Published: September 2020 | Report Code: CM12078 | Available Format: PDF | Pages: 196
The corrugated boxes market revenue stood at $180.9 billion in 2019, and it is expected to progress at a CAGR of 4.3% during 2020–2030. This growth can be owed to the surging demand for lightweight and convenient packaging solutions in several industries and growing e-commerce and offline retail sectors.
As corrugated boxes form the backbone of the supply chain, the market did not suffer a setback due to the COVID-19 outbreak. In 2019, the Fibre Box Association stated that these boxes are highly important in India, the U.S., China, and Germany. The demand for these boxes witnessed a significant hike due to their increasing usage for the supply of goods to hospitals, pharmacies, retailers, and grocery stores.
In 2019, the C category accounted for the largest market share in 2019 owing to the good crush resistance, suitability for high-quality printing, and high stacking strength of the C flute. This flute type finds large-scale usage in the corrugated boxes used for shipping purposes, primarily for the packaging of glass products, furniture, and dairy products. The increasing usage of these products led to the dominant position of this category in the corrugated boxes market. Additionally, this flute type can be used in combination with the B and E flute types while producing double-wall boxes, to achieve structural strength for transporting heavier goods.
The single wall category, under the board style segment, generated the highest revenue in 2019. Boxes made out of single-wall corrugated boards are ideal for carrying low-weight objects due to their own low weight. Besides, these boards can be easily transformed into boxes of specific sizes, as per the industry requirement, due to their high flexibility. The inner and outer liners of these boards provide structural strength to the box, and the flute between the liners absorbs shocks while the goods are being transported.
The slotted category is expected to generate the highest revenue in the corrugated boxes industry during 2020–2030, based on box style. Slotted boxes are developed from one-piece corrugated boards, which facilitate easy foldability owing to their flexibility. These boxes are widely used for shipping fragile products, as they comprise dividers/separators that help in organizing assorted items inside the boxes for minimum movement of goods. Besides, the fill-in pads and overlapping flaps offer extra cushioning to the products being shipped.
In the corrugated boxes market, the processed food category accounted for the major share in 2019, under the end use segment. This can be attributed to the surging concerns over food freshness and safety. These boxes are primarily used during the shipping of canned & frozen food, bakery & dairy products, and grain-based food, as these boxes ensure the freshness and safety of such products during their transit from the producers to the retailers or end users.
The growth of the APAC market for corrugated boxes can be attributed to the rising environmental awareness and increasing focus on sustainable packaging, burgeoning demand for electronic goods and personal care products, and escalating e-commerce activities. Besides, the rising availability of raw materials and soaring number of government initiatives to encourage the development of environmentally viable products are promoting the usage of corrugated boxes for primary and secondary packaging applications.
Moreover, the reputation of APAC as the leading manufacturing hub, owing to low logistics and labor costs, has boosted the adoption of corrugated boxes in the region. Numerous businesses across the world are outsourcing their manufacturing operations to APAC nations to reduce their expenses. This creates lucrative opportunities in the regional corrugated boxes market, as the products are manufactured and packaged at the same place. Corrugated boxes are used by manufacturers to transport the final goods to the end markets.
Earlier, corrugated boxes used to account for a large volume of waste, as they were disposed of after use, which had a severe impact on the environment. To mitigate waste accumulation, manufacturers across industries have started using advanced technologies for shredding and compaction, which aid in the recycling of corrugated boxes. This leads to the production of fiber, which can be used for the development of new corrugated boards.
According to the Interpack Emerging Market Outlook, the packaging industry resvenue stood at $839 billion in 2015. The vast demand for manufactured products, ranging from television sets and smartphones to edible goods, such as candies, has amplified the demand for corrugated packaging owing to its excellent crush resistance and high structural strength. Thus, the expansion of the packaging sector is playing a vital role in the corrugated boxes market growth.
Corrugated boxes are majorly recommended for the shipping of heavy and fragile consumer goods because they are stronger and have a higher pressure resistance than regular cardboard boxes. In addition, the rapid growth in on-demand delivery services and online shopping has led to the increasing adoption of corrugated boxes.
In 2019, the e-commerce sector was valued at nearly $3.5 trillion, wherein China and India emerged as the fastest-growing markets for online retail. This can be ascribed to the high penetration of smartphones and the internet, aggressive-discount-driven sales, and development of the delivery ecosystem. The growth of the e-commerce industry has resulted in the large-scale consumption of corrugated boxes worldwide. Additionally, the emergence of scale-open retail ecosystem platforms has helped the e-retail sector flourish. These platforms offer compelling alternatives to retailers for building and scaling their capabilities.
The popularity of online shopping platforms can also be owed to initiatives such as the Amazon Prime Day of July 2019, which became one of the largest shopping events in history. This event drove the market for corrugated boxes by resulting in huge product sales, which required corrugated boxes in large quantities for packaging purposes.
|Base Year (2019) Market Size||$180.9 Billion|
|Forecast Period CAGR||4.3%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Company Share Analysis, Companies’ Strategic Developments, Product Benchmarking, Company Profiling|
|Market Size by Segments||By Flute Type, By Board Style, By Box Style, By End Use, By Geography|
|Market Size of Geographies||U.S., Canada, Germany, France, Italy, U.K., Spain, Japan, China, India, South Korea, Brazil, Mexico, Saudi Arabia, South Africa, Turkey|
|Secondary Sources and References (Partial List)||Asian Corrugated Carton Association, Canadian Corrugated and Containerboard Association, Corrugated Box Manufacturers Association, European Federation of Manufacturers of Corrugated Board, Fibre Box Association, International Corrugated Case Association, Packaging Manufacturers Association|
The corrugated boxes market is fragmented in nature, with the presence of numerous major players, such as International Paper Company, WestRock Company, Smurfit Kappa Group, Oji Holdings Corporation, Packaging Corporation of America, Stora Enso Oyj, Nine Dragons Paper (Holdings) Limited, DS Smith Plc, and Mondi plc.
In recent years, players such as WestRock Company and Smurfit Kappa Group have entered into many mergers and acquisitions with other market players. For instance:
The corrugated boxes market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Flute Type
Based on Board Style
Based on Box Style
Based on End Use
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