Selbyville, Delaware, April 19, 2022 (GLOBE NEWSWIRE) -- According to the report by Global Market Insights Inc., the Corrugated Packaging Market was estimated at USD 67.7 billion in 2021 and is primed to be valued at more than USD 91.3 billion by 2028, progressing at a CAGR of 4.4% from 2022 to 2028. The report offers a comprehensive assessment of drivers & opportunities, market size & estimations, competitive scenario, wavering market trends, top winning strategies, and major investment pockets.
Corrugated packaging provides several benefits, such as durability, cushioning, and stability for products. It is also economical, customizable, and recyclable, which helps reduce carbon emissions during shipping. Additionally, it saves energy and optimizes warehouse storage by decreasing wasted space as well as takes less time to manufacture since it can integrate a high percentage of recycled components. Soaring product adoption in the retail and e-commerce industries is foreseen to drive market growth over the forecast timeline.
Request for Sample Report: https://www.gminsights.com/request-sample/detail/5246
Single wall corrugated packaging is economical and rigid and offers cushioned protection. Due to these properties, the product has witnessed a rise in demand across diverse applications. In 2021, the single wall corrugated packaging segment accounted for the largest market share among all products with a revenue of more than USD 25.4 billion and is slated to grow at a CAGR of above 4.5% to surpass a valuation of USD 34.4 billion by 2028.
On the other hand, the lithography printing technique segment was valued at over USD 23.5 billion in 2021 and is set to progress at approximately 4.4% CAGR to reach nearly USD 31.8 billion in revenue by 2028. Lithography is widely used in the packaging sector to make custom printed corrugated boxes as well as shipping boxes. Some benefits offered by this technique include excellent quality of image at low cost, high color detailing, widespread availability, and flexibility, which are foreseen to support segmental growth through the assessment period.
Key reasons for corrugated packaging market growth:
- Prevalent uptake in electronics industry.
- Growing demand for packaging products.
- Increasing application in lithography printing.
- Surging usage in home care & personal care products.
2028 forecasts show ‘personal care & home care’ segment retaining its dominance:
With regards to Corrugated Packaging Industry, the personal care & home care segment is projected to attain a valuation of around USD 4.5 billion by 2028. Corrugated boxes are extensively used in the packaging of personal care and home care products. Availability of these boxes in various textures, designs, and colors makes them ideal for use in the packaging of personal care products, wherein brands focus on enhancing the attractiveness of their product packaging. In the home care industry, these boxes are utilized in the packaging of utensils, toilet cleaners, and glass products that are fragile and require additional layers of protection. These factors are expected to bolster segmental expansion over the analysis timeline.
Europe to maintain top status in terms of revenue:
On the regional spectrum, the Europe corrugated packaging market accounted for the largest share of the overall industry revenue with a valuation of around USD 14.0 billion in 2021 and is speculated to grow at a CAGR of over 4% to exceed USD 18.2 billion in revenue by 2028. The proliferating e-commerce sector, coupled with the booming home care and personal care sectors, is primed to propel product demand. Furthermore, since corrugated packaging is recyclable, stringent environmental regulations in the region are likely to promote product uptake in the forthcoming years.
Request for the customization of this report: https://www.gminsights.com/roc/5246
Impact of COVID-19 pandemic on corrugated packaging market:
Following the COVID-19 outbreak, corrugated packaging materials gained popularity for use in the transport of medicines, food, and medical equipment. Moreover, increasing consumer interest in online shopping created an upsurge in the need for effective packaging products. As a result, escalating product demand has positively impacted corrugated packaging market growth during the pandemic.
Leading market players
Some prominent players operating in the global corrugated packaging industry are All Packaging Company, Packaging Corporation of America (PCA), Danhil de México, S.A. de C.V., Mondi Group, Westrock Company, Rengo Co., Ltd., DS Smith, International Paper, Celulosa y Corrugados de Sonora, S.A. de C.V. (CESCO), Sultana Packaging, S.A. de C.V., Evergreen Packaging LLC, Georgia-Pacific LLC, Smurfit Kappa Group, Montebello Container Company LLC, Cascades Inc., and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
