Corrugated packaging market overview and outlook:
- The corrugated packaging market is growing at a rapid pace driven by significant growth in e-commerce and developments in digital printing technologies
- Despite a forecasted slowdown in corrugated consumption and a downturn in demand from China, the global corrugated packaging market is expected to grow faster than expected in the coming years
- The market is projected to grow at a CAGR of 4-5% during the next five years with electrical goods and e-commerce segments expected to lead growth
- Global online sales continues to sky-rocket with total sales forecast to reach over $5 trillion by 2024; this will have a significant impact on packaging demand, especially in the corrugated industry as it represents 80% of demand in e-commerce
- Corrugated board is gaining popularity in packaging as sustainability becomes a more important issue across the value chain – it is easy to recycle and the pulp and paper industry is already adept at converting these into new generations of containerboard. These attributed have led to an increase in popularity of corrugated protective formats over polymer-based alternatives, such as expanded polystyrene (EPS) foams.
- While light weighting of board has long been affecting the corrugated industry, right weighting, and rightsizing are playing an increasingly important role in this market, not only in response to consumer demand for efficient packaging, but also in response to the logistics chain’s adoption of dimensional weight (DIM) pricing
- Other key trends impacting the corrugated packaging industry include demand for eco-friendly packaging materials and retail-ready packaging solutions, as well as advancements in digital printing techniques
- Key players in the corrugated packaging segment are Mondi, WestRock, Smurfit Kappa Group, DS Smith and International Paper
Market Growth Drivers and Trends:
Key factors driving the Asia Pacific Corrugated Packaging market are:
- Significant growth in e-commerce
- Rising demand from segments such as electrical and electronic products
- Reduction in plastic packaging owing to regulatory and environmental pressures
- Changing lifestyles and urbanization levels
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Challenges disrupting the market:
Key factors likely to restrain or slow down growth in the Asia Pacific Corrugated Packaging market :
- Availability of raw materials along with volatility in prices is a major challenge
- Lack of domestic technology in the lesser developed markets
- Short-term supply chain challenges due to the COVID-19 pandemic
Asia Pacific Corrugated Packaging Market Research Scope:
- The base year of the study is 2019, with forecast done up to 2024. The report provides a detailed assessment of the global and Asia Pacific corrugated packaging market, including insights on the market dynamics, key drivers, challenges, regulations impacting the market, technology assessment and value chain analysis.
- We have also estimated the current market size for corrugated packaging globally, in Asia Pacific and in India and China, 5-year outlook of the market, factors driving growth along with regional insights and trends
- The study also presents a thorough analysis of the competitive landscape, considering the market shares of the leading companies in India and China. These provide the key market participants with the necessary business intelligence and help them understand the future of the corrugated packaging markets in India and China.
Author – Prasanth R Krishnan
Associate Director – Operations
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