Today, governments and corporate leaders around the world are exhibiting a strong resolve toward embracing sustainable and clean business products and solutions. Given the lethal effects of global warming, social activists and climate-conscious individuals are helping to shape public perception, propelling consumers to use sustainable products. This has emerged as a key factor driving the demand for eco-friendly packaging and has given sound impetus to the expansion of the corrugated board packaging market. From packaging and shipping to product display in retail stores, corrugated board packaging is extremely sustainable, enabling its use throughout a product's journey. Consequently, the demand for corrugated boards is predicted to increase in the coming years, especially considering the worldwide e-commerce boom. This promising business scenario is set to foster robust RD and MA in the corrugated board packaging market.
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Sustainability Associated with Corrugated Board Packaging to Influence its Demand
In recent years, there has been a growing emphasis on the use of sustainable packaging solutions. The increasing preference for eco-friendly, lightweight, and cost-effective packaging is the foremost factor driving the growth of the corrugated board packaging market. This type of packaging offers numerous benefits such as being easily customisable, reducing material wastage, providing secure packaging, being renewable and recyclable, and having a multifunctional nature. This makes it an efficient and ideal packaging option across several industries. After its use, corrugated board packaging can also be used for storage and safety purposes. As a result of these factors, the demand for corrugated board packaging is anticipated to increase for a wide range of applications.
Superior Benefits Diverse Applications Soar Demand for Single Wall Board Style
The corrugated board packaging market can be segmented into single wall, single face, triple wall, and double wall board styles. Currently, single wall corrugated board packaging holds a significant share of the corrugated board packaging market revenue. This type of board can be used as a divider, partition, or supplemental protection within the outer packaging. It also allows for easy printing and application of different coatings on its surface, while suitably reducing the weight of boxes and shipping costs. These benefits have augmented the demand for single wall board style in commercial applications. Given this scenario, prominent vendors of corrugated board packaging are expected to experiment and innovate to develop more efficient, sturdy, and durable single wall board styles, facilitating revenue generation and innovation in the market.
Growing Demand for Eco-Friendly Packaging Supports Business Growth in APAC
The presence of a flourishing e-commerce industry and the rapidly rising demand for packaged food products have enabled the Asia Pacific to emerge as a strong contender in the corrugated board packaging market. In this region, governments have been campaigning to ban plastic products and encouraging companies to embrace sustainable packaging. This, in turn, has created a substantial demand for corrugated board packaging, opening new business prospects across APAC’s corrugated board packaging market, particularly in the electronics, food and beverages, and cosmetics industries. The cumulative force of these factors is expected to drive growth across the corrugated board packaging market.
Key Market Players
Major players in the corrugated board packaging market include Georgia Pacific Packaging LLC, Mondi Group Plc, Bee Packaging, Acme Corrugated Box Co. Inc., International Paper Company, Pratt Industries Inc., WestRock Company, and DS Smith PLC.
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