The scope of our recent study on the “Corrugated Boards Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application (Food and Beverage, E-commerce, Consumer Durables, Electrical and Electronics, and Others)” comprises the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with providing the analysis of market share.
The corrugated boards market was valued at US$ 127,139.07 million in 2021 and is projected to reach US$ 192,153.31 million by 2028; it is expected to grow at a CAGR of 6.1% from 2021 to 2028. Corrugated packaging involves the packaging of various goods, such as food and beverage products, consumer durables, and electronics and electrical appliances, in corrugated boxes for secondary transportation. The use of corrugated board for packaging is a cost-effective and adaptable packaging technique for protecting, preserving, and transporting a variety of items. Corrugated boards are suitable for application in a variety of industries, such as food & beverages, consumer durables, electrical and electronics, paper, chemicals, personal care and home products, agriculture, forestry, fishing, and plastic and rubber products.
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Based on application, the corrugated boards market is segmented into food and beverage, e-commerce, consumer durables, electrical and electronics, and others. The food and beverage segment held the largest share of the market in 2020. However, the e-commerce segment is projected to register the highest CAGR during the forecast period. The e-commerce industry has witnessed a significant surge in the past few years. Customers highly prefer online retail channels to purchase products due to the high accessibility and convenience of e-commerce platforms. E-commerce businesses primarily rely on logistics operations since delivering products to end customers is one of the primary components of their operations. Fast and short demand cycles in logistics and transportation industry requires increased flexibility and agility. Moreover, supply chain operations are undergoing rapid evolution in accordance with new technologies to deliver improved efficiency, accuracy, and cost-effectiveness. Corrugated boxes are the backbone of e-commerce, as they enable the safe, flexible, and convenient transportation of various products worldwide. Moreover, as corrugated boards are inexpensive, they lower the packaging and transportation costs of logistics companies, thereby reducing the expenses of e-commerce retailers. Thus, the rapidly growing e-commerce industry and the rising utilization of corrugated boxes in e-commerce operations are bolstering the demand for corrugated boards.
The corrugated boards market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America (LATAM). Asia-Pacific held the largest share of the market in 2020 and is expected to register the highest CAGR during the forecast period. In Asia-Pacific, there has been an increase in the consumption of corrugated boards in various industries, such as food & beverages, electronics, and e-commerce. The rise in awareness regarding sustainable and cost-effective corrugated board packaging solutions, which are used in the transportation of products, and various initiatives by the government to ban plastic packaging in several Asian countries would boost the demand for corrugated boards in the region in the coming years. Also, an increase in awareness about the environment propels the demand for greener packaging solutions, which is driving the corrugated boards market growth. In addition, the rise in the demand for electronic goods, automotive parts, home care, and beauty & personal care products from domestic and international markets is fueling the demand for corrugated boxes, thereby driving the corrugated board market growth. According to the report, 'China's Growing Role in U.S. Automotive Supply Chains', published in August 2019 by the U.S. International Trade Commission, the export of automotive parts from China under HS 8708 was increased from US$ 12.2 billion in 2007 to US$ 34.8 billion in 2018. Therefore, a growing foothold of companies in Asia-Pacific in the packaging of various products is expected to propel the market growth during the forecast period.
Impact of COVID-19 Pandemic on Corrugated Boards Market
Many sectors, such as the chemicals & materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The implementation of COVID-19 safety protocols led to the shortage of raw material and labor, shutdown of factories, and other operational difficulties. Therefore, companies involved in the manufacturing of packaging products faced a contraction in sales during the initial months of the pandemic. The e-commerce sector witnessed a significant demand for various products, such as packaged food and beverages, groceries, daily essentials, consumer durable goods, owing to the shutdown of offline stores. With the rapidly growing e-commerce sector, even in the COVID-19 pandemic, there was a significant demand for corrugated boards from the e-commerce sector to package and transfer various goods. However, due to shortage of raw materials and shutdown of manufacturing units due to extended nationwide lockdowns, there was a huge demand and supply gap, which negatively impacted the corrugated boards market growth. Moreover, due to slowdown in logistics operations, the packaging industry faced a significant loss.
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Businesses are gaining ground as the governments of various countries eased out the previously imposed restrictions. Moreover, the introduction of COVID-19 vaccine has eased out the situation, leading to a rise in business activities across the world. Moreover, logistics companies involved in the transportation of daily essential goods and food and beverage products propelled the demand for corrugated boards. Thus, the global corrugated boards market is expected to grow significantly in the coming years. The COVID-19 pandemic has spurred the development of the e-commerce industry. It has given customers access to a wide range of products, such as essential goods, convenience products, and safety goods. It has also allowed businesses to continue operating despite limitations and restrictions imposed on various industrial and transportation activities. The e-commerce industry has significantly contributed to the revival of logistics operations, which, in turn, is expected to bolster the growth of the corrugated boards market in the coming years.