Clay coated recycled boxboard market is anticipated to expand at a healthy CAGR (4.7%) over the forecast period (2022-2030), reaching US$ 10.5 Bn by the year 2030.
Clay coated recycled boxboard (CRB) finds application in the packaging of dry food, pet food, laundry detergents, and pharmaceuticals. CRB is cost-effective and 100% recyclable, making it highly preferable among packaging converters. This boxboard is considered ideal for packaging that requires an effective printable surface, is lightweight, and protection purposes. The global clay coated recycled boxboard market is expected to exhibit a CAGR of 5% over the forecast period of 2020-2030.
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Amidst the coronavirus (COVID-19) pandemic, the clay coated recycled boxboard market is expected to witness a drop in value creation in 2020, due to decline in industrial production and irregularities in the global supply chain. However, the market is slated to make a rapid recovery by 2022 with a 4.3% Y-o-Y growth, driven by surging consumption of recycled boxboard in several industries, including food and beverages, pharmaceuticals, cosmetics, and electronics. Moreover, consumers are expected to increasingly become conscious regarding food safety, which is again likely to propel the growth of the clay coated recycled boxboard market over the following decade.
“Advancements in digital printing are encouraging brands to reach a wider audience base, thus, creating remunerative growth opportunities for clay coated recycled boxboard manufacturers. Leading manufacturers are collaborating with local distributors in order to provide customized solutions to end-use customers.”
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Key Takeaways of Clay Coated Recycled Boxboard Market Study
Clay coated recycled boxboard market revenue will expand around 1.5X over 2020-2030, attributable to rising adoption of products such as cereal boxes that require graphic printing for enhanced brand reputation.
Around half of clay coated recycled boxboard market revenue would be realized by food and beverage packaging applications, owing to increasing demand from the snack packaging industry. Clay coated recycled boxboard also finds application in consumer goods such as footwear and apparel, and the trend will follow a positive curve in the coming years. Moreover, pharmaceutical packaging applications are reflecting potential growth avenues for clay coated recycled boxboard manufacturers.
East Asia accounts for nearly a quarter of the global clay coated recycled boxboard market, majorly represented by China. Rising health awareness and high demand for pharmaceutical, beauty, and personal care products are fueling the regional market.
Clay coated recycled boxboard offers high moisture absorption, lower weight resistance, and better printing quality output as compared to SUK and folding boxboard.
Key players in the clay coated recycled boxboard market are embracing inorganic expansion strategies such as acquisitions to satiate the demand from wider geographies, whereas, small and medium businesses (SMBs) are strengthening their supply chains to sustain in the market landscape.
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Clay Coated Recycled Boxboard Market Landscape
The clay coated recycled boxboard market is highly fragmented, with prominent players accounting for below 20% of global revenue. Leading manufacturers such as International Paper Company, Smurfit Kappa, and WestRock are focusing on product development and acquisitions to meet the rising demand from wider geographies. Moving on, small-scale manufacturers such as GreenPaper will look to increase their production capacities to maintain their market competitiveness. Other noteworthy players in the clay coated recycled boxboard market are Paperworks Industries, Inc., Netpak, Greif, GreenPaper, Strathcona Paper LP, TPC Group Co. Ltd., and Spartan Paperboard Company.
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