The latest market report published by Credence Research, Inc. “Corrugated Box Packaging Market, By Application – Growth, Future Prospects and Competitive Analysis, 2016 – 2024,” the global corrugated box packaging was valued at US$ 142.0 Bn in 2015, and is expected to each US$ 210.9 Bn by 2024, expanding at a CAGR of 4.6% from 2016 to 2024.
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Rising modernization and demand for quality packaging solutions have led to incorporation of advanced techniques among corrugated box manufacturers. Of different attributes, packaging plays a pivotal role in development of corrugated box products. This is further leading to significant demand for corrugated box packaging majorly in fresh produce, processed food products and electrical products. Corrugated box packaging market growth is attributed to rising disposable income leading to demand for both food and non-food products, government avocation for green packaging, cheap prices, rising application of corrugated boxes in different applications owing to sustainable packaging, increased internet shopping, printing, concerns among manufacturers regarding product safety and convenience to the consumer. However, durability offered by corrugated box packaging for few products is a concern for corrugated box manufacturers, thereby limiting its adoption as compared to other available packaging types and hindering market growth. Corrugated box manufacturers are keen on developing durable products catering to the demand for efficient packaging to be used for glass, electronics and other fragile products.
In 2015, North America dominated the market in terms of revenue share, followed by Asia Pacific and Europe. North America accounted for around 37% of the overall corrugated box packaging market. Asia Pacific is further expected to record highest CAGR over the forecast period. Factors fuelling the corrugated box packaging market growth in the region include China being the top producer of corrugated boxes, significant demand for corrugated box in growing food and beverages industry in India and China, growing processed food industry and increasing consumer preferences for sustainable packaging.
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Companies are focused on enhancing product line mitigating concerns such as environment-friendly and sustainable packaging, adequate requirements related to shelf-dimensions and shipping density, boxes having water repellant coatings and high-barrier protection leading to both food and non-food applications of corrugated box packaging. Also, corrugated box packaging market is witnessing strategic alliances among both international as well as local players across the value chain. Some of the prominent players identified in the corrugated box packaging market include Mondi Group, Packaging Corporation of America, WestRock Company, International Paper Company, Nine Dragons Paper (Holdings) Limited, Lee & Man Paper Manufacturing Ltd., Smurfit Kappa Group, DS Smith Plc., Oji Holdings Corporation and Georgia-Pacific Equity Holding LLC.
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