The global corrugated board market is anticipated to reach US$ 143.86 billion in 2023, growing at a 6.8% CAGR between 2023 and 2033. The market is expected to reach US$ 277.75 billion by 2033.
In the projected timeframe, market growth is expected to be influenced by the prohibition of plastic packaging in emerging economies like India, the surge in industrialization, and the expansion of global trade. The widespread incorporation of corrugated boards in items such as liquid bottles, fruits and vegetables, ready-to-eat food, and confectionery products is foreseen to drive the expansion of the corrugated board market.
The market is predicted to be driven over the next years by an increase in online sales as well as a growth in consumer awareness of sustainable packaging. Government regulations regulating the safety of food packaging and the desire for better packaging materials are expected to cause the market to expand in the future years.
The e-commerce industry is experiencing robust growth due to various factors, including the surge in online shopping driven by the pandemic and the convenience of accessing a vast array of products through online retail platforms. As the demand for a diverse range of products online continues to rise, e-commerce companies are expanding their warehousing infrastructure to accommodate the increasing demand.
Corrugated boxes are now much more in demand as a result of this issue. The corrugated board market would increase significantly with the help of these points.
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Opportunities
Smurfit Kappa is at the forefront of embracing digitalization within the corrugated board market, revolutionizing the landscape with a spectrum of innovative products. Renowned as a leading producer of corrugated packaging solutions, Smurfit Kappa has elevated the corrugated business by seamlessly integrating digitalization into its operations.
A recent milestone includes the introduction of a cutting-edge line of multifunctional paper specifically designed to harmonize with both flexographic and digital printers. This breakthrough in multifunctional paper technology facilitates a seamless synergy between the printer and the packaging material. This innovative approach expands the parameters for optimal digital printing, unlocking the full potential of this technology and pushing the boundaries of what can be achieved in the corrugated packaging industry. Smurfit Kappa’s commitment to digitalization is not just a technological upgrade but a strategic move toward enhancing efficiency and unleashing new possibilities in the realm of corrugated solutions.
Key Takeaways
- The Japan market is expected to register a CAGR of 6.7% during the forecast period.
- During the projected period, the corrugated board market in the United States accounted for approximately 19.1% of the global corrugated board industry.
- During the forecast period, Sweden’s market accounted for around 6% of the global market.
- Asia Pacific emerged as a prominent market, accounting for more than 40% of total revenue.
Recent Development
A new production line may be constructed at Mondi Group’s corrugated box production plant in Szczecin, Poland, in September 2021. As a result of the growth, this company’s packaging range may grow, and production processes may be streamlined.
Bobst, a corrugated board firm, may offered new portfolio of products and services in June 2022 to assist converters and brand owners with digitization and sustainability. Connectivity, digitization, automation, and sustainability have been promoted as the ‘four key pillars’ of the printing and packaging machinery. This assists this company in promoting its items.
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Key Players
- International Paper
- Georgia-Pacific
- WestRock Company
- Packaging Corporation of America
- Stora Enso
- Oji Holdings Corporation
- Smurfit Kappa
- Port Townsend Paper Company
- Mondi
- DS Smith
Key Segments
By Flute Type:
- Flute A
- Flute B
- Flute C
- Flute E
- Flute F
By Board Type:
- Single Wall
- Double Wall
- Triple Wall
By End Use:
- Food & Beverages
- Pharmaceuticals
- Cosmetics & Personal Care
- Automotive
- Transportation & Logistics
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and 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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