce segment. The facility would produce corrugated boxes made with moisture barriers that can resist condensation. Also, these new offerings would result in more sustainable operations at the facility with reduced use of 100 percent recyclable paper at Smurfit Kappa mills.
Scientifically it has been proven that corrugated boxes can significantly reduce carbon footprints. Government initiatives for promoting eco-friendly packaging materials propel the market. Moreover, online retailing of fresh fruits and vegetables fosters the adoption of corrugated boxes.
Corrugated boxes are primarily used to packaging fruits vegetables, liquid bottles, ready-to-eat food, and confectionery products. Growing applications across rapidly growing industries, especially food beverages, personal care, pharmaceuticals healthcare, and electronic goods, contribute to the corrugated boxes market value. Additionally, initiatives from the CPA (The Corrugated Boxes Alliance) to promote corrugated packaging support market growth.
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COVID-19 Impacts
The onset of COVID-19 pandemic impacted the global corrugated boxes market severely. The demand for fresh foods beverages and produces was significant amid the pandemic-driven crises. Also, the boom in the eCommerce sectors worldwide supported the market growth throughout 2020.
However, the lockdown mandates halted the production of several key raw materials required to manufacture corrugated boxes, resulting in spiked prices and lowered market demand. Nevertheless, the rising consumption of corrugated boxes from food beverages, electronic goods, pharmaceuticals, and personal care industries is estimated to offer robust market opportunities in 2021 and beyond.
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Segmentation
The corrugated boxes market research report is segmented into type, wall construction, material, application, and region. The type segment is sub-segmented into rigid boxes, self-erecting boxes, telescope boxes, slotted boxes, and others. The slotted boxes segment is sub-segmented into regular slotted containers (RSC), half slotted containers (HSC), full overlap slotted boxes (FOL), and others.
The wall construction segment is bifurcated into single-wall, double-wall, and triple-wall. The application segment is bifurcated into electronic goods, food beverages, pharmaceuticals, personal care, and others. The region segment is bifurcated into Europe, Americas, Asia Pacific, and rest-of-the-world.
Regional Analysis
Asia Pacific accounts for the largest corrugated boxes market share. Rapid growth in the food beverages sectors and pharmaceutical industries across the region are major driving forces behind the corrugated boxes market growth. Additionally, state-backed initiatives and investments to promote economically friendly packaging solutions increase the market revenues.
Malaysia, China, Indonesia, and India are the key contributors to the corrugated boxes market value in the region. Besides, the presence of many key market players in the region fosters the corrugated boxes market size, investing in the developments of technologies and product portfolio. Rising eCommerce ventures and shifts in preferences for online shopping increase the market shares.
Segmentation of Market covered in the research:
Corrugated Boxes Market Research Report: Information, by Type (Rigid Boxes, Self-Erecting Boxes, Telescope Boxes, Slotted Boxes and others), by Wall Construction (Single-Wall, Double-Wall and Triple-Wall), by Application (Food Beverages, Consumer Goods, Personal Care, Pharmaceuticals, E-Commerce and others) and by Region (North America, Europe, Asia-Pacific and the Rest of the World) - Forecast till 2028
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