The multi-depth corrugated boxes market is projected to display a healthy growth rate of more than 6% CAGR for the forecast period between 2021 and 2031. The demand for multi-depth corrugated boxes has been largely driven by sustainability initiatives in the packaging sector, and the rapid rise in ecommerce activity in recent years. Characteristics of recyclability optimization of storage space needs, and improvements to protection are essential factors that are expected to support sales of multi-depth corrugated boxes for the foreseeable future.
“Superior flexibility allowed by multi-depth corrugated boxes in terms of size and configurations are gaining attention in the packaging sector. Cost management benefits and reduced inventory requirements, and improvements in terms of weight and durability are aspects that are expected to drive long-term growth in the industry,” says the FMI study.
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Multi-depth Corrugated Boxes Market – Leading Takeaways
- Food and beverage packaging applications will remain major contributors to revenues owing to sustainability ecommerce activity.
- Ecommerce and industrialization investments aid the United States to hold the lead in the industry.
- India and China reflect high potential for growth owing to government investments towards strengthening international trade.
- Single wall boxes will remain popular owing to significant strength, at relatively affordable costs.
Multi-depth Corrugated Boxes Market – Growth Factors
- Growing international standards of durability and tensile strength for packaging in trade operations supports sales.
- Major investments into industrialization activities in emerging economies is generating key opportunities for new revenue streams.
- Superior flexibility in application and reduced operational and inventory costs support long term adoption prospects.
Multi-depth Corrugated Boxes Market – Constraints
- Risk of damage from pressure or adverse environment conditions is a major challenge for market players.
- Relatively higher costs as compared to conventional corrugated boxes limits rate of adoption in multiple industries.
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Expected Impact on Market by Coronavirus Outbreak
The coronavirus pandemic has had a moderately adverse effect on the multi-depth corrugated boxes market. Lockdown restrictions on activities in multiple industries including electronics and automotive, changes in international and domestic trade regulations, and disrupted raw material supplies have hurt demand in the short term.
On the other hand, increased spending on ecommerce during the pandemic generated key opportunities which are likely to continue even after the crisis has concluded. Moreover, a number of major businesses such as Amazon have engaged in stockpiling box inventories, which minimizing losses, and will aid faster recovery in the months to come.
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Some of the leading manufacturers participating in the multi-depth corrugated boxes market are Georgia-Pacific LLC, International Paper, DS Smith Packaging Ltd., Oji Holdings Corporation, Pratt Industries Inc., Acme Corrugated Box Co. Inc., Great Little Box Company Ltd., A.D. Inc. of Milwaukee, WestRock Company, Smurfit Kappa Group Plc, Uline Inc., and Shillington Box Co. LLC among others.
A significant number of players in the multi-depth corrugated boxes market are focused on efforts towards product development aimed for customized offerings to closely suit the needs of varying end user industries.
For instance, Pratt Industries Inc. has unveiled its 32 ECT grade, 12L x 9W x 6D box, which can be modified to 4 different sizes, sourced from 100% recycled paper, for multi-industry application. DS Smith Packaging Ltd. has introduced a multi-material irradiation treatment for its corrugated box offerings, aimed towards sterile use in the pharmaceutical and medical sector. Further Georgia Pacific LLC has been promoting lithographic, digital pre-print, and flexographic printing capabilities for its corrugated packaging offerings for HD aesthetic requirements.
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