Global Paperboard Packaging Market Size is Expected to Increase Significantly by 2024
The global paperboard packaging market size is expected to increase significantly over the next eight years with respect to the growing packaging and manufacturing industries, consumer awareness for sustainable packaging, recyclability, renewability.
The global paperboard packaging market size is expected to increase significantly over the next eight years with respect to the growing packaging and manufacturing industries, consumer awareness for sustainable packaging, recyclability, renewability and eco-friendliness of paperboard packaging. Paperboard packaging is used extensively across several industries from personal care to health care and home care to food & beverages industry. In addition, this type of packaging is used in sectors such as e-commerce, stationary, logistics, education, electrical, electronics and construction which will drive the demand for its use. Skilled labour is not required, manufacturing and handling cost for paperboard packaging is low which in turn will augment industry growth. Rising environmental concerns are expected to drive global paperboard industry, especially in the packaging sector over following years. Competition among the paperboard packaging manufacturers is a key element restraining the growth of the industry. In addition, increasing the concentration of medium and small scale manufacturers is a key factor acting as a restraint for augmentation of the global paperboard packaging industry.
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A variety of industries uses paperboard packaging. It is used across industries such as healthcare, food, education & stationery, personal & health care, home appliances, beverage, construction, logistics, e-commerce, electrical and electronics. It is used for packaging of medicines and pharmaceutical goods in the healthcare industry. It is used for packaging of vegetables, fruits, meat, cereals, chocolates and ice cream in the food industry. It is used for packaging of milk and juices in the beverage industry. In addition, paperboard packaging is used in various other industries which will propel market growth over the following years.
The industry is segmented based on product and application. Based on product, paperboard packaging is available in various grades. The grades are chipboard, laminated/pasted chipboard, reclaimed chipboard and kraft, clay coated news back, solid bleached sulphate, anti-slip sheets, corrugated cardboards and poly coated paperboard.
Based on application, the industry is segmented into food & beverages, personal & health care, electronics & home appliances and others (education, stationary, electrical, construction and electronics). Increasing packaging activities along with rising environmental concerns are expected to stimulate the demand for paperboard packaging in the near future.
Asia Pacific was leading the global paperboard industry share, led by growth in the e-commerce, packaged food & beverage and personal care & cosmetic packaging industries and is expected to continue over the following years. High industrialisation, emerging economies, rising population and increasing manufacturing plants are major factors which are expected to positively contribute to the industry growth. Expansion in the e-commerce and cosmetic & personal care industry in China, Japan and India are expected to augment the overall market in Asia Pacific followed by Latin America.
Paper Manufacturing companies of Saudi Arabia are considered to be leaders in paper and tissue manufacturing. Rising living standard and strong economic growth are expected to drive the demand of paperboard packaging industry in MEA. North America and Europe are developed markets as compared to other regions. Significant industry growth is expected in North America and Europe owing strict government guidelines & norms for using environment-friendly material for packaging activities coupled with huge paperboard demand from manufacturing, packaging and e-commerce industries are expected to augment the industry in Europe and North America over following years.
Key market participants include Amcor Limited, ITC Limited, NIPPON PAPER INDUSTRIES CO. Limited, WestRock Company, Evergreen Packaging, RockTenn Company, Smurfit Kappa Group, METSÄ GROUP, Mondi Group, Clearwater Paper Corporation, Clondalkin Group, Svenska Cellulosa Aktiebolaget (SCA), DS Smith PLC, Sappi Limited, Oji Holdings Corporation, Caraustar, Multi Packaging Solutions, Cascades Inc., STORA ENSO, Shandong Bohui Paper Group Co. Limited, Packaging Corporation of America, International Paper Company and Paper Works Industries.
STORA ENSO has developed a packaging technique which helps in weight reduction, to ease the logistics & supply chain, especially for frozen food product industry. The designed paperboard packaging technique offers lightweight ice-cream packaging by reducing the use of raw materials. Mondi Group has developed an environment-friendly and durable packaging with an innovative feature called window packaging.
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