by Board packaging is used extensively across various end-use industries for protective packaging of goods during storage and transportation. It includes corrugated boxes, folding cartons, and trays & plates. Corrugated boxes are used as primary packaging for durable goods, food & beverages, electronics, automotive components, construction materials, pharmaceuticals, and various industrial goods. Folding cartons find application in packaging of cosmetics, cigarettes, food, beverages, and consumer goods. Trays & plates provide protection as well as improve handling & stability of products during logistics. Growing e-commerce sector has significantly boosted the demand for robust and affordable board packaging solutions across the world.
The global board packaging market is estimated to be valued at US$ 213.1 billion in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031
Market Dynamics
Growing demand for sustainable Board Packaging Market Demand from various industries is one of the major drivers for the board packaging market expected to flourish over the forecast period. Manufacturers are under increasing pressure for adopting greener packaging alternatives in light of stringent environmental regulations regarding use of plastics. Board packaging like corrugated boxes and cartons is made from renewable and recyclable materials like paper pulp, making them sustainable packaging choice. Moreover, board packaging provides adequate protection as well as prints and graphics capability which improves brand visibility.These properties are compelling FMCG, food, consumer goods and other companies to replace plastics and other non-renewable materials with board packaging.
Regarding the other driver from the heading which is growing e-commerce sector, the exponential rise in online shopping has augmented the need for effective packaging solutions across the logistics and packaging industry. This has powered the growth of board packaging market since it is widely utilized in the form of corrugated boxes, cartons, and trays for safe delivery of various consumer goods ordered online.
Segment Analysis
The board packaging market is dominated by the corrugated board segment which holds around 65% of the total market share. Corrugated board is widely used in the packaging of food and beverages, electronics, homecare and personal care products. It provides strong and durable packaging solution at affordable cost which has led to its higher adoption rate compared to other segments like boxboard and flexibel. It can withstand rough handling during transportation and logistics.
PEST Analysis
Political: There are various government regulations regarding the material and production process of board packaging. Regulations around plastic packaging is pushing brands to shift towards sustainable packaging like paperboard.
Economic: A stable economic growth is boosting e-commerce and retail industry globally which is driving the demand for board packaging solutions. Fluctuations in raw material prices impact the packaging companies.
Social: Rising health and environment consciousness among consumers is increasing the preference for paper-based packaging over plastic. Paperboard packaging is widely accepted as a sustainable option.
Technological: Automation and advanced machineries are helping manufacturing companies to produce board packaging efficiently on large scales. New coating and lamination techniques are enhancing the protective properties of paperboard.
Key Takeaways
The global board packaging market is expected to witness high growth over the forecast period 2024 to 2031.
Regional analysis comprises – Asia Pacific region currently dominates the global board packaging market with China being the largest producer as well as consumer of paperboard packaging materials. North America and Europe are other major regions for board packaging.
Key players operating in the board packaging market are International Paper Company, Mondi, Nine Dragons Paper Holdings Limited, Nippon Paper Industries Co. Ltd., and WestRock Company. Key players offer extensive product portfolio catering to wide range of industries with innovative and customized board packaging solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
