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Corrugated Packaging Market Overview:
Corrugated packaging market is projected to be worth USD 415.73 Billion by 2030, registering a CAGR of 5% during the forecast period (2022 – 2030), The market was valued at USD 233.61 billion in 2021.
The packaging business has seen significant expansion in recent years, particularly in the global corrugated packaging market. Corrugated boxes are gaining popularity in the food and beverage and e-commerce businesses around the world.
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Thus, corrugated board packaging is a flexible and cost-effective way to protect, store, and transport a variety of items. The characteristics of corrugated boards, such as their lightweight, biodegradability, and recyclability, have made them an important component in the packaging market.
Competitive Landscape:
- Mondi Group Plc (South Africa)
- International Paper Company (U.S.)
- West Rock Company (U.S.)
- DS Smith Plc (U.K.)
- Rengo Co. Ltd. (Japan)
- Cascades Inc. (Canada)
- Packaging Corporation of America (U.S.)
- Georgia-Pacific LLC (U.S.)
- Smurfit Kappa Group (Ireland)
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Covid 19 Analysis:
The COVID-19 episode began in Wuhan, China, in December 2019, and has rapidly spread around the world since then. the corrugated packaging market growth has been affected because of the outbreak of the pandemic. As of March 2020, China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the United States are among the most clearly affected nations in terms of specific incidents and detailed passing. Because of lockdowns, travel boycotts, and commercial closures, the COVID-19 episode has had an impact on economies and ventures in various countries. Because of this episode, the global food and beverage industry is one of the major organizations experiencing genuine disruptions, such as store network breaks, innovation event undoing, and office closures.
Technology Analysis
The ongoing period for the corrugated packaging market is witnessing an emerging trend in the form of wide-scale adoption of packaging material especially corrugated packaging making it more acceptable in the market. Corrugated board is in high demand as a high-performance packaging material for packaging, protection, and promotion of a variety of products all over the world. Corrugated board is available in a variety of shapes and sizes for packaging, as well as easy modification to meet consumer needs. Even the key market players play a major role in the expansion of the material and growth in the market. The major key players' locations are the USA, South Africa, the UK, Ireland, Japan, and Canada who are targeting widespread growth during the forecast period ending in 2030.
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Segment Overview:
Based on the type, the market has been segmented as follows:
- Rigid Boxes
- Self Erecting Boxes
- Telescope Boxes
- Slotted Boxes
- Folder Boxes
Based on the application, the market has been segmented as follows:
- Food and Beverages
- Electronic goods
- Pharmaceuticals
- Personal care
- Chemicals
- Textile Goods
Based on the material, the market has been segmented as follows:
- Linerboard
- Medium
- Others (starch-based adhesives, and wax)
Based on the region, the market has been segmented as follows:
- North America
- Europe
- Asia – Pacific
- ROW(Brazil, Argentina, South Africa)
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Recent Developments
- Most competitors in this industry used mergers and acquisitions, partnerships, contracts, and joint ventures as their primary tactics. The top corrugated box manufacturers are concentrating their efforts on developing countries that are expected to display industrial development potential in the coming years especially during the forecast period ending in 2030.
- Mondi Group teamed up with Cartro, a Mexican corrugated packaging manufacturer, to provide environmentally friendly packaging for fresh food. Mondi's paper grades, including ProVantage Kraft liner Aqua, satisfy these specifications, and the two firms have collaborated to create an entirely new corrugated box to meet the needs.
- Klabin S.A. has agreed to buy International Paper's Brazilian corrugated packaging business for 330 million Brazilian Real, with 280 million paid at signing and 50 million paid a year later. The business includes three containerboard mills and four box factories.
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