The Corrugated Boxes Market size is projected to reach USD 87.78 billion by 2030, as per the latest report by Market Research Future (MRFR). It can expand at 4.15% CAGR from 2022 to 2030. MRFR’s report on the corrugated boxes market comprises growth drivers, challenges, and trends on the industry for the forecast period (2022-2030). The COVID-19 pandemic and its implications are explored in depth in the market.
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Market Scope
The global corrugated boxes market is driven by sale of consumer electronics and increasing purchasing power of consumers. Penetration of ecommerce firms and establishment of fulfillment centers for last-mile delivery can bode well for the market. Huge demands by brand owners for retaining customers and box-on-demand systems for packing products of irregular shapes or sizes can fuel the demand for corrugated boxes.
The use of corrugated boxes for recycling into container boxes as well as protective materials for manufacture can drive market demand significantly. This is evident with Pratt Industries establishing a plant in Georgia for expanding their reach in the U.S.
COVID-19 Impact
The COVID-19 pandemic has negatively affected the corrugated boxes market owing to sharp rise in raw material prices and issues in supply chains. Lack of collection of scrap paper, a key raw material for production of Kraft paper, can pose challenges to the market. In addition, export of scrap paper to China owing to higher prices has created a shortage and affected micro, small, and medium enterprises.
Segmentation
Regular Slotted Containers (RSCs) to Lead in Market Share
Regular slotted containers (RSCs) are expected to lead in market share owing to easy and fast production methods. Its versatile nature for packing all sorts of products can fuel segment growth over the forecast period.
Triple-wall Construction Method to Dominate Global Market
The triple-wall construction method is expected to lead in market share due to possessing the capacity for additional mechanical stress. Its use in transportation of bulky products due to being cost-effective can drive its demand.
Food Beverages Vertical to Dominate Market Demand
The FB vertical is expected to dominate the global corrugated boxes market owing to rise of hyperlocal grocery stores and rapid urbanization. Ordering of daily items and surge in consumption of juices and foods can bode well for the market.
Regional Analysis
APAC to Lead in Global Corrugated Boxes Market
Asia-Pacific (APAC) is expected to lead in the global corrugated boxes market due to rapid growth in the food beverage industry. India is likely to contribute to regional market growth due to use of boxes for handling and transportation of finished goods. Presence of key ecommerce companies and surge in purchasing power of customers can drive market growth. Awareness of sustainable packaging and huge role of boxes for protecting against counterfeit goods will bode well for the market.
Competitive Analysis
DS Smith, Archis Packaging (India) Pvt. Ltd, Smurfit Kappa Group, Orora Packaging Australia Pty Ltd, Europac Group, Georgia-Pacific LLC, Mondi Group, International Paper, and Packaging Corporation of America are key players in the global corrugated boxes market. Development of new features and collaborations are to be witnessed in the market.
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Industry News
Smurfit Kappa has invested USD 22 million for expanding the capacity of its Mexico facility. It plans to utilize sustainable techniques with their product being recycled for creating additional products.
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