Solid Board Market Outlook: Projected Growth to US$ 13.2 Billion by 2029 with 4.3% CAGR

The global solid board market has been making significant strides, with an estimated value of US$ 9.8 billion in 2022, projected to soar to US$ 13.2 billion by 2029, exhibiting a Compound Annual Growth Rate (CAGR) of 4.3% during this period. This growth is particularly remarkable considering the market was valued at approximately US$ 9.4 billion in 2021, and it is expected to expand to 1.3 times its current value by the end of 2029.

During the historical period, the solid board market grew at a CAGR of 3.7%, and this growth momentum is set to continue with a projected CAGR of 4.3% from 2022 to 2029. This trajectory is expected to create an incremental opportunity of around US$ 3.8 billion by 2029.

The food and beverage industry remains a dominant segment among end-user industries, driving the demand for solid board, especially in the 301-500 GSM weight category. In 2021, the top three regions held a quarter of the solid board market share.

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Several factors contribute to the growth of the solid board market, driving its expansion and creating opportunities for sustained development. Here are key growth drivers for the solid board market:

1. Rising Demand in the Food and Beverage Industry: The food and beverage industry remains a dominant force propelling the solid board market. The need for robust packaging solutions for food products, including cereals, snacks, and beverages, drives the demand for solid board. The material’s strength and durability make it an ideal choice for protecting and preserving a wide range of food items.
2. Weight Specification Preferences: The market experiences a surge in demand for solid board with specific weight specifications, particularly in the 301-500 GSM (Grams per Square Meter) range. This weight range caters to diverse packaging needs across various industries, including food, pharmaceuticals, and consumer goods, contributing to the overall growth of the solid board market.
3. Incremental Opportunities and Market Expansion: The projected CAGR of 4.3% signifies a consistent growth trajectory for the solid board market from 2022 to 2029. This expansion creates incremental opportunities, with the market expected to unfold 1.3 times its current value by the end of 2029. The continuous growth indicates a robust market environment and sustained demand for solid board packaging solutions.
4. Regional Dominance in Europe and East Asia: Europe and East Asia emerge as key regions driving the growth of the solid board market. The two regions are forecasted to collectively hold approximately half of the market by the end of 2029. This regional dominance is indicative of the strong demand for solid board packaging in these areas, likely influenced by factors such as industrialization, population growth, and economic development.
5. Historical Growth Momentum: The solid board market demonstrated a historical growth rate with a CAGR of 3.7%, setting the stage for continued expansion. The shift to a projected 4.3% CAGR from 2022 to 2029 underlines a positive growth momentum. This sustained growth is likely driven by ongoing trends, increasing applications of solid board, and a growing awareness of its benefits in various industries.
6. Versatility and Application Diversity: Solid board’s versatility and suitability for diverse applications contribute to its market growth. It is used for packaging various products, ranging from food items to pharmaceuticals and consumer goods. The material’s adaptability to different packaging needs positions it as a preferred choice across multiple industries, fostering sustained demand.

Europe and East Asia are anticipated to collectively hold approximately half of the solid board market by the end of 2029. However, the market is subject to various industry factors and influences, including product alternatives and environmental concerns, which may hinder its growth.

In terms of innovations, the market has seen the adoption of smart folding methods for easy handling of solid boards. Companies like Smurfit Kappa have introduced eco-friendly solutions, such as a 100% plastic-free, recyclable, renewable, and biodegradable detergent box in April 2022. These advancements align with the growing focus on sustainability in the packaging industry, further propelling the solid board market forward.

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Another key trend driving the growth of the solid board market is the growing use of the material in the food industry. Solid board is commonly used in packaging for food products, as it provides an effective barrier against moisture, light, and oxygen, which helps to preserve the freshness and quality of the food.

