Paperboard Packaging Market: Thriving E-commerce Sparks Demand By 2016 - 2024

The global paperboard packaging market is moderately fragmented and some of the key players are International Paper, NIPPON PAPER INDUSTRIES CO. LTD., WestRock Company, STORA ENSO, Smurfit Kappa Group, and Mondi. In 2015, the top six players held more than 60% of the market in 2015, says a recent study by Transparency Market Research. Some of the large companies have formed their own distribution channels through ancillary companies and joint ventures. Typically, these companies offer products through supply deals with suppliers and distributors. Some paperboard manufacturers have entered into partnerships with logistics companies to diversify operations and augment their presence across the value chain.

The global paperboard packaging market is expected to reach a valuation of US$227.47 bn at the end of 2024 displaying a 7.1% CAGR from 2016 to 2024. In 2015, the market stood at a valuation of US$122.69 bn.

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Paperboard Packaging Market to Gain from Increasing Applications

By product, containerboard and boxboard are the segments of the market for paperboard packaging. The sub-segments of boxboard are folding boxboard (FBB), solid unbleached board (SUB), solid bleached board (SBB), and white line chipboard (WLC). Amongst these, WLC stood as the largest product sub-segment of boxboard market. On the other hand, containerboard stood as the largest product segment accounting for almost 82% of the global market in 2015. The containerboard market is expected to rise significantly due to their increasing demand from the emerging economies of Latin America and Asia Pacific.

On the basis of application, the market is divided into five segments: durable goods, food and beverages, non-durable goods, medical, and others. In 2015, food and beverages stood as the largest application segment in the global paperboard packaging market. The application segment is expected to display exemplary growth during the forecast period. Furthermore, development of the medical industry that exhibits a high demand for non-durable goods will benefit the paper packaging market.

Asia Pacific Poised to Lead Global Market throughout Forecast Period

The global market for paperboard packaging is mainly concentrated owing to the fast economic development in emerging economies such as China and India. In 2015, Asia Pacific stood as the largest market for paperboard packaging, mainly due to the growth in the cosmetic and personal care and packaged food industries. The thriving e-commerce industry due to the easy access to the internet and rising disposable income has been a significant factor for the growth of the paperboard packaging market in this region. The region is expected to display the fastest growth followed by Latin America in the coming years.

North America and Europe are relatively mature markets for paperboard packaging, hence these regions will display sluggish growth in the coming years.

The increasing demand for sustainable packaging is driving the paperboard packaging market, as paperboard is an ideally suited sustainable packaging solution over metal and plastics. This is because paperboard is recyclable and renewable that is procured from managed tree farms and recycled paperboards. Paperboard packaging is available in various grades and displays unique characteristics as per the packaging needs.

Paperboard is utilizable for graphic printing owing to its superior printing surface. Due to this it is used as a information carrier and is useful for brand building initiatives across a range of industries such as medicine, cosmetics, food, and clothing.

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This release was published on openPR.