Corrugated packaging refers to a material that is made up of a fluted corrugated sheet bonded between two flat linerboards or testliner to make a single faced corrugated board. This type of packaging is widely used for making boxes, containers, and other protective packaging products for items varying from electronics and food to industrial equipment. It provides excellent cushioning and shock absorption for products during shipping and transportation to prevent damage. The global demand for sustainable and environment-friendly packaging solutions has increased the adoption of corrugated packaging as it uses recycled content and is recyclable itself.
The Global Corrugated Packaging Market is estimated to be valued at US$ 152.17 Bn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Corrugated Packaging are DS Smith Packaging Limited, Menasha Corporation, Green Bay Packaging Inc., Georgia-Pacific, LLC, Smurfit Kappa, WestRock Company, Pratt Industries Inc., International Paper, Express Packaging Inc., Precision Corr, Gabriel Container Co. Key players are focusing on expanding their production capacities and upgrading technologies to meet the growing demand from end-use industries.
The demand for Corrugated Packaging Market Size has increased substantially over the years owing to growth in industries like food processing, consumer durables, electronics, and e-commerce. It is widely used for packing, storing, and transportation of various products. Growth in these end-use industries is expected to propel the demand for corrugated packaging solutions during the forecast period.
Major players are expanding their geographical reach by establishing new plants in developing regions with rising industrialization and trade activities like Asia Pacific and Latin America. This allows them to leverage opportunities in these high growth regional markets and strengthen their presence globally.
Market Key Trends
There is a growing adoption of sustainable packaging solutions to reduce environmental impact. Recyclability is a major trend that is driving the demand for corrugated packaging as it contains a high post-consumer recycled content of over 60% and can be recycled multiple times. Manufacturers are focusing on eco-friendly product innovations and the use of renewable materials to meet sustainability goals of end-users.
Porter’s Analysis
Threat of new entrants: Moderate, large investments required in machinery and equipment. Bargaining power of buyers: High, large presence of buyers with substitutes available. Bargaining power of suppliers: Moderate, dependence on raw materials like linerboard and corrugated medium. Threat of new substitutes: Low, corrugated packaging offers advantages of durability, cost effectiveness and sustainability. Competitive rivalry: High, industry dominated by few major players globally.
Geographical Regions
North America leads the global market in terms of value, holding a share of over 35% due to developed economies and regulatory support for sustainable packaging solutions. Asia Pacific is the fastest growing region supported by growth in e-commerce, retail and food & beverages industries particularly in countries like China and India. The region is expected to surpass North America by 2028.
Another key geographical region concentrated in terms of market value is Europe with mature packaging industry and government initiatives towards eco-friendly packaging materials. Germany, U.K, France and Italy are major country markets contributing significantly to regional demand. Strong focus on supply chain innovations and sustainability also promote adoption of corrugated packaging.
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