Global Corrugated Board Packaging Market was valued at USD 290.22 billion in 2019 which is expected to reach 336.25 billion by 2027 at a CAGR 5.20%.
Corrugated paper board is made from a combination of two fluted sheets of paper board to one or more flat sheets of linerboard. Flutes are the arches that are contained between the two linerboards. These arches provides strength to the corrugated construction q Corrugated paperboard is also known as corrugated fiberboard.
There are different types of corrugated board, based on flute sizes and profiles. This offers numerous combinations to create packaging with different performances and characteristics. Corrugated packaging products are porous to moisture and absorbs water. This factorreduces its stiffness and strength. q There are four types of corrugated board, single wall board, double wall board, triple wall board and single face board.
Rise in demand for fiberboards from several end use industries such as Personal Care, Pharmaceuticals, Food & Beverages, Electronic Goods, and Others is expected to boost the global corrugated board packaging market growth. Corrugated boards are the substitutes for plastic and metals due its light weight and easy recyclability will have the positive impact on growth of global corrugated board packaging industry, during this forecast period. Furthermore, increase in customer consciousness and by regulatory authority regarding sustainable packaging and eco-friendly packaging is expected to fuel the global corrugated board packaging market growth.
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Drivers: Adoption of Fiber based packaging by fast food companies and retailers across the globe
Increasing application of sustainable resources is one of the key areas which are highly concentrated by manufacturer and environmentalist across the world. This emphasizes the use of bio-degradable packaging materials among multinational fast-food companies and global retailers such as Albertsons, Costco, Krogers, Walmart, MC Donald’s, Starbucks, etc. These companies link up with multi-stakeholder (Environmental Defense Fund, WWF, etc), with an aim to lessen the environmental impact. Such international regulatory bodies recommend the essential changes in packaging materials, thus emphasizing to use paper and paperbased packaging products such as (Corrugated Board Packaging, folding cartons, bags & sacks, etc).
Paper and paper-based packaging product reduce the impact on the environment and at the same time lessen the overall packaging cost of the manufacturer company. Correspondingly processed food companies and retailers have extensively benefitted through the paper and paperboard packaging, reporting over 70% of the packaging material made from paper and paperboard material. This has created an enormous flow of revenue and increasing demand for paper and paper-based packaging product in the regions of North America, Europe, and Asia
Restraints: High installation cost of machinery and equipment creates a backlash factor on revenue margin in long run
Corrugated board manufacturing process involves multiple stages which range from designing, layout, die cutting, waste recovery, etc. and require machinery and equipment for applications such as emission control, cooking, pulp storage, etc. Such installation cost incurred by the manufacturer is quite large and invariably very expensive. Moreover, the operation cost for running such paper-based machinery and equipment is very large which creates some of the energy crises faced by countries such as Russia, Poland, and other European economies. These factors either leads to import of essential packaging products at higher margin or encouragement of counterfeit product, creating a revenue effect for manufacturers operating in neighboring countries.
Additional, innovation in the material and packaging design of Corrugated Board Packaging across the developed region leads to a leapfrog movement which small-scale manufacturers have to adapt. Smallscale manufacturers failing to adopt such innovation and development have to suffer huge lose. Thus huge installation cost incurred after machinery and equipment sometimes do act as a refrain factor for manufacturers of corrugated board packaging products.
However, stringent government norms like rules and regulations against contamination is the major restraining factor which is expected to hamper the global corrugated board packaging market growth.
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Impact of COVID 19 on Market
COVID 19 pandemic is the short term challenging factor for market which is expected to hamper the global corrugated board packaging market growth. It is global crisis due to increase in number of confirmed COVID 19 cases many companies stopped their production and manufacturing which led to slowdown the global corrugated board packaging market growth.
Opportunities: Digital printing and Litho-lamination on Corrugated Board Packaging
Litho lamination consists of a single sheet of paper that is laminated/glued to a corrugated box. Branding is considered as important aspects in the food & beverages and commercial industry. Litho lamination is the best solution for the branding and it is basic requirement by the industry which provide the specific product for establish the brand image in the market. In corrugated box market there is great opportunity for the litho lamination printing because it is highly demanded by the industry, such as electrical & electronics, which needs the customize solution for packaging. With proper processing, a box is not only customized and stable, but is also distinguished by additional protective and printing properties.
These properties are incorporated directly in the production of corrugated box, in the corrugated board machine or subsequently on printing. Manufacturers of Corrugated Board Packaging could leverage bespoke design capabilities to create customer oriented Corrugated Board Packaging. Corrugated box manufacturers serve diverse nature of clientele due to extensive scope of application of corrugated packaging solutions.
Market Trends: Development of innovative lightweight flute with better strength to fulfill the growing demand for sustainable packaging solutions
Established players in the corrugated board market are continuously trying to innovate in terms of new corrugated products. Companies manufacture innovative products to minimize the consumption of raw material without compromising on performance and quality. These lightweight flute Corrugated Board Packaging provide some measure of product protection by themselves and also the corrugations help enhances various properties of the board including strength, durability, weight, load bearing capacity, flexibility. This is the reason that Corrugated Board Packaging are more preferred over normal cardboard boxes. corrugated board is viewed as a sustainable packaging material.
93% of the Corrugated Board Packaging are made with material supplied by Sustainable Forestry Initiatives. In nowadays corrugated is the most recycled material. In North America, 60%-70% of all containers are recovered for recycling. The environmentalfriendliness of Corrugated Board Packaging was widely acknowledged, given that they are derived from a renewable resource and their strength-to-weight ratio provides product protection along with cost-savings and efficiencies throughoutthe supply-chain.
Global Corrugated Board Packaging Market is segmented into type such as Rigid Boxes, Self-Erecting Boxes, Telescope Boxes, Slotted Boxes, and Others, by construction wall such as Single Wall, Double Wall, and Triple Wall,. Further, Global Corrugated Board Packaging Market is segmented into application such as Personal Care, Pharmaceuticals, Food & Beverages, Electronic Goods, and Others.
Also, Global Corrugated Board Packaging Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Klingele Papierwerke GmbH & Co. KG., Ariba & Company, I. Waterman (Box Makers) Ltd.,and Kashi Pack Care
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