New York (US), June 06, 2023 (GLOBE NEWSWIRE) -- Corrugated Packaging Industry Overview:
The research documents by MRFR indicate that the “Corrugated Packaging Market Research Report Information by Wall Construction, Application, Region and Type - Forecast Till 2030”, the Corrugated Packaging market is predicted to grow substantially over the assessment timeframe from 2022 to 2030 at a healthy CAGR of around 5%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 415.73 billion by the end of 2030. As per the study documents, the market was worth around USD 267.98 billion in 2021.
Market Scope: The global Corrugated Packaging industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the rising environmental concerns. Furthermore, the escalating demand for corrugated boxes from various end-use industries for packaging is also considered to be one of the crucial aspects causing a rise in the performance of the market across the globe.
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Competitive Analysis
The catalog of the top leaders across the global Market for Corrugated Packaging includes players such as:
- Georgia-Pacific LLC (U.S.)
- Mondi Group Plc (South Africa)
- Packaging Corporation of America (U.S.)
- International Paper Company (U.S.)
- Cascades Inc. (Canada)
- West Rock Company (U.S.)
- Rengo Co. Ltd. (Japan)
- DS Smith Plc (U.K.)
- Smurfit Kappa Group (Ireland)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 415.73 billion |
| CAGR | 5 % (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Key Market Drivers | Growing Demand for product safety Technological innovations |
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Market USP Covered
Market Drivers
The global Corrugated Packaging industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the rising environmental concerns. Furthermore, the escalating demand for corrugated boxes from various end-use industries for packaging is also considered to be one of the crucial aspects causing a rise in the performance of the market across the globe. Moreover, factors such as escalating demand from the food and beverage sector, technological advancements & innovations, and customized branding are also likely to impact the market growth over the coming years positively.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
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COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Corrugated Packaging industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Segment Analysis
Among all the types, the Slotted Boxes corrugated packaging segment secured the leading position across the global market, with the largest contribution of nearly 60% in 2021. They are usually made with one corrugated board, generally stitched, glued, or taped.
Among all the wall construction types, the single-wall segment secured the leading position across the global market in 2021 and is anticipated to showcase the maximum growth rate over the assessment period. The segment's growth is ascribed to the factors such as low transportation expenses and rising wall construction of single-wall implants.
Among all the materials, the liner board material segment secured the leading position across the global market in 2021. They are of nearly 80% of virgin kraft pulp fibers. The segment's growth is ascribed to its high strength and moisture resistance.
Among all the application areas, the Food and beverage segment secured the leading position across the global market in 2021. The main parameter enhancing the segment's growth is a strong need to protect the product from bacterial decay, outside disturbances, and germs.
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Regional Analysis
The Global Market for Corrugated Packaging is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that the Asia-pacific Region had the top position across the global Corrugated Packaging industry in 2021 with the largest contribution of nearly USD 153.226 billion and is likely to showcase a 6.1% CAGR over the assessment era. India, China, and Indonesia are the leading development contributors in the region. Further, the China Corrugated Packaging Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspects supporting regional market expansion are the need for sustainable & convenient packaging, rising environmental consciousness, adoption of electronic goods, growing e-commerce activities, and increasing urban population.
The European Region is anticipated to secure substantial growth across the global Corrugated Packaging industry over the coming years. Further, the German Corrugated Packaging Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The growth of the regional market is ascribed to the factors such as escalating demand for sustainable packaging from various end-use industries, the presence of key companies, and growing awareness regarding sustainable packaging solutions.
The North American region is anticipated to hold a significant position across the global Corrugated Packaging industry over the coming years by flourishing at a CAGR of around 3.3%. Further, the U.S. Corrugated Packaging Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspects supporting regional market expansion are growing environmental awareness, the rising e-commerce sector, and cost-efficient methods.
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