(MENAFNEditorial) The global corrugated packaging market is expected to grow at a CAGR of 4.6% during the forecast period, to reach $195.9 billion by 2020. The increase in demand for corrugated packaging is anticipated due to rapid industrialization in developing economies, environmental sustainability and cost benefit associated with corrugated packaging. includes secondary shipping corrugated boxes, primary corrugated boxes, and corrugated retail display stands. These packaging are used for packing non-durable goods, durable goods, food and beverages, non-food and non-manufacturing (wholesale trade, and retail trade services). Processed food is expected to be the largest end-user industry for corrugated packaging, during the forecast period. However, beverages segment is expected to be the most lucrative industry for the corrugated packaging market. The upsurge in demand from beverages segment during 2011 2015 is expected to be higher than the overall corrugated packaging industry's growth. The market share of the applications is likely to remain the same in 2020,
The corrugated packaging market by application covers corrugated packaging for processed food, personal and household care products, beverages, electrical and electronic goods, chemicals, glassware and ceramics, fresh food and produce, paper products, tobacco, and others. The others application market for corrugated packaging includes furniture, footwear, and apparel.
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The emerging market in Latin America and Asia-Pacific offers significant growth opportunity for the corrugated packaging market. Large population, along with growing consumer awareness towards health and environment has increased the market penetration of corrugated packaging in the non-durable products segment. The growth of e-commerce in China, India, and Brazil has boosted the demand of corrugated packaging material in the recent years. With many new international e-commerce players entering the developing countries, the market for e-commerce is expected to increase further during the forecast period. However, limitation of corrugated materials, such as low strength, low durability, and very low water resistance properties, are hindering the growth of the corrugated packaging market. The global corrugated packaging market is going through number of mergers and acquisitions, which indicates strong sustainability in the corrugated packaging market.
The current trend witnessed in the global market is increasing acquisitions in the corrugated packaging market. The small and region-specific corrugated packing suppliers are finding it hard to manoeuvre profitably in the corrugated packaging market, owing to the increasing prices of raw materials, such as paper pulp. The market has witnessed large number of acquisitions in the recent years. The falling profit margin particularly for small players has led to market consolidation, particularly in the developed markets such as North America and Europe.
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Asia-Pacific was the largest regional market of corrugated packaging, with market share of 47.5% in 2014. Asia-Pacific and developing countries of Latin America are among the fastest growing markets for corrugated packaging, owing to the increasing industrial production in these regions. The Asia-Pacific region is expected to increase its share by more than half of the total corrugated packaging market, by the end of 2020.
The major players in the corrugated packaging market include Nine Dragons Paper (Holdings) Limited, RockWest Company, International Paper Company, Lee & Man Paper Manufacturing Ltd., Georgia-Pacific Equity Holdings LLC, Smurfit Kappa Group, Mondi Group, Packaging Corporation of America, Oji Holdings Corporation, and DS Smith PLC.
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