Folding Boxboards Market size is forecast to reach $12.5 billion by 2025, after growing at a CAGR of 5% during 2020-2025, owning to increasing demand from various industries such as pharmaceutical, cosmetics, food & beverage and others. Folding boxboards can treated as per requirement such as laminating, foiling, and polishing to matt or gloss. The print accuracy of folding boxes is higher than the corrugated print boxes, and their lightweight makes them ideal for small product packaging. In addition, continuous use of liquid packaging and food services is fueling global folding boxboards market growth.
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Type – Segment Analysis
Pulp-Based held the largest share in the folding boxboard market in 2019. Folding boxboards are made up of multilayers of chemical and mechanical pulp. The mechanical pulp layer is sandwiched between the top and the back sheets of the chemical pulp. The top layer of the folding boxboard is usually bleached and often is coated with pigments. These boxboards possess low density and high stiffness. In addition, other types such as bleached chemical and recovered paper also hold a significant share during the forecast period. Rising awareness regarding environment protection, strict government regulations on the use of plastics, and properties of by folding boxboard such as flexibility, stiffness, and lightweight is driving folding boxboards market growth.
Application – Segment Analysis
Packaging segment held the largest share in the folding boxboards market in 2019 and is growing at a CAGR of 5.6%, owning to growing usage of folding boxboards in a variety of packaging applications such as in the packaging of chilled, frozen and other foods and in the packaging of health and beauty products. In addition, pharmaceuticals, cigarette packaging, confectionary packaging, graphic packaging and so on. Folding boxboards are also used in packaging of luxury items, greeting cards production, paperback covers, and others. The market for folding boxboard is gaining huge traction in the developing countries of the APAC region due to their rising population and increasing disposable income. In addition to this, there is a rising awareness about environmental protection, and due to this, consumers are preferring eco-friendly packaging solutions and this is also a factor contributing to the rise of folding boxboard market.
Geography – Segment Analysis
North American held the largest share in the folding boxboard market in 2019 up to 30%, owing to growing customer demand for environmentally friendly packaging solutions, and strict government regulations on the use of plastics. In January, 2019 Jamaican Government banned use of single use plastics, polystyrene, and Styrofoam containers. In July, 2019 Panama banned single-use plastic bags to curb pollution. In 2014, California banned the use of plastic bags in the state. Therefore, rising government regulations and ban on use of plastics bags, Styrofoam containers and so on is creating folding boxboard demand for packaging, transporting and other applications in the region.
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Drivers – Folding Boxboards Market
The demand for folding boxboards is continuously increasing from packaging industry, owning to increasing responsiveness and concerns about the environment. With the increasing problems of landfill and non-biodegradable waste or very slow degradation of plastic and metal packaging, folding boxboards are gaining traction. In addition, a lot of innovations in designs and technical advancements have been witnessed by the industry in the last decade, which has eased the penetration of folding boxboards in new segments such as, frozen foods, multi-pack beverage holders, recycled boxboard for packaging of dry food, and healthcare products. Therefore owning to these factors folding boxboards demand is increasing from the packaging industry.
Challenges – Folding Boxboards Market
However, the growth of the global market is impeded by fragility, reduced durability, brittleness, less elasticity, low strength, and lack of wear power. Therefore, because these factors customers may prefer other boards such as solid white boards, as folding boxboards have lower strength than solid white board. Therefore this factor acts as a restrain to the folding boxboards market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Folding Boxboards Market. In 2019, the market of Folding Boxboards Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Folding Boxboards market are Mayr-Melnhof Karton, Mondi Group, International Paper Company, Leanpack, CartonHub, ITC Limited, Metsa Board Group, Antalis International, Box-Board Products, Hangzhou Gerson Paper, Shandong Bohui Paper Industrial Company, among others.
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