The corrugated bin boxes market is a vital and dynamic segment within the broader packaging industry, specializing in the manufacturing and distribution of corrugated cardboard boxes designed specifically for storage and organization. Corrugated bin boxes are characterized by their sturdy construction, versatility, and suitability for various industries and applications.
These boxes are crafted from corrugated cardboard, a material known for its strength, durability, and cost-effectiveness. The corrugated structure consists of a fluted inner layer sandwiched between two flat outer layers, providing enhanced rigidity and protective qualities. Corrugated bin boxes typically feature an open-top design, allowing for easy access and visibility of the contents within.
The worldwide corrugated bin boxes market is poised for substantial growth, with an estimated market value of US$ 25,231.2 million projected for the year 2023. This growth is underpinned by several key factors, including the rising demand for environmentally friendly packaging solutions and the ever-increasing packaging requirements of e-commerce platforms. Over the forecast period spanning from 2023 to 2033, the overall demand for corrugated bin boxes is expected to exhibit a robust compound annual growth rate (CAGR) of 4.3%. By the end of this period, the market is anticipated to reach a remarkable valuation of approximately US$ 38,439.8 million , signifying substantial growth and market expansion.
For instance, in 2021, around 92% of all cardboard and containerboard manufactured were recovered and recycled in the United States. Corrugated materials have the maximum recycling rate of any packaging material used today. Owing to this, corrugated bin boxes have been reused to store and move items across the industries.
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Market Drivers
The expansion of the global corrugated bin boxes market is propelled by various factors, including the recyclability of corrugated materials and the robust growth witnessed in the food & beverage and electronic goods industries.
Notably, the food & beverage packaging sector is experiencing substantial demand, driven by the increasing preference for branded and packaged products, as well as heightened consumer awareness regarding the importance of secure product packaging. Within this context, beverage manufacturers are specifically opting for corrugated bin boxes, leveraging their safety features to ensure secure shipment of their products. These factors collectively contribute to the positive growth trajectory of the global corrugated bin boxes market.
Historical Outlook
As per the findings from a report by FMI, the sales of corrugated bin boxes experienced noteworthy expansion from 2018 to 2022, showcasing a commendable Compound Annual Growth Rate (CAGR) of 2.8%. This sustained growth trajectory culminated in an overall market valuation of US$ 24,191.1 million in the year 2022.
The surging popularity of the e-commerce sector over the years, driven by the burgeoning demand for convenient home or office deliveries, has been a pivotal factor contributing to the remarkable growth of corrugated bin boxes. Notably, the escalating demand for these boxes has been propelled by leading e-commerce entities adopting sustainable packaging methods to curtail costs and minimize wastage. This strategic shift towards sustainability emerges as a significant catalyst, further fueling the market expansion of corrugated bin boxes.
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Start-up Ecosystem
- Founded in 2016, Boxnco provides an online platform for personal storage services. Customers can use the online forum to request pickup and retrieval of storage boxes and manage and view stored items. It provides different packages with boxes and objects of various sizes. Boxnco delivers plastic containers and picks up packed boxes from customers’ premises. Customers can request a return service when they need stored boxes back.
- Launched in 2005, DCGpac is an online marketplace for packaging products. It offers packaging supplies such as cardboard boxes, bags & pouches, envelopes, tapes, rolls, stickers, and others through its online platform. Moreover, it offers e-commerce packaging solutions for sellers on platforms such as Amazon and Flipkart. Claims to have Flipkart, DTDC, Naaptol, ShopClues, LensKarrt, Industry Buying, Moglix, VLCC, FabFurnish, Tolexo, SafeExpress, and others as its clients. Users can choose, select, and place orders through the online platform.
Market Players:
- Ameripak
- MK Packaging
- International Plastics Inc.
- Deluxe Packaging
- Saxon Packaging Limited.
- Gabriel Container Co.
- Cactus Containers
- Packbox LLC
- Mondi Plc.
- Smurfit Kappa Group
- Georgia-Pacific LLC
- DS Smith Plc.
- VPK Packaging
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Market Segmentation:
By Material Type:
- Paper
- Paperboard
- Paperboard
By Product Type:
- Dividers
- Totes
- Jumbo
- Kraft Open Top
- Stackable
- Storage
- White
- Warehouse Rack
By Application:
- Food & Beverage
- Pharmaceuticals
- Manufacturing Units
- Warehouses
- Electronic Firms
- Automotive Spare Parts Dealerships
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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