Corrugated Packaging Market Analysis, Leading Players and Future Scope

01/mar/2021 13:37:27 P&S Intelligence Contatta l'autore

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Factors such as a shift toward online shopping, expansion of e-commerce and courier service sectors, and rapid urbanization will accelerate the growth of the corrugated packaging market, at 3.7% CAGR, during the forecast period (2018–2023). Additionally, increasing preference for sustainable packaging solutions and cost-effective packaging materials support the market growth. Also, governments across the world are motivating the use of these materials for sustainable development. Owing to these factors, the value of the market is expected to increase from $237.5 billion in 2017 to $294.3 billion by 2023.

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The application of corrugated packaging materials has increased notably in the electrical and electronics industry, due to the soaring demand for consumer electronics that require packaging in lightweight micro-and fine-flute corrugated configurations. Moreover, the booming e-commerce sector is fueling the demand for corrugated packaging materials for electronic devices, as these are affordable and convenient. Furthermore, this packaging solution is finding widescale application in the processed food industry, as it ensures product safety and convenience to consumers. 

Corrugated packaging is one of the most affordable and convenient modes of packaging for the e-commerce sector, due to its lightweight and low cost. Adoption of the packaging materials assists in easy and convenient delivery of the goods to customer's door-step. This has prompted players in the corrugated packaging market, such as DS Smith PLC, Nine Dragons Paper (Holdings) Limited, Oji Holdings Corporation, Georgia-Pacific Equity Holdings LLC, Packaging Corporation of America, International Paper Company, Mondi Group, Lee & Man Paper Manufacturing Ltd., and WestRock Company, to increase their production considerably.

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Thus, the spurring demand for electronics and processed food will propel the utilization of corrugated packaging materials in the foreseeable future.

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