Product ID: SQSG15H2005
Report ID: SQSG15H2005 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 93 | Figures: 76
Corrugated Board Market size was valued at USD 126.2 billion in 2021 and is poised to grow from USD 134.7 billion in 2022 to USD 238.1 billion by 2030, growing at a CAGR of 6.8% in the forecast period (2023-2030).
Rising need for greener packaging solutions and an extensive growth in the demand for packaging solutions and packaging products due to the rise in several e-commerce platforms worldwide are the major driving factors for the growth of the global corrugated board market during the forecast period. In addition, the characteristics of a corrugated board such as highly recyclable and presence of fluting medium to prevent from shocks and pressure are also anticipated to contribute significantly to the demand for corrugated boards in the coming years.
For instance, according to Morgan Stanley, in South Korea, due to the presence of well-developed payments and logistics infrastructures, online sales segment accounted for around 37% in all retail activity, and it is expected to grow by 45% in the next five years. Similarly, Morgan Stanley estimated that the global e-commerce could grow from USD 2.3 trillion in June 2022 to nearly USD 5.4 trillion by 2026.
Furthermore, continuously growing innovations and rising investment by key market players for the development of their product portfolio and market position is projected to propel the global corrugated board market over the forecast period. For instance, in May 2022, Mondi Group announced that it is going to invest around USD 275 million to increase the production of corrugated board. It will help it to increase supply capacity in Poland, Germany, and Turkey.
US Corrugated Board Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Corrugated Board Market is segmented on the basis of flute type, board style, end-use, and region. By flute type, the Corrugated Board Market is segmented into A-flute, B-flute, C-flute, and others. By board style, the Corrugated Board Market is categorized into single face, single wall, double wall, and triple wall. By end-use, the Corrugated Board Market is classified into food & beverages, personal care, electrical & electronics, and others. By region, the Corrugated Board Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Corrugated Board Market Analysis by Flute Type
By flute type, the C-flute type segment dominated the market and accounted for a significant market share in 2021 and is expected to maintain its dominance throughout the forecast period owing to rapid growth in demand for several applications including shipping case, glass products, furniture, and automotive sector. These carboard are stackable and have higher shock absorption capacity due to the presence of a thick corrugated medium. Thereby, the demand for these boards are continuously rising in various industries for safer and convenient packaging, which has led to the rapid growth in the segment in the last few years. In addition, due to its plain surface and flat structure, it allows high-quality print on the surface, which can be utilized on several food boxes as a packaging option. For instance, WestRock Company offers corrugated board pizza boxes, slice boxes, and take-and-bake pizza boxes as well.
Corrugated Board Market Analysis by Board Style,
By board style, the single wall segment held the largest corrugated board market share in 2021 with a holding of healthy market share. This is simply attributed to the high usage of these boards as a supplemental protective material, divider, and partition outer and inside a packaging. In addition, these boards are light weight, which reduces the overall weight of the package and lowering the shipping charges as well. These are few other factors projected to drive the segment growth over the forecast period. These boxes are suitable to be shipped through different transportation modes like by air or by road, which is likely to attract the manufactures are suppliers to opt out for these boards in place of other.
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Globally, Asia Pacific dominated the corrugated board market with a strong market share in 2021. High growth in industrialization and growing urbanization in the developing countries such as India and China are the major factors drive the market growth and demand in the region. In addition, rising awareness among consumers regarding environment effects is also anticipated to grow the demand for greener packaging in the region over the forecast period. Government initiatives such as ban on plastic products and packaging is also having positive influence on the market and accelerating the demand for corrugated boards.
Furthermore, North America region is witnessing fastest CAGR during the forecast period owing to the rapid growth in e-commerce platforms, rising consumer disposable income, and growing awareness regarding benefits of greener packaging. For instance, according to the United States Department of Commerce, the United States online retail sales was around USD 601 billion in 2019 with an increase of nearly 15% from the previous years. Furthermore, presence of large market players such as Smurfit Kappa Group and Acme Corrugated Box Company is also anticipated to boost the growth of the market for corrugated board in the region.
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Corrugated Board Market Drivers
Corrugated Board Market Restraint
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The global corrugated board market is fairly fragmented with the presence of many well-known global and regional players operating around the globe. Major players are constantly improving their product quality and focusing on providing sustainable and eco-friendly packaging products to capture the larger market share. Moreover, companies are entering into various business partnerships, collaborations, and mergers to expand their geographical presence and strengthen their position in the global market.
Corrugated Board Market Top Player’s Company Profiles
Corrugated Board Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global corrugated board market is witnessing a strong growth during the forecast period due to the rising number of online consumers around the world, increasing preference for fresh baked foods items such as pizza and burgers, and rising population worldwide. In addition, features such as maximum protection, easy to customize, great for branding, and offer flexibility are some of the major factors expected to drive the demand and growth for the corrugated board in the coming years. However, complications associated with the usage of these boards like lack of durability, not weatherproof, and inability to handle heavy items are few factors anticipated to be the major restraining factors for the global market over the forecast period.
|Market size value in 2021||USD 126.2 billion|
|Market size value in 2030||USD 134.7 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Corrugated Board Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Corrugated Board Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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