Global Corrugated Packaging Market to reach US$ 173.6 million by 2020; Glassware and Ceramics Application to Witness Highest Growth
The global corrugated packaging market is expected to expand at a CAGR of 4.0% during 2014 to 2020, to reach an estimated USD 173.6 million by 2020. Due to growing end-user industries like food, medicine, consumer durables, rubber and petroleum, the corrugated market is thriving with faster face.
Corrugated packaging is one of the preferred modes of packaging across several organization because of its sustainability and low cost. Growing demand of consumer products and increasing population is propelling emerging markets to offer tremendous progressing opportunities.
As corrugated packaging is most reliable form of packaging products in the ecommerce industry so this industry has emerged as one of the key drivers for the global corrugated packaging market. On the other hand, low endurance of corrugated packaging and a high propensity for deformation restricts its area of application. Also, its stalled growth across certain end-user industries are hampering the growth of market.
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Corrugated packaging is best suited for products within a certain weight range, beyond which it is not considered as an ideal packaging medium. This restricts its usage to a limited number of industries. High and cyclic relative humid weather decreases the compression strength of corrugated boxes, especially that of recycled corrugated boxes. This packaging also requires protection from liquids and sparks.
Corrugated packaging is considered as the most cost-effective packaging mediums for the e-commerce industry. The global e-commerce industry was worth USD 1.2 trillion in 2013 but currently, approximately 40% of global Internet users buy products online via desktops, mobile phones, and tablets.
China and India are among fastest growing markets for e-commerce. According to the Indian Corrugated Case Manufacturers’ Association (ICCMA), the corrugated packaging industry in India is expected to grow at around 10% in the coming years; of this, the e-commerce industry is expected to account for a significant demand.
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China, Japan, India, and Indonesia are the major corrugated packaging material producers in Asia Pacific. In China, the processed food sector is growing at a rate of over10% while electrical equipment and machinery market is growing at over 11%. In North America, the U.S. leads the corrugated packaging material production while the European market is dominated by Italy, France, Germany, Spain, the U.K., and Poland. Brazil and Turkey feature among the leading corrugated packaging material producers in Rest of the World (RoW).
Moreover, by indicating tough sustainability, the market is consolidating through large numbers of mergers and acquisitions in terms of competitive structure. Major companies in the corrugated packaging market include International Paper Company, Nine Dragons Paper (Holdings) Limited, Rock-Tenn Company, Smurfit Kappa Group, Lee & Man Paper Manufacturing Ltd., Georgia-Pacific Equity Holdings LLC, Oji Holdings Corporation, Mondi Group, Packaging Corporation of America, and DS Smith Plc.
Long-term Outlook: The global corrugated packaging market is expected to expand at a CAGR of 4.0% during 2014 to 2020, to reach an estimated USD 173.6 million by 2020.
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Summary: Global corrugated packaging market expected to thrive by 2020 end. Glassware and ceramics application to witness highest growth.
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