Corrugated Boxes Market Key Insights:

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The Corrugated Boxes Market size was valued at USD 75.71 billion in 2023. It is expected to reach USD 107.75 billion by 2032 and grow at a CAGR of 4.0% over the forecast period 2024-2032.

Corrugated Boxes market is involved the manufacturing, distribution as well of sales of corrugated boxes. Corrugated boxes are created using the three layers of paperboard, including a corrugated inner layer and flat outside layers known as liners. Corrugated boxes are useful for packaging and delivering a variety of goods because of their strength.

Corrugated box sales have increased significantly over the years as a result of the expansion of e-commerce, rising consumer demand for eco-friendly packaging options, and the expansion of sectors including electronics, and consumer products. For moving items, keeping inventory, and safeguarding commodities in transit, corrugated boxes are frequently used.

Corrugated boxes are in demand because they have replaced traditional packaging products that were being used and are eco-friendly, sustainable as well as easily recycled.

MARKET DYNAMICS

KEY DRIVERS:  

• Sustainability & rise in e commerce

Corrugated boxes are made using material which are recyclable and are affordable. Consumers are getting attracted to corrugated boxes because they are high sustainbale and eco friendly. As after Covid 19 there has been significant rise in the consumer buying behviour and they have shifted to e-commerce. This has led to rise in corrugated boxes market.

• Increased consumer awareness

• Growth of food and beverage industry and electronics.

RESTRAIN:

• Lack of durability

Corrugated boxes are made from paperboards which can be damaged from moisture, water and humidity. So high maintainance is required to keep them safe from factors affecting them.

• High competition from plastic packaging.

OPPORTUNITY:

• Growth of e commerce sector

There has been growth in the e commerce sector which has increased the market for corrugated boxes. Since corrugates boxes are easy to handle and are cost efficient, there is growing opportunity to establish a market in this sector.

• High market in Central and Eastern European Region.

CHALLENGES:

• Reduce the energy consumption

Corrugated boxes production need 30 percent more energy consumption than traditional plastic packaging production. This is challenge to use less energy and also produce less green house gases.

IMPACT OF RUSSIAN UKRAINE WAR

Import of raw materials from Russian companies were stopped their was not major but minor shortage of raw materials for production which resulted in price hike. Overall cost of production was increased and resulted in downfall for market as consumers were shifting towards cost efficient and affordable packaging material. Due to war situation energy price were also increased affecting the production of corrugated boxes market.

IMPACT OF ONGOING RECESSION

North American companies shut down their production of raw materials which are required in production of corrugated boxes. West Rock and Packaging Corporation shut down their mills and tons of production was stopped which affected the market  for corrugated boxes. Demand for corrugated boxes market depend on consumer buying behavior. During recession period consumers tend to spend less and save more resulting in downfall of the market.

IMPACT OF COVID-19

Covid-19 impacted the corrugated boxes market heavily, due to rise in coronavirus cases lockdown was imposed in various regions. So demand for corrugated boxes was down. Demand for electronic products was also less which affected the market for corrugated boxes since trade restrictions were imposed. As China is major contributor in production of electronic products, gadgets. Production from China was stopped due to trade restrictions which resulted in downfall of corrugated boxes market to large extent.

On the other hand rise in e commerce industry has driven the corrugated boxes market. During the lockdown people were not allowed to move due to which there was rise in e commerce industry which ultimately resulted in the rise of market for corrugated boxes.

Overall there was downfall on the growth of corrugated boxes market in covid-19.

KEY MARKET SEGMENTS

By Type:

• Slotted Boxes

• Rigid Boxes

• Telescope Boxes

• Self-Erecting Boxes

• Others

By Product type:

• Single Wall

• Double Wall

• Triple Wall

By Application:

• Food Beverages

• E Commerce

• Personal Care

• Consumer Goods

• Pharmaceuticals

• Others

REGIONAL COVERAGE:

Asia Pacific Region is highest in overall corrugated boxes market covering overall revenue of around 42%. This is because of consumer market of India and China having high demand and supply  for this market of corrugated boxes.

Government regulations of banning plastic has also increased demand for this packaging material in countries such as India. Many investments made by foreign countries in Asian region have also increased market demand for the corrugated boxes packaging.

Over the forecast period of 2024-2031 Asian Region will show high CAGR growth in the market of corrugated boxes

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North America

• USA

• Canada

• Mexico

Europe

• Germany

• UK

• France

• Italy

• Spain

• The Netherlands

• Rest of Europe

Asia-Pacific

• Japan

• South Korea

• China

• India

• Australia

• Rest of Asia-Pacific

The Middle East & Africa

• Israel

• UAE

• South Africa

• Rest of the Middle East & Africa

Latin America

• Brazil

• Argentina

• Rest of Latin American

RECENT DEVELOPMENTS

• Russian prohibition on export of pulp major Type for the corrugated boxes market, leading to shortage of 800000 metric ton in market.   

• Pulp prices rise to 40 percent in March.  

Key Players

Some major players in the corrugated boxes market industry are Mondi, West Rock Company, International Paper, DS Smith, Oji Holdings Corporation, Georgia-Pacific, Packaging Corporation of America, Smurfit Kappa, Stora Enso, Port Townsend Paper Company and other players.