Global Corrugated Boxes Market Share, Size, Growth, Demand and Forecast Till 2024
The global corrugated boxes market has witnessed steady growth over the past few years. This can be attributed to the ongoing product development coupled with the favorable properties of corrugated boxes such as environment-friendly nature, light-weightiness and cost-effectiveness.
The latest report by IMARC Group, titled “Corrugated Boxes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global corrugated boxes market size reached US$ 176.1 Billion in 2018, growing at a CAGR of around 4.7% during 2011-2018. Corrugated boxes refer to a type of packaging material made up of corrugated paperboard. They are highly durable, light-weight, flexible, crush-resistant, cost-effective and can withstand pressure, unlike cardboard boxes. They offer convenience, product safety and are easy to handle during packaging, loading and unloading. Nowadays, as consumers are becoming aware of the environmental hazards posed by non-biodegradable and plastic-based packaging materials, corrugated boxes have gained immense popularity as a sustainable packaging solution across various industry verticals.
With the ongoing trend of online shopping, corrugated boxes have gained momentum across the globe. Manufacturers are designing corrugated boxes in a wide range of shapes and sizes to make the packaging unique and attractive, which has encouraged e-commerce retailers like Amazon and Flipkart to use them extensively for storage and shipping purposes. Apart from this, these boxes are capable of photorealistic image printing which helps in effective marketing by developing brand awareness and promoting the products among consumers. Owing to this, they are highly preferred in retail ready packaging (RRP) and shelf ready packaging (SRP). Moreover, the leading companies are investing in research and development (R&D) activities to upgrade and enhance the chemical resistance, weatherability, dimension stability and other physical properties of corrugated boxes to diversify their applications. Looking forward, the market value is projected to reach US$ 206.6 Billion by 2024.
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Insights on Market Segmentation:
Performance by Material Used:
1. Recycled Corrugates
2. Virgin Corrugates
Based on the material used, the market has been categorized into recycled and virgin corrugates. Recycled corrugates are the most popular material used for manufacturing these boxes.
Performance by End-Use:
1. Food Products and Beverages
2. Paper Products
3. Electrical and Electronic Goods
4. Personal and Household Care Goods
6. Glassware and Ceramics
7. Textile Goods
On the basis of the end use, the market has been segregated into paper products, electrical and electronic goods, personal and household care products, chemicals, glassware and ceramics, textile goods and others. Amongst these, food and beverages represent the largest end-use segment.
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Performance of Key Regions:
1. Asia Pacific
3. North America
4. Latin America
5. Middle East and Africa
Region-wise, Asia Pacific is the leading market across the globe, accounting for the majority of the global market share. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined with some of the key players being International Paper Company, Nine Dragons Paper, West Rock, Smurfit Kappa Group and Lee and Mann Group.
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