New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Containerboard Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Containerboard Market Size:
By the end of 2033, the global containerboard market is anticipated to generate revenues of USD 150 billion by expanding at a CAGR of 3% over the forecast period. Additionally, the market gained significant revenue of USD 130 billion in 2022. The market is expected to expand primarily on account of the rising production and consumption of containerboard on a global scale over the projected time period. For instance, in 2021, the total production of containerboard across the world was estimated to be nearly 170 million tons and was further estimated to reach around 100 million tons by 2032. Moreover, the increasing import and export of glassware products where containerboards play an important role during packaging and shipping are predicted to boost the market growth during the forecast period.
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Furthermore, the containerboard is corrugated case material which is mainly produced to make the corrugated board. The containerboard is thicker, more rigid, and heavier than other alternative products. Additionally, the global containerboard market trends including higher demand for containerboard in the packaging industry and growing spending on green packaging are projected to influence the growth of the market positively over the forecast period. For instance, containerboard and paper were utilized to meet the demand for packaging materials in 2019; additionally, the demand for containerboard was expected to be around 170 million tons.
Global Containerboard Market: Key Takeaways
- Asia Pacific region gains the largest portion of the revenue
- Food & beverage segment to dominate the revenue graph
- Recycled fiber sub-segment remains prominent in the fiber type segment
Higher Prevalence of Online Purchasing and Growing Production of Paper & Paperboard to Boost Market Growth
Online orders for a variety of commodities are delivered to locations far from the manufacturing sites. As a result, there is a high risk of damage, hence cardboard is quite helpful in avoiding such occurrences. The demand for containerboard is estimated to increase further as the worldwide population's propensity for online shopping is rising day by day. As a result, the higher demand for containerboard in online purchasing is anticipated to accelerate market expansion during the forecast period. In 2020, more than 2.5 billion people were estimated to shop online for necessities.
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In addition to this, the growing production of paper and paperboard is estimated to propel market growth over the forecast period. It was noticed that China produced over 65,000 million metric tonnes of paper and paperboard as of 2020, whilst the United States produced an estimated 100,000 tonnes of paper and paperboard. Further, the qualities including flexibility, high resistance, cost-effectiveness, and lightweight are other benefits that make paper and paperboard a top choice for usage in various types of packaging. Hence, the versatile usage of paper and paperboard, backed by rising manufacturing is predicted to boost market growth over the ensuing years.
Global Containerboard Market: Regional Overview
The global containerboard market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Demand for Ready-to-Eat Meals to Drive Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to hold the largest market share over the forecast period. The growth of the market can be attributed to the increasing number of consumers ordering ready-to-eat or ready-to-make and other sorts of packaged food owing to hectic lifestyles. As per one of the surveys, by the end of 2033, there will possibly be more than 519 million users in India who will be dependent on the online food ordering system. Further, the increasing food and beverages industry and the presence of key market players in the region are anticipated to propel the market growth.
Growing Consumption of Fast Food to Drive Growth in the North America Region
On the other hand, the market in North America region is estimated to gain a noteworthy market share over the forecast period owing to the increasing consumption of fast food in the region. It was observed that over one-third of American adults, or 36.6 percent of all adults, or roughly 85 million people, eat fast food each day, including pizza. People aged 40 to 59 (44.9%) and those aged 20 to 39 (44.9%) had greater percentages. Further, the rising inclination of people towards online food ordering and ready-to-eat meal packets is estimated to propel market growth in the region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Containerboard Market, Segmentation by Fiber Type
- Virgin
- Recycled Fiber
Out of these, the recycled fiber segment is estimated to witness noteworthy growth over the forecast period. The growth of the segment can be attributed to the rising awareness of the global population toward climate change. It was found that during 2020, the rate of cardboard recycling was estimated to be approximately 85%. Further, the government’s and non-government agencies increasing drive towards the environment protection and rising need for the recycling maximum possible things are predicted to boost segment’s growth over the years.
Global Containerboard Market, Segmentation by End-User
- Food & Beverage
- Consumers Goods
- Others
Among these, the food & beverage segment is estimated to capture significant market share over the forecast period. The growth of the segment can be ascribed to the rising urbanization and growing food and beverages industry across the world is estimated to boost the market growth. According to the Population Reference Bureau, Asia will have a 53% overall urbanization rate and more than 2.6 billion people will be living in urban areas in 2030.Further, the increasing disposable income, steadily shifting lifestyles of people, and increasing reliance on quickly available food packages are predicted to propel segment growth.
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Global Containerboard Market, Segmentation by Type
- Flutings
- Test liners
- Kraft liners
Few of the well-known market leaders in the global containerboard market that are profiled by Research Nester are Cascades Inc., Smurfit Kappa Group, Cheng Loong Corp., Svenska Cellulosa Aktiebolaget SCA, Stora Enso Oyj, Nasdaq Helsinki Oy, Georgia-Pacific LLC, Molex, LLC, International Paper Company, Mondi plc, and others.
Recent Developments in the Global Containerboard Market
- In September 2022, The Smurfit Kappa Group has announced the purchase of Rio de Janeiro-based PaperBox, a packaging facility. The acquisition was made in order to strengthen both the firms' product portfolios and increase the company's presence in Brazil.
- In June 2022, To enhance the effectiveness of northbox isothermal packaging solutions, Cascades Inc. introduces northbox XTEND, a brand-new revolutionary packaging technology.
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