NEW YORK, Oct. 28, 2021 /PRNewswire/ -- Zion Market Research has published a new report titled "Corrugated Boxes Market By Types (Folder Boxes, Telescope Boxes, Rigid Boxes, And Slotted Boxes), By End-Users (E-Commerce, Electronic Industry, Food & Beverage, Chemicals, Textile Goods, Paper Industry, Pharmaceuticals), By Material (Virgin Fiber And Recycled Fiber): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028". According to the report, the global Corrugated Boxes market accounted for USD 74.68 Billion in 2020 and is expected to reach USD 107.02 Billion by 2028, growing at a CAGR of 4.6% from 2021 to 2028.
Inside liner, middle fluting, and outside liner are the three layers that make up a corrugated box's structure. The fibrous pulp extracted from the pine tree is used to make corrugated boxes. Corrugated boxes are sturdier than cardboard boxes, and they can withstand the weight of shipping when stacked. Corrugated boxes are a form of packaging made of corrugated cardboard sheets. Unlike cardboard boxes, these boxes are extremely sturdy, versatile, light-weighted, cost-effective, crush-resistant, and pressure-resistant. During packing, loading, and unloading, corrugated boxes provide food protection, comfort, and ease of handling. These boxes are also environmentally friendly because they are made without the use of toxic materials and are simple to recycle. Corrugated boxes are a sustainable packaging option that can be used in a variety of industries, which is expected to boost overall market growth.
The industry did not suffer a loss as a result of the COVID-19 outbreak because corrugated boxes are the backbone of the supply chain. According to the Fibre Box Association, these boxes are extremely important in India, the United States, China, and Germany in 2019. The increasing use of these boxes for the supply of supplies to hospitals, pharmacies, supermarkets, and grocery stores has resulted in a large increase in demand for these boxes. Corrugated packaging products are made of paperboards and are constructed to provide the highest degree of security to goods in storage and transit, such as large, bulky, delicate, or high-value items. Corrugated packaging comes in a variety of sizes, so it can be used to package anything from small items to heavy-duty items.
The major growth factors of Corrugated Boxes Market are: Demand in end user industries, Food and beverage packaging, chemicals, glassware and ceramics packaging, paper, electronics, textiles, personal care, and household goods all use corrugated boxes. Corrugated boxes are in high demand due to the growth of these end-use industries around the world. Furthermore, the e-commerce industry is booming as a result of the conveniences that online shopping provides, such as free shipping and hassle-free delivery and return policies. The use of product-specific corrugated boxes by online retailers to protect products from mechanical stress is positively affecting market development.
Digital printing advancements, the digital print market is maturing, and systems are now being designed to meet the demands of the high-volume liner and post-print industries. The ability to personalize either relating to products, countries, stores, or individuals, as well as the level of quality now accessible through the latest technologies, have all combined to produce a "perfect storm" of growth opportunities for converters and printers.
The market has been divided into recycled fiber and virgin fiber segments based on material form. The recycled fiber segment holds the largest market share and is expected to rise over the forecast period. Because of its properties such as being lightweight, recyclable, and protecting fragile items, recycled fiber is in high demand. These characteristics are driving up demand for recycled fiber in corrugated box manufacturing. Furthermore, widespread use in the packaging of lightweight products such as electronics, fast moving consumer goods, and cosmetics would propel this segment forward in the coming years.
End User Segment Analysis
E-commerce, chemicals, electrical & electronics, food & beverages, textile, personal care & household, and others are the end-use segments of the industry. Food and beverage had the largest market share and was expected to rise at the fastest pace during the forecasting period. Increasing demand for packaged foods, changes in consumer lifestyles, increased disposable income, and an increase in online food and beverage retailing are the key factors driving this segment's development. During the forecast period, this is expected to accelerate the food & beverage segment's dominance in the global market.
Regional Segment Analysis - Presence of Big Players in the Region Support North America Dominance
North America currently holds the largest share of 37% for the corrugated box industry, and this dominance is expected to continue over the forecast era. The region's major driving factors in the global market are rapid growth in the e-commerce sector, low costs, a rise in packaged product consumption, and better product safety. In addition, the recent acquisition of KapStone Paper and Westrock Company will boost business growth in the United States. Due to increased demand from various end-use industries, many producers are planning to expand their manufacturing capacities. Over the forecast period, this is projected to stimulate the growth of the global corrugated boxes industry.
Over the projected era, Asia Pacific is expected to have the highest CAGR of 6.6% in the global market. To meet the demand for corrugated boxes, manufacturers are investing in developing countries. Furthermore, evolving consumer lifestyles, increased online shopping, increased awareness of eco-friendly packaging, and strong economic growth in countries such as China and India are expected to drive market growth in the global corrugated boxes market during the forecast period.
Key Market Players & Competitive Landscape
Companies engage in mergers and acquisitions as well as new product creation in order to increase their market share and achieve a competitive edge over their rivals. Some of key players in Corrugated Boxes market are Smurfit Kappa Group, DS Smith PLC, Packaging Corporation of America, Cascades Inc., International Paper Company, Rengo Co. Ltd., Westrock Company, Mondi PLC, KapStone Paper and Packaging Corporation, among others.
The global Corrugated Boxes market is segmented as follows:
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