Corrugated boxes, often confused with cardboard boxes, are made from three layers wherein two of them are lined on the top and bottom, while the third has a wavy surface of cardboard on to both the sides. These boxes are made up with corrugated boards that trap air amidst them, acting as a cushion for safeguarding the content stored inside. Corrugated boxes are durable, strong, light-weight, flexible, shock-proof, eco-friendly and economical in nature. Owing to these attributes, corrugated boxes are often used for shipping goods worldwide. A new research report by IMARC Group, titled “Corrugated Boxes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market reached a value of approximately US$ 169 Billion in 2017. The report further anticipates the market to reach around US$ 204 Billion by 2023, at a projected CAGR of nearly 3% over the forecast period.
Market Drivers/Constraints:
- Corrugated boxes currently occupy a large share in the packaging industry and are extensively used in the packaging of a number of consumer products such as soft drinks, medicines, food & non-food products, etc.
- The rising trend of online shopping, availing free or affordable shipping worldwide, convenient and faster delivery facilities and hassle-free return policies have facilitated the demand for corrugated boxes across the globe.
- Rapid urbanisation and increasing population have been the proactive factors for fuelling the global corrugated boxes market. Moreover, for expanding the consumer-base, manufacturers have incorporated product packaging in different sizes, shapes and colours.
- However, there are several factors that hamper the market growth. Corrugated boxes are not weather-proof; hence, they may not withstand hot temperature, rains or interaction with any kind of liquids.
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Raw Material Insights:
Based on the material used, recycled corrugates exhibit a clear dominance in the market. Recycled corrugates is followed by virgin corrugates.
End-Use Insights:
The food products and beverage sector dominate the market, accounting for majority of the total market share. Other end-use sector includes electrical and electronic goods, personal and household care goods, glassware and ceramics, paper product, chemicals and textile goods.
Regional Insights:
On a geographical front, North America enjoys a leading position in the global corrugated boxes market. Attributes such as light-weight and biodegradability have led to an increase in its demand. North America is followed by Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Competitive Landscape:
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it difficult for small players to survive. Some of the leading players operating in the market are:
- International Paper
- Nine Dragons Paper
- West Rock
- Smurfit Kappa Group
- Lee & Man Group.
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