The global corrugated packaging market is evaluated at US$289.098 billion for the year 2019 and is projected to grow at a CAGR of 3.88% to reach the market size of US$377.483 billion by the year 2026.
The corrugated packaging market is expected to face a boost in sales in the next five years due to the surge in its demand in various end-user industries, such as consumer durables, medicines, petroleum, rubber, and others. Various factors responsible for the higher demand of corrugated boxes and packaging in end-user industries are rising demand for consumer products along with rising global population, emerging e-commerce stores, wider acceptance of corrugated packaging by manufacturers among others. However, a high tendency to deform along with a low degree of durability and strength are certain factors expected to hinder demand for corrugated packing during the forecast period.
Key market drivers.
The rise in the e-commerce sector will significantly impact the market during the forecast period.
The advent of COVID-19 had a negative impact on the corrugated packaging market as the industries came to a standstill during the period owing to the imposition of strict government protocols which severely disrupted the supply chains as well. The pandemic resulted in a decline in the sales of corrugated boxes in the year 2020, except for the pharmaceuticals industry, where the demand stayed along all year. Several industries witnessed a decline in the sales of their products as the consumers preferred to shop for only necessary items during the period in order to reduce human contact. The widespread scare of the pandemic allowed the factories to only operate at a lesser capacity resulting in a delay of the process. As the industries recover from the aftermaths of the pandemic, the demand for corrugated boxes is expected to witness an increase beginning from the year 2021 and the trend will continue in the forecast period as well.
Significant innovations being done in the e-commerce sector are expected to fuel the market during the forecast period.
The innovations and developments done by the end-user sectors in order to make the supply chain more reliable and avoid any damages to the product during delivery will be a tailwind to the market in the coming years.
Increasing awareness about product damages during the supply chain will drive the market in the coming years.
Global Corrugated Packaging Market Scope:
|Market size value in 2019||US$289.098 billion|
|Market size value in 2026||US$377.483 billion|
|Growth Rate||CAGR of 3.88% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Corrugated Box Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||International Paper Company, Mondi Group, Smurfit Kappa Group, DS Smith PLC, WestRock Company, Packaging Corporation of America, Cascades Inc., Oji Holdings Corporation, Georgia-Pacific LLC, Nippon Paper Industries Ltd|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the corrugated packaging market size by 2026?
A1. The global corrugated packaging market is projected to reach a total market size of US$377.483 billion in 2026.
Q2. What are the growth prospects for the corrugated packaging market?
A2. The corrugated packaging market is projected to grow at a CAGR of 3.88% during the forecast period.
Q3. What is the size of global corrugated packaging market?
A3. Corrugated Packaging Market was valued at US$289.098 billion in 2019.
Q4. How is the corrugated packaging market segmented?
A4. The global corrugated packaging market has been segmented by corrugated box type, application, and geography.
Q5. What factors are anticipated to drive the corrugated packaging market growth?
A5. The corrugated packaging market is expected to face a boost in sales in the next five years due to the surge in its demand in various end-user industries, such as consumer durables, medicines, petroleum, rubber, and others.