Board packaging products such as corrugated boxes, cartons, and folding cartons are used for safe and effective transportation and distribution of various products. These packaging solutions provide protection and portability to goods during transport through shipments and also offer branding opportunities to marketers. Rising emphasis on sustainable packaging along with growing e-commerce industry has increased the demand for board packaging globally.
The global Board Packaging Market is estimated to be valued at US$ 265.38 billion in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031
Market key trends:
The strong demand for sustainable Board Packaging Market Growth materials has accelerated the growth of the board packaging market over the forecast period. Sustainable packaging made from recycled content reduces waste generation and has lower environmental footprint. It also offers cost savings for brands and retailers. According to EPA, paper-based packaging like corrugated boxes has highest recovery rate of 95% among all packaging materials in the US. Growing preference for eco-friendly packaging solutions from major brands and retailers is expected to drive the demand for board packaging in the coming years.
Segment Analysis
The global Board Packaging market is dominated by the corrugated board segment. Corrugated board holds the largest share of the market due to its low cost and availability. It is widely used in packaging of consumer durables, electronics, food and beverages, personal care, pharmaceuticals and other industries. Corrugated board provides protection to products during transportation and storage. It has high strength to weight ratio and acts as an effective cushioning material. These properties have increased its demand over other types of boards.
Key Takeaways
The global Board Packaging market is expected to witness high growth over the forecast period from 2024 to 2031.
Regional analysis shows that Asia Pacific region currently dominates the market and is expected to maintain its lead. Growing industrialization and expanding retail sector in countries like China and India are driving the board packaging demand in Asia Pacific.
Key players operating in the Board Packaging market are International Paper Company, Mondi, Nine Dragons Paper Holdings Limited, Nippon Paper Industries Co. Ltd., Smurfit Kappa Group Plc. International Paper Company holds the largest market share and is a leading manufacturer of containerboard and corrugated packaging globally.
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