The market for solid board is segmented by application into food, electronics, and industrial goods. The food segment is expected to hold the largest share of the market during the forecast period, due to the increasing demand for packaged food products and the excellent barrier properties of solid board. The electronics segment is also expected to grow at a significant CAGR during the forecast period, driven by the growing use of solid board in packaging for electronic products.

The market for solid board is also segmented by product type into single-layer and multi-layer. The single-layer segment is expected to hold the largest share of the market during the forecast period, due to its lower cost and ease of use. The multi-layer segment is also expected to grow at a significant CAGR during the forecast period, driven by the improved barrier properties and strength of the multi-layer board.

The market for solid board is further segmented by region into North America, Europe, Asia Pacific, and Rest of the World. The Asia Pacific region is expected to hold the largest share of the market during the forecast period, due to the increasing demand for packaged food products in countries such as China and India. North America and Europe are also expected to witness significant growth during the forecast period, driven by the growing use of solid board in the electronics and industrial sectors.

Overall, the global solid board market is expected to grow at a steady pace during the forecast period, driven by increasing demand for sustainable packaging solutions and the growing use of the material in the food and electronics industries. Companies operating in the market are expected to focus on developing new and innovative products to meet the changing demands of consumers and stay ahead of the competition.

Solid boards are in higher demand due to their increased use in packaging and promotional products like as boxes, layer pads, and point-of-purchase displays. Solid boards are commonly used to make boxes because they have a flat and compact structure and are easier to print. Solid boards are also manufactured from recycled paper and are 100% recyclable.

Key drivers driving the growth of the solid board market are point-of-sale appeal and cost-effective packaging solutions, coupled with sustainability offered by solid boards over alternatives such as plastic or metal products. Moreover, rising consumer preference for eco-friendly products has boosted the demand for solid boards for manufacturing packaging & promotional products on a global scale.

On the back of these factors, the solid board market is projected to register a CAGR of 4.3% during the forecast period, and reach a valuation of US$ 13.2 Bn by 2029.

“Solid boards are ideal for manufacturing packaging solutions that can be used in humid conditions, and for packaging frozen food, fresh food, and flowers. The use of solid boards offers an attractive competitive advantage over other forms of packaging and promotional products, as these can improve distribution speed, reduce storage cost, and boost packaging efficiency.”

Key Insights:

• Solid board made from virgin paper holds more than half of the total market share among all segments by material type in the global solid board market, as this type can be easily be cut and is suitable for printing. This segment is estimated to expand 1.2X its current value by 2023.
• As per FMI analysis, the boxes segment is identified as the most preferred application of solid boards for packaging, as consumers are concerned about the environmental impact of packaging waste.
• The food & beverage industry is projected to remain the key consumer for players in the solid board market during the forecast period, and is expected to grow by 1.5X its current value by 2029. Increased consumption of food & beverages such as fresh produce and frozen food in developed countries is anticipated to accelerate the demand for solid boards during the forecast period.

Solid Board Market: 

Smurfit Kappa Group, International Paper, VPK Packaging Group NV, Metsä Board, and Sappi Limited are tier-1 market players operating in the global solid board market. Holmen Group, Billerudkorsnas AB, Mugler Masterpack Crimmitschau GmbH, WestRock Company, and Stora Enso have been identified as tier-2 market players in the global market. However, several unorganized and regional manufacturers may enter the solid board market through mergers or collaborations to compete with global players.

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Solid Board Market By Category

By Material Type:

• Recycled Paper
• Virgin Paper

By Weight:

• Upto 200 GSM
• 201-300 GSM
• 301-500 GSM
• Above 500 GSM

By Application:

• Boxes
• POP Display
• Edge Protectors
• Trays
• Layer Pads

By End Use Industry:

• Electrical & Electronics
• Health care & Pharmaceuticals
• Cosmetics & Personal care
• Food & Beverages
  • Confectionery
  • Fresh Produce
  • Milk & Dairy
  • Frozen Food
  • Meat & Poultry
• Other Industrial Packaging
• Building & Construction
• Tobacco Packaging