The corrugated boards market was valued at US$ 127,139.07 million in 2021 and is projected to reach US$ 192,153.31 million by 2028; it is expected to grow at a CAGR of 6.1% from 2021 to 2028.
Corrugated packaging involves the packaging of various goods, such as food and beverage products, consumer durables, and electronics and electrical appliances, in corrugated boxes for secondary transportation. The use of corrugated board for packaging is a cost-effective and adaptable packaging technique for protecting, preserving, and transporting a variety of items. Corrugated boards are suitable for application in a variety of industries, such as food & beverages, consumer durables, electrical and electronics, paper, chemicals, personal care and home products, agriculture, forestry, fishing, and plastic and rubber products.
Based on application, the corrugated boards market is segmented into food and beverage, e-commerce, consumer durables, electrical and electronics, and others. The food and beverage segment accounted for the largest market share in 2020, whereas the e-commerce segment is expected to register the highest CAGR in the market during the forecast period. Corrugated boxes are the backbone of e-commerce, as they enable the safe, flexible, and convenient transportation of various products worldwide. Moreover, as corrugated boards are inexpensive, they lower the packaging and transportation costs of logistics companies, thereby reducing the expenses of e-commerce retailers. Corrugated boxes can resist the rigors of transportation while protecting products in transit from damage. They have been widely used in the transportation of various products, from groceries to electronics. Thus, the rapidly growing e-commerce industry and the rising utilization of corrugated boxes in e-commerce operations are bolstering the demand for corrugated boards.
Based on region, the corrugated boards market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America (LATAM). In 2020, Asia-Pacific held the largest share of the global market and is estimated to register the highest CAGR in the market during the forecast period. Rising urbanization, rapidly emerging e-commerce sector, changing retail landscape, and increasing requirement for flexible packaging solutions from the food & beverages industry across the region are a few of the crucial factors driving the growth of the corrugated boards market. Moreover, the growing penetration of food delivery services owing to the changing lifestyles of consumers in Asia-Pacific is projected to propel the market growth during the forecast period. Various initiatives taken by the government to ban plastic packaging in several Asian countries and the rise in the demand for electronic goods, automotive parts, home care, and beauty & personal care products from domestic and international markets are also expected to accelerate the demand for corrugated boxes, which would drive the corrugated boards market growth in the coming years. The e-commerce industry is growing at a rapid pace in the recent years. One of the main e-commerce retailers, Amazon is using corrugated board boxes for the principal packaging and rely on plastic packaging for individual items in Asia Pacific. Therefore, the growing e-commerce industry is propelling the growth of corrugated boards market across Asia-Pacific.
A few players operating in the corrugated boards market are IRANI PAPEL E EMBALAGEM S.A.; Smurfit Kappa; Klabin S.A.; WestRock Company; International Paper; Arcor; Klingele Papierwerke GmbH & Co. KG; Papeles y Conversiones de M?xico; Mondi; and NIPPON PAPER INDUSTRIES CO., LTD.
The size of overall corrugated boards market has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the corrugated boards market.