The global solid board market is set to grow steadily over the next decade, with projections indicating an increase from US$ 9.4 billion in 2024 to US$ 12.1 billion by 2034. This expansion, occurring at a compound annual growth rate (CAGR) of 2.5%, is driven by advancements in packaging solutions and the rising demand for sustainable materials.
Report Highlights: Important Revelations
- Market Size in 2024: The solid board market is estimated to be valued at US$ 9.4 billion.
- Growth Rate: The industry is projected to grow at a CAGR of 2.5% throughout the forecast period.
- Market Size by 2034: By 2034, the market is expected to reach US$ 12.1 billion.
- Dominant Material Type: Virgin paper is anticipated to acquire a significant share in the solid board market.
- Country with Significant Growth Opportunities: India is projected to find substantial growth prospects.
- Leading Companies: Key players in the industry include WestRock Company, Rengo Co., Ltd., and Stora Enso.
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Key Trends Shaping the Future of the Solid Board Industry:
- Technological Advancements:
- Continuous innovations, such as smart folding methods, enhance the handling and usability of solid boards, making them more efficient and user-friendly.
- Eco-Friendly Packaging:
- The growing preference for environmentally friendly and recyclable packaging solutions is a significant driver. Solid boards, being eco-friendly, cater to this demand effectively.
- High-Quality Printing:
- Solid boards offer superior printing quality, making them an attractive option for packaging in the food and beverage industry. This trend is generating substantial demand due to the appealing packaging outlook it provides.
- Logistical Benefits:
- The lightweight nature of solid boards offers logistical advantages, motivating manufacturers to adopt these packages for cost-effective and efficient transportation.
- E-commerce Growth:
- The expanding e-commerce sector presents significant opportunities for the solid board market. Online shopping necessitates quality packaging to ensure product safety and enhance the consumer experience. Brands are increasingly focusing on premium packaging to differentiate themselves and improve customer loyalty.
- Brand Value Enhancement:
- The increasing popularity of printed solid boards among key players helps add brand value. Leading brands in various industries are choosing printed solid boards to stand out from competitors, enhancing their product appeal.
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The market for solid boards is segmented by application into food, electronics, and industrial goods.
The food segment is expected to hold the largest share of the market during the forecast period, due to the increasing demand for packaged food products and the excellent barrier properties of solid board.
The electronics segment is also expected to grow at a significant CAGR during the forecast period, driven by the growing use of solid board in packaging for electronic products.
The market for solid board is also segmented by product type into single-layer and multi-layer. The single-layer segment is expected to hold the largest share of the market during the forecast period, due to its lower cost and ease of use.
The multi-layer segment is also expected to grow at a significant CAGR during the forecast period, driven by the improved barrier properties and strength of the multi-layer board.
The market for solid board is further segmented by region into North America, Europe, Asia Pacific, and Rest of the World. The Asia Pacific region is expected to hold the largest share of the market during the forecast period, due to the increasing demand for packaged food products in countries such as China and India.
North America and Europe are also expected to witness significant growth during the forecast period, driven by the growing use of solid board in the electronics and industrial sectors.
Overall, the global solid board market is expected to grow at a steady pace during the forecast period, driven by increasing demand for sustainable packaging solutions and the growing use of the material in the food and electronics industries. Companies operating in the market are expected to focus on developing new and innovative products to meet the changing demands of consumers and stay ahead of the competition.
Solid boards are in higher demand due to their increased use in packaging and promotional products like as boxes, layer pads, and point-of-purchase displays. Solid boards are commonly used to make boxes because they have a flat and compact structure and are easier to print.
Solid boards are also manufactured from recycled paper and are 100% recyclable.
Key drivers driving the growth of the solid board market are point-of-sale appeal and cost-effective packaging solutions, coupled with sustainability offered by solid boards over alternatives such as plastic or metal products. Moreover, rising consumer preference for eco-friendly products has boosted the demand for solid boards for manufacturing packaging & promotional products on a global scale.
On the back of these factors, the solid board market is projected to register a CAGR of 4.3% during the forecast period, and reach a valuation of US$ 13.2 Bn by 2029.
“Solid boards are ideal for manufacturing packaging solutions that can be used in humid conditions, and for packaging frozen food, fresh food, and flowers. The use of solid boards offers an attractive competitive advantage over other forms of packaging and promotional products, as these can improve distribution speed, reduce storage cost, and boost packaging efficiency.”
Key Insights:
- Solid board made from virgin paper holds more than half of the total market share among all segments by material type in the global solid board market, as this type can be easily be cut and is suitable for printing. This segment is estimated to expand 1.2X its current value by 2023.
- As per FMI analysis, the boxes segment is identified as the most preferred application of solid boards for packaging, as consumers are concerned about the environmental impact of packaging waste.
- The food & beverage industry is projected to remain the key consumer for players in the solid board market during the forecast period, and is expected to grow by 1.5X its current value by 2029. Increased consumption of food & beverages such as fresh produce and frozen food in developed countries is anticipated to accelerate the demand for solid boards during the forecast period.
Solid Board Market:
Smurfit Kappa Group, International Paper, VPK Packaging Group NV, Metsä Board, and Sappi Limited are tier-1 market players operating in the global solid board market. Holmen Group, Billerudkorsnas AB, Mugler Masterpack Crimmitschau GmbH, WestRock Company, and Stora Enso have been identified as tier-2 market players in the global market.
However, several unorganized and regional manufacturers may enter the solid board market through mergers or collaborations to compete with global players.
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Solid Board Market by Category
By Material Type:
- Recycled Paper
- Virgin Paper
By Weight:
- Upto 200 GSM
- 201-300 GSM
- 301-500 GSM
- Above 500 GSM
By Application:
- Boxes
- POP Display
- Edge Protectors
- Trays
- Layer Pads
By End Use Industry:
- Electrical & Electronics
- Health care & Pharmaceuticals
- Cosmetics & Personal care
- Food & Beverages
- Confectionery
- Fresh Produce
- Milk & Dairy
- Frozen Food
- Meat & Poultry
- Other Industrial Packaging
- Building & Construction
- Tobacco Packaging
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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