Corrugated Board Market Analysis by Leading Players With Forecast to 2028

Posted on 2022-08-17 by researchinsights in Industrial // 0 Comments

Corrugated Board Industry Overview

The global corrugated board market size was valued at USD 90.79 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2021 to 2028.

Rising demand for greener packaging solutions and increasing packaging needs of e-commerce platforms are anticipated to drive market growth. Corrugated boards, derived from pulp & paper, are highly recyclable than plastic packaging. The fluting medium present in the corrugated board acts as a shock absorber, thereby protecting packaged goods from external impact. These containers can withstand high pressure, wherein various thicknesses and layers of the flutes provide benefits, such as cushioning, to protect packaged products.

Gather more insights about the market drivers, restrains and growth of the Global Corrugated Board Market

The single wall segment led the market in the U.S. in 2020 owing to a wide application scope of these products in industries, such as personal care, cosmetics, and pharmaceutical. In addition, single-wall corrugated boards are used in the e-commerce sector for the packaging of smaller and compact items, which contributes to the segment’s high share. Products made from corrugated boards find applications in several end-use industries, such as food packaging, food service, electronics, and healthcare. Many food production & processing companies use corrugated boards to pack products, such as snacks, Ready-to-Eat (RTE) meals, meat, fruits, and produce.

Companies offering various food services also use corrugated board products for serving or packaging meals. For instance, corrugated boxes used in pizza packaging are gaining traction among restaurant chains. The trend of online retailing is likely to boost market growth with the rising need for e-commerce packaging. The COVID-19 has further highlighted the significance of online ordering services in 2020 as strict lockdowns were imposed across most countries with limited access only to essentials.

Online retail companies are increasingly replacing most packaging materials with corrugated packaging to promote their brands in terms of sustainability. Old Corrugated Containers (OCC) are primarily used for making corrugated boards along with the virgin pulp. The strong demand for corrugated boards, particularly after the outbreak of the COVID-19 pandemic in 2020, is expected to increase OCC prices over the forecast period. The increased raw material price is likely to affect the prices of final products.

Moreover, the lack of durability of paper-based corrugated boards over other packaging options, such as plastics, would limit the market growth. Therefore, the companies are focusing on developing new products with high quality, which can cater to the varied demands of customers. For instance, Mondi invested USD 36.21 million in state-of-the-art corrugators to make packaging solutions that can potentially replace transport containers made from metal or solid wood.

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