Growing Demand for Corrugated Boards in Diverse Application Range
According to our latest market study on “Corrugated Boards Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application (Food and Beverage, E-commerce, Consumer Durables, Electrical and Electronics, and Others),’’ the 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 materials are used in secondary and tertiary packaging of nondurable and durable goods, such as food and beverages products, consumer durables, electricals and electronics appliances, paper, chemicals, personal care and household products, agriculture products, forestry and fishing products, and plastic and rubber products. Corrugated boards are among the cost-efficient and versatile packaging solutions that help protect a wide range of products, especially during transport. These boards are lightweight, rigid, biodegradable, and recyclable, which makes them an integral component in the packaging industry. A substantial rise in the demand for the fast-moving consumer goods (FMCG) and branded consumer durables across the world is bolstering the use of corrugated boards for packaging. The boards are extensively used across the food & beverages industry to pack processed food items such as bread, snacks, ready-to-eat (RTE) meals, and meat products; fruits; durable food products; and beverages. For instance, food service outlets are using corrugated boxes for packaging pizza. Shift in consumer lifestyle, along with growing demand for convenience food, is driving the need for catering and high-quality packaging services, which fuels the growth of the corrugated boards market.
A few key players operating in the global 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 México; Mondi; and NIPPON PAPER INDUSTRIES CO., LTD.
Impact of COVID-19 Pandemic on Corrugated Boards Market
Many sectors, such as the chemicals & materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The implementation of COVID-19 safety protocols led to the shortage of raw material and labor, shutdown of factories, and other operational difficulties. Therefore, companies involved in the manufacturing of packaging products faced a contraction in sales during the initial months of the pandemic. The e-commerce sector witnessed a significant demand for various products, such as packaged food and beverages, groceries, daily essentials, consumer durable goods, owing to the shutdown of offline stores. With the rapidly growing e-commerce sector, even in the COVID-19 pandemic, there was a significant demand for corrugated boards from the e-commerce sector to package and transfer various goods. However, due to shortage of raw materials and shutdown of manufacturing units due to extended nationwide lockdowns, there was a huge demand and supply gap, which negatively impacted the corrugated boards market growth. Moreover, due to slowdown in logistics operations, the packaging industry faced a significant loss.
Businesses are gaining ground as the governments of various countries eased out the previously imposed restrictions. Moreover, the introduction of COVID-19 vaccine has eased out the situation, leading to a rise in business activities across the world. Moreover, logistics companies involved in the transportation of daily essential goods and food and beverage products propelled the demand for corrugated boards. Thus, the global corrugated boards market is expected to grow significantly in the coming years. The COVID-19 pandemic has spurred the development of the e-commerce industry. It has given customers access to a wide range of products, such as essential goods, convenience products, and safety goods. It has also allowed businesses to continue operating despite limitations and restrictions imposed on various industrial and transportation activities. The e-commerce industry has significantly contributed to the revival of logistics operations, which, in turn, is expected to bolster the growth of the corrugated boards market in the coming years.
Corrugated Boards Market Breakdown – by Region
Corrugated Boards Market Size, Share & Growth 2028
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Corrugated Boards Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Food and Beverage, E-commerce, Consumer Durables, Electrical and Electronics, and Others)
Corrugated Boards Market Size, Share & Growth 2028
Download Free SampleCorrugated Boards Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Food and Beverage, E-commerce, Consumer Durables, Electrical and Electronics, and Others)
The report segments the corrugated boards market as follows:
Based on application, the corrugated boards market is segmented into food and beverage, e-commerce, consumer durables, electrical and electronics, and others. Based on geography, the market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America (LATAM)
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