FMI estimates the growth of magnetic closure boxes to be ~4.0% during the forecast period. E-commerce and luxury packaging market is expected to boost the demand for magnetic closure boxes across the globe during the forecast period. The U.S. is expected to be a big market for the product due to colossal gift packaging industry.
Magnetic Closure Boxes Market
Magnetic closure boxes are a convenient way of packing and accessing goods. Magnetic closure boxes usually have magnetic strips or snaps attached to inner part of a lid which could be easily cling to the adjacent wall of the box.
These boxes are not only reusable but also have an aesthetic appeal attached to them. The packaging is used for food and beverage, personal care and home care, pharmaceutical, consumer goods and other products like jewelry, stationary, etc.
Increasing adoption of sustainable boxes is shaping the market growth. Usage of materials like paper, wood and metal is constantly reshaping the magnetic closure boxes. Growing fashion and accessory industries across the world is responsible for paving a way for magnetic closure boxes market.
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What are the Key Trends Impacting the Growth of Magnetic Closure Boxes in the Market?
Magnetic closures are an add-on to conventional snaps closures or flap closures. It not only adds extra strength to the closures but also helps to secure the product inside from any unwanted outside elements. Compartments and inserts inside the packaging are few other elements that are adding value to magnetic closure boxes in the market.
How Printing and Customization are changing the Game for Magnetic Closure Boxes in the Market?
Printing and customization in magnetic boxes are a game changer for the end use industry. Digital printing helps manufacturers to market their brand aesthetics, logo, and taglines in a better way over the magnetic closure boxes top. Brands are unleashing their creative potential with designing and decorating the boxes in a way that attracts customer’s attention and helps easy brand recall.
What are the Key Challenges in the Growth of Magnetic Closure Boxes in the Market?
Additional costs might act as a restrain in the growth of magnetic closure boxes market. Other than costs, the luxury appeal might not attract all the customers. Limited end uses of magnetic closure boxes can result in low production adoption.
Competitive Landscape
Key players operating in the magnetic closure boxes market are
- Blue Box Packaging
- PakFactory
- Emenac Packaging
- Sunrise Packaging
- Claws Custom Boxes
- Packhelp
- Litpac
- Ibex Packaging
Few Asian key players in the market are Zhejiang Minong Century Group Co., Ltd., Guangzhou Minglai Packaging Co., Ltd., Shanghai DE Printed Box, M.K. Packaging, Indo Omakase Private Limited, Keval Pack among others.
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What are the Key Opportunities for the Magnetic Closure Boxes Market
Gloss and matte finish boxes with custom UV print are few of the new domains for magnetic closure boxes market. Foam and satin inserts are expected to attract a new set of customers for magnetic closure boxes in the market.
Why is the US a big Market for Magnetic Closure Boxes Market?
US is a big corporate and social gifting market. Customers in US spend a hefty amount on Christmas and holiday shopping which boosts the market for magnetic closure boxes in the country.
What is the Repercussion of the Pandemic on the Growth of the Magnetic Closure Boxes Market?
COVID-19 has disturbed the market for magnetic closure due to pandemic situations all across the globe. However, e-commerce has kept the market afloat and is expected to improve the demand during the forecast period.
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Key Segments of Magnetic Closure Boxes Market
By Material:
- Paper
- Containerboard
- Paperboard
- Textile covered
- Metal
- Wood
- Other (plastic, etc.)
By Magnet Type:
- Strip magnetic closure
- Snap magnetic closure
By End Use:
- Luxury packaging
- Food and Beverage
- Personal care and homecare
- Pharmaceutical
- Consumer goods
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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