By 2031, the global multi-depth corrugated boxes market is expected to have grown by a respectable 6.4% CAGR, reaching US$ 1,614.2 Mn.
These boxes are reduced in size to the needed dimensions, and the package’s height is modified to account for the size of the item within. The market for multi-depth corrugated boxes is expanding across several regions due to the ease of customisation during packaging.
Corrugated boxes in the multi-depth design are in high demand because they offer significant storage space savings when the sides of the box are folded to fit the contents without the use of a special carton size tool. The largest market for corrugated boxes is the food and beverage sector.
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Key Takeaways of Multi-Depth Corrugated Boxes Market Study
Driven by rising demand from various industries, the multi-depth corrugated boxes market is forecast to exhibit 6.4% CAGR between 2021 and 2031
Within North America, the U.S. is expected to account for over 91% of the sales
The U.K. is projected to register negative growth at -0.8% in 2021 following COVID-19 outbreak. Recovery is on card 2022 onwards
The demand from Germany and France is expected to remain high through the forecast period
China will continue dominating sales in East Asia, while demand from Japan and South Korea is projected to rise at a positive rate
“Most of the secondary packaging material goes directly to waste bins, ending up in landfills or water bodies. With soaring protests against hazardous packaging waste polluting the eco-system, manufacturers and consumers both are concerned about reducing their share of toxic waste generated. Sustainability factor of multi-depth corrugated boxes has been favouring their sales in response to the increasing demand for environment-friendly packaging” says an FMI analyst.
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Demand for High Performance Packaging
Development in packaging material is an important factor enabling growth in the packaging market. High-performance packaging has been developed with robust barrier characteristics and intelligent components. Adapting new changes in packaging material is intended at extending the shelf life of the product.
High-performance packaging material includes high barrier material, intelligent packaging, and nanotechnology. High-performance boxes are mostly manufactured from composite and recycled material to maintain sustainability. These boxes are capable of meeting various requirements to provide effective and ideal packaging solution.
Competitive Landscape
Companies operating in the multi-depth corrugated boxes market are aiming at strategic collaborations with software and digital printing service providers to address the requirements of an expanding packaging market. Presence of more number of competitors means a large number of players are competing for the same customer base and resources, therefore keeping up the momentum.
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Thus, the rivalry among existing competitors is significantly high.
- On May 2nd 2019, WestRock Company acquired UBS Printing Group, Inc. to intensify its ability to support beauty and personal care industry.
- On 15th April 2019, WestRock Company was honoured with Innovator Award for its work in improving the recyclability of foodservice packaging by Sustainable Packaging Coalition (SPC).
- On January 27, 2021, Georgia-Pacific LLC expanded its Hummingbird® digital operations through the purchase of HP PageWide T1190 Press for corrugated packaging printing solutions. HP PageWide T1190 Press is set to deliver 305 meters (1000 feet) of corrugated liner per minute and up to 100 million corrugated boxes per year.
- On January 14, 2021, DS Smith Packaging Ltd. installed an EFI™ Nozomi C18000 Plus digital printer in its plant based out of Lisbon. This digital printer allows customizing the corrugated packaging with good quality print and lesser delivery time.
Key Players:
- Georgia-Pacific LLC
- International Paper
- DS Smith Packaging Limited
- Oji Holdings Corporation
- Pratt Industries, Inc.
- Acme Corrugated Box Co. Inc.
- Great Little Box Company Ltd.
- A.D. Inc. of Milwaukee
- WestRock Company
Key Segments Covered in Multi-Depth Corrugated Boxes Industry Research
Multi-Depth Corrugated Boxes Market by Capacity Type:
- Up to 80 lbs
- 80 to 180 lbs
- 180 to 300 lbs
- Above 300 lbs
Multi-Depth Corrugated Boxes Market by Board Type:
- Single Wall
- Double Wall
- Triple Wall
Multi-Depth Corrugated Boxes Market by Strength:
- Normal (Below 32 ECT)
- Standard (32 ECT)
- Heavy Duty (44 ECT)
- Heavy Duty Double Wall (48 ECT)
Multi-Depth Corrugated Boxes Market by End Use:
- Food & Beverages
- Consumer Electronics
- Home Care & Personal Care
- Textiles
- Glassware & Ceramics
- Automotive
- Others
Multi-Depth Corrugated Boxes Market by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
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