Board Packaging Market Growth Accelerated by Strong Demand for Sustainable Packaging Materials
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Board Packaging Market |
Board packaging involves the use
of corrugated fiberboard and solid fiberboard in the packaging of various
industrial and consumer products. Corrugated fiberboard is made up of a fluted
corrugated sheet in between two flat linerboards. This robust and lightweight
material provides protection against vibration, impact resistance, and
compressive strength. Board packaging finds widespread application in
industries such as electronics, food and beverages, automotive, healthcare, and
personal care. It is used in the packaging of various consumer goods ranging
from electronics to home appliances to household cleaning supplies.
The global board packaging market
is estimated to be valued at US$ 170 Bn
in 2023 and is expected to exhibit a CAGR
of 8.6% over the forecast period 2024 to 2031, as highlighted in a new
report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from the
electronics industry is the major driver responsible for boosting growth of the
board packaging market. Rising consumer electronics sales and the need for safe
delivery of components are fueling the demand for protective board packaging
from this industry. As per estimates, around 2.5 billion smartphones were
shipped in 2021 globally which required packaging for safe transportation. This
generates huge demand for corrugated and solid board packaging. Moreover, the
growing demand for eco-friendly packaging from various end-use industries is
expected to present lucrative opportunities for market players during the
forecast period. This has encouraged packaging manufacturers to introduce
sustainable packaging solutions made from recyclable materials like paper.
However, fluctuations in paper prices may hinder the overall market growth
during the forecast period.
SWOT Analysis
Strength: The board packaging
market benefits from a strong demand for sustainable and eco-friendly
packaging. Many leading brands and manufacturