Overview:
The global market report on the corrugated packaging market is slated to surpass USD 415.73 billion by 2030 at a 5% CAGR during the forecast period of 2023 - 2030. Market Research Future (MRFR) predicts that the market is getting amply backed by factors like the rising demand for the same from food beverage, personal care, and pharmaceutical industries. Better distribution networks and a surge in the application of the e-commerce sector inspire growth for the corrugated packaging market.
However, the corrugated packaging market is showing some signs of hindrances in the form of stringent government regulations.
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Segmentation:
The global corrugated packaging market was studied by MRFR research analysts and they have segmented it on the basis of wall construction, type, material, and application. A proper assessment of these segments reveals figures related to volume and value that could help in an understanding of market dynamics.
By type, the study of the global corrugated packaging market includes segmentation of self-erecting boxes, rigid boxes, slotted boxes, telescope boxes, and others. The rigid boxes segment had the largest market share in 2018 and it will continue its market reign during the forecast period. The telescope boxes segment includes a full telescope design container and a half telescope design container. The slotted boxes segment has segments like half slotted containers (HSC), regular slotted containers (RSC), and full overlap slotted boxes (FOL).
By wall construction, the global corrugated packaging market includes a study of single-wall, double-wall, and triple-wall. The single-wall segment dominated the market in 2018 and it will also score the fastest CAGR during the forecast period.
By material, the global corrugated packaging market includes linerboard, medium, and others. The linerboard segment has the largest market share.
By application, the global corrugated packaging market includes electronic goods, food beverages, personal care, pharmaceuticals, and others. In 2018, the food beverage segment had the largest market share.
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Regional Analysis:
Asia Pacific is making sure they retain their dominance in the global corrugated packaging market. The region covers around 35% of the global market. Burgeoning industries in China, India, South Korea, and others are backing the regional corrugated packaging market.
Competitive Landscape:
Smurfit Kappa Group, Mondi Group, Orora Packaging Australia Pty Ltd, DS Smith, International Paper, Europac Group, WestRock, Archis Packaging (India) Pvt. Ltd, Georgia-Pacific LLC, and Packaging Corporation of America are eminent names in the corrugated packaging market report for their significant contributions in the market. Their influences mostly include tactical measures, which analysts from MRFR have tracked to identify trends that are impacting the market.
Industry News:
In August 2020, Valmet announced that the company would supply Valmet IQ quality management system to PJSC Kyiv Cardboard and Paper Mill. The facility is in Kiev, Ukraine. This system will get installed in the corrugated packaging plant, where the chief focus is on modernizing the infrastructure. This investment has a specific focus on improving the quality of the corrugated board and while doing so, it will also increase productivity and profitability. The Valmet IQ quality management system is getting acknowledgment from several quarters for its effective use in Corrugator plants.
The global market for corrugated packaging got impacted by the COVID-19 as several chains of supplies got disrupted by stringent measures implemented by governments as countering tactics to prevent the disease from spreading. However, the recent relaxation of the laws can bring the market back on track in coming years.
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