Albany, New York, Feb. 12, 2019 (GLOBE NEWSWIRE) -- The global corrugated boxes market projects an immensely fragmented and competitive market scenario, says an analyst of the report by Transparency Market Research (TMR). The market consists of several big and small players all across the globe. The key players in the global corrugated box market are competing mainly as per the price differentiation and product portfolios. Presently, the major firms are focusing on improving their reach by launching new products and production ideas in the developing countries. Moreover, the market is likely to experience tough competition in pricing among the companies in the upcoming years owing to emergence of new players. Some of the leading players operating in the global corrugated boxes market are Stora Enso Oyj., Smurfit Kappa Group Plc., International Paper Co., Sonoco Products Co., and Pratt Industries Inc.
According to a recent report by Transparency Market Research (TMR), the global corrugated boxes market is projected to rise at a steady CAGR of 3.69% within the forecast from 2017 to 2022. In 2017, the market was valued to be near about worth US$96.60 bn. By 2022-end, the global corrugated boxes market is estimated to reach around a worth of US$115.15 bn.
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Based on end user, the segment of food and beverages are the leading one across the global corrugated boxes market. This is credited to the surging demand in packaging business. Geographically, Asia Pacific region is foreseen to sustain its lead in the span of coming years as well. This is due to rising import export activities in the region.
Increased Demand in Packaging Sector to Bolster Market Growth
The demand for corrugated boxes has grown due to notable rise in packaging and converting sector. The rising usage of corrugated boxes in the delivery of fresh food and beverages, logistics, electronic goods, personal care, and home care is propelling the growth in the global market. Moreover, there is another factor augmenting the market growth. The rising preferences for reliable packaging within consumers is another factor fueling the demand in corrugated boxes market.
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In upcoming years, the corrugated boxes market is estimated to witness a significant progress from the e-commerce sector, globally. This is due to increased use of corrugated boxes by online vendors, as per the type of product being dispatched. The corrugated boxes are used so as to maintain its safety. Effective packaging is becoming a basic requirement of the primary businesses in the e-commerce domain. This is likely to support the growth of corrugated boxes market in in future.
Rising Cost of Corrugated Boxes to Hamper Market Demand
In general, the global corrugated boxes market appears to be brimming with opportunities. However, the market might face some obstructions in the coming time, owing to rise in cost of corrugated boxes. Nevertheless, the surging demand in food and beverages sector will make up for the loss and will ease out the hindering factor in future. This factor normalizes the ill effect of high cost of the corrugated boxes in future.
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The review is based on the findings of a report by Transparency Market Research, titled “Corrugated Boxes Market (Material Source - Virgin Fiber and Recycled Fiber; End User - Food, Beverages, Tobacco, Healthcare, Personal Care & Cosmetics, Homecare & Toiletries, Electronic & Consumer Durables, E-Commerce, and Chemical & Fertilizers; Packaging Form - Primary Packaging and Secondary Packaging; Board Type - Single Wall, Double Wall, and Triple Wall) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”
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The global Corrugated Boxes Market has been segmented as below:
By Material Source
- Virgin Fibre
- Recycled Fibre
By End User
- Tobacco
- Food and Beverages
- Personal Care
- Healthcare
- Electronics and Consumer Durables
- Homecare and Toiletries
- Chemical Fertilizers
- E-commerce
By Packaging Form
- Primary Packaging
- Secondary Packaging
By Board Type
- Single wall
- Double wall
- Triple wall
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