From garnering $237.5 billion in 2017, the corrugated packaging market is projected to advance at a 3.7% CAGR during the forecast period (2018–2023) to reach $294.3 billion by 2023. Growth in the packaging industry, increase in the preference for sustainable packaging, and rise in the usage of corrugated materials by online retailers are the major contributing factors to the progress of the market. Corrugated packaging has three layers of paper — an outside liner, an inside liner, and fluting, which provides strength to the packaging and separates the two liners.
The increasing recycling of the corrugated packaging material is the trend in the corrugated packaging market. Previously, the material used in corrugated packaging would be disposed of after use, which created a huge negative impact on the environment. To deal with this issue, manufacturers have started deploying advanced technologies for recycling the material. New corrugated packaging material can be manufactured by using the fiber which is produced by recycling the old material. Other than cutting down on the cost of procuring new materials, recycled materials also help keep the environment healthy.
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One of the major factors driving the corrugated packaging market forward is the increasing demand for such material from the electronics industry. People are increasingly switching to digital means for education, communication, and entertainment purposes, thereby driving the demand for electronic products, such as tablets, laptops, e-book readers, and smartphones. Their growing demand by consumers directly drives the requirement for corrugated packaging, as to comply with the guidelines issued by governments, the products need be packed in a lightweight material.
The segments of the corrugated packaging market are region and application. Based on region, the market is categorized into Asia-Pacific (APAC), Europe, North America, and Rest of the World. In 2017, the highest contribution of more than 45.0% to the worldwide market revenue was accounted for by the APAC region. This is attributed to the prospering industrial sector in emerging economies, such as India, Indonesia, and China. Further, the increasing sales of processed and packaged food in the region are also contributed to its high revenue generation.
The classifications of the corrugated packaging market, based on application, are transport, processed food, direct mail & dispatch, personal & household care, textiles, beverages, wood & timber products, electrical & electronic goods, tobacco, chemicals, paper products, fresh produce, and glassware & ceramics. With more than 25.0% value share in 2017, processed foods were the largest application of these materials. This is ascribed to the increasing demand for processed food that require secure and convenient packaging. The highest CAGR in terms of value is expected to be witnessed by the transport classification during the forecast period.
The corrugated packaging market playerscan take advantage of the flourishing processed food industry. This industry accounts for 32.0% of India’s food market as per the India Brand Equity Foundation. To ensure customer convenience and product safety, processed foods are packaged in a flexible and secure material. Customers also look for convenient, lightweight, and easy-to-use packaging solutions; therefore, innovative paperboard packaging is being developed by manufacturers to use the potential of the expanding food processing market in several regions.
Hence, the market for corrugated packaging is predicted to witness prosperity in the forecast period due to the increasing demand for these materials in various end-use industries.
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