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Corrugated Box Market to Grow at 3.94% CAGR, Reaching $76.76 Billion by 2021

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MarketsandMarkets, Pune, India, has published a new report titled Corrugated Boxes Market by Material (Linerboard, Medium), Printing Ink (Water-Based, Solvent-Based, UV-Curable, Hot Melt-Based), Printing Technology (Digital, Flexography, Lithography), Type (Slotted, Telescope) - Global Forecast to 2021. According to the report, the market size is projected to grow from $63.29 billion in 2016 to $76.76 billion by 2021, at an estimated CAGR of 3.94%.

More information about this report is available online. 

The global corrugated boxes market is driven by factors such as recyclability of corrugated boxes, strong growth in the food and beverage, and electronic goods industries, and an increase in the spending by consumers for packaged products. Rising e-commerce industry and increasing demand for packed product present a great opportunity for this market to grow in the future. The report further notes that the corrugated boxes market is witnessing demand due to the rise in manufacturing activities. However, factors such as greenhouse gas emission during production and rising raw material cost inhibit the growth of the market.

The food and beverage segment is projected to be the largest market in the next five years. The demand from the food and beverage sector is expected to experience a higher growth rate, mainly because of the growing demand for packaged and branded products, and consumer awareness of safe packaging of the product. Beverage manufacturers widely use corrugated boxes due to the safe shipment they offer.

Digital printing is estimated to be the fastest-growing printing technology during the forecast period. The corrugated boxes market, by printing technology, is classified into digital printing, flexography printing, lithography printing, and others (gravure, screen, and offset printing). The digital printing segment accounted for the fastest-growing segment in 2015 with its numerous benefits such as high-quality, time-saving, and cost-effective solution for manufacturing corrugated boxes. Digital printing also uses ink-jet printing to print images on uneven and thicker substrates.

Asia-Pacific with emerging economies like China and India will drive the corrugated boxes market. China is projected to have the largest market share and dominate the Asia-Pacific corrugated boxes market from 2016 to 2021. Developing markets such as China and India, are emerging as growth economies for corrugated boxes. Growing economies, the increasing population, and the resultant disposable income of people are acting as the main drivers for increased opportunities in these countries.

The major players include Mondi Group (South Africa), International Paper (USA), WestRock (USA), DS Smith (U.K.), Smurfit Kappa Group (Ireland), and Rengo (Japan). Companies have adopted mergers and acquisitions to cope with increasing demand in the emerging markets.

 

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