Corrugated packaging market to expand at CAGR of 4% by 2020
A recently published analysis report on the global corrugated packaging market by Research Report Insights (RRI), titled “Corrugated Packaging Market by 2020,” illustrates that the global market for corrugated packaging is predicted to expand at a CAGR of 4% in the forecast period from 2014 to 2020, to reach an expected value worth US$ 173.6 million in the year 2020. The report takes into description of various recent developments influencing the market growth of corrugated packaging globally.
A regional overview of the global market for corrugated packaging mentioned in the report has classified the growth of the market into North America, APAC, Europe and rest of the world.
Among these regions, boxes and corrugated packaging are chiefly manufactured in Japan, India, and China. In the North America region, the U.S. market is the major material producer of corrugated packaging, whereas UK, France, Spain, Germany, and Italy are projected to maintain its market dominance in the Europe region. However, Brazil and Turkey are the most prominent producers of corrugated packaging in the rest of the world.
In order to analyze the growth in market demand for corrugated packaging, the report has segmented the global market on the basis of application. Growing population along with rise in income is boosting production of industries across the globe, which in turn is swelling the number of shipments.
Due to low prices and easy handling, these kind of packaging is measured best for shipments through various industries. Based on application type, corrugated packaging can be used in several shapes such as liner board, container board, sheets, and boxes while based on dimensions, corrugated packaging is fragmented as flute of type A, B, C, E, and F.
Key market drivers impacting the market growth of the corrugated packaging globally include budding end-user industries such as medicine, rubber, food, consumer durables, and petroleum.
Profits related with corrugated packaging coming from lower cost and sustainability makes it primary mode preferred for packaging in several industries. Emerging markets proffer remarkable growth opportunities owing to rising population along with escalating product demand among consumer in this region. E-commerce industry is one of the primary growth driver due to packaging reliability of products in the global market for corrugated packaging.
However, certain factors including low durability as well as delayed growth of corrugated packaging in various end-user industries are restraining the market growth. In the competitive structure, the market is amalgamated over the large number of mergers and acquisitions which specifies strong market sustainability.
Some global leaders in corrugated packaging industry such Nine Dragons Paper, Smurfit Kappa Group, Georgia-Pacific Equity, Mondi Group, DS Smith Plc., International Paper Company, Rock-Tenn Company, Lee & Man Paper Manufacturing, Oji Holdings Corporation and American Packaging Corporation, among others are aiming on emerging markets. These corporations are more inclined towards expansion of their presence in the market.