New York, US, April 21, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Boxboard Packaging Market Information by Materials Type, Product Type, Thickness, End Use and Region - Forecast till 2028”, the market is expected to reach around 80 billion in 2028.
Market Scope:
Boxboard is a lighter-weight, thin carton that is typically used to transport a single item such as breakfast cereal, crackers, shoes, or a toy. The wavy middle layer (corrugating medium) that provides strength is missing from the boxboard packing. Boxboard packaging is utilized in a variety of applications, from cosmetics packaging to electronics packaging. Consumers all over the world are becoming more environmentally concerned, and they're paying greater attention to whether products' packaging is sustainable or not.
Manufacturers are focused on boxboard packaging materials that have a lower environmental effect and conserve energy to meet changing consumer expectations. The portability, protection, durability, and ease of handling for long periods of time are all advantages of boxboard packaging. Additionally, boxboard packaging can be customized in a variety of sizes, shapes, and designs to meet the needs of the product being packaged.
Competitive Environment:
The boxboard packaging industry is highly fragmented, with numerous manufacturers offering corrugated board packaging solutions. Companies are continually innovating and delivering environmentally friendly packaging items in order to encourage sustainable packaging. To capitalize on the prospects, companies are launching corrugated box designs for a variety of end-user sectors. The notable players of the market are:
- International Paper (US)
- Mayr-Melnhof Karton (Austria)
- Mondi (UK)
- Nippon paper group (Japan)
- Metsa Board Oyj (Finland)
- Stora Enso (Finland)
- DS Smith (UK)
- SMURFIT KAPPA (Ireland)
- Sappi (South Africa)
- ITC Limited (India)
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Market USP:
Market Drivers
Due to the outbreak of the COVID-19 pandemic, demand for packaging products has decreased significantly in the industrial sectors of food & beverage, confectionery, personal care & cosmetics, wines & spirits, and fashion. Due to the significant changes in brick-and-mortar stores and online businesses attributed to the moving restrictions imposed by government authorities to prevent the deadly virus from spreading further, the packaging industry has seen a mixed impact.
Pharmaceuticals, food & beverages, and electronics, to name a few end-use industry verticals, use packaging manufacturers' products to package a wide range of products. Because of people's hectic lifestyles, the demand for convenience foods is increasing. As a result, processed food that can be cooked in a short amount of time appeals to a large number of people.
As the world's population grows, so does the demand for processed foods that are both convenient and healthy. Companies are increasingly adopting corrugated board packaging to provide better customer outcomes, especially secondary or tertiary packaging, because it keeps moisture away from products and can withstand long shipping times. Processed foods, such as bread, meat products, and other perishable items, necessitate single-use packaging materials, which drives demand.
Many packaging manufacturing companies have seen drastic drops in revenue as demand for Boxboard packaging has decreased due to production shutdowns, lockdowns imposed in several countries, and supply chain disruptions. Furthermore, laborers returned to their respective homelands, resulting in a labor shortage in the Boxboard packaging industry. Manufacturers also had difficulty obtaining raw materials at pre-COVID prices due to supply chain disruptions and contractual implications, as a result of the shutdown of manufacturing units.
Many countries expected a further drop in revenues as global economic activity slowed, owing to the virus's rapid spread to previously unaffected regions of the globe. Furthermore, many major manufacturing companies are focusing on developing new strategies to meet consumer demands, particularly from e-commerce platforms that offer direct home deliveries.
Market Restraints:
The packaging industry reported a significant drop in revenues globally as a result of the restrictions imposed on manufacturing industries and the slowdown in economic activity. However, in the second half of 2020, profits for Boxboard packaging manufacturers have gradually increased due to the gradual ease of lockdowns and upliftment of imposed restrictions following the second COVID-19 wave.
Browse In-depth Market Research Report (150 Pages) on Boxboard Packaging: https://www.marketresearchfuture.com/reports/boxboard-packaging-market-10755
COVID-19 Analysis
Consumer tastes shifted substantially during the pandemic, affecting the packaging industry. As more food and consumer products were delivered to consumers' homes, the demand for paper packing containers and cartons grew.
Market Segmentation
By Materials Type, the market is segmented into Coated Unbleached Kraft Paperboard, Bleached Kraft Paperboard, Recycled Kraft Paperboard.
By Product Type, the market is segmented into Boxes, Folding Cartons, Tubes & Cores.
By Thickness, the market is segmented into from 0.75mm to 1mm, From 1.1 mm to 2.3mm.
By End Use, the market is segmented into Food & Beverages, Personal Care & Cosmetics, Home Care, Pharmaceutical, Automotive, Electrical & Electronics, Chemical & Lubricants.
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Regional Insights:
Asia-Pacific accounted for the greatest share of the market and is expected to grow at the fastest rate. The rapid rise of end-use industries such as food and drinks, as well as the widespread presence of important manufacturers in the region, are largely responsible for this.
In terms of consumption, Europe had a huge increase in the worldwide market. Government regulations and the presence of large-scale end-use industries are primarily driving demand.
Due to huge production bases of Boxboard Packaging makers worldwide, increasing demand for sustainable packaging solutions, North America accounted for the second-largest proportion of the global market.
The increased need for homecare and pharmaceutical products is driving up demand for boxboard packaging. Due to the growing food and beverage industry in Latin America, the market for boxboard packaging is expected to grow significantly.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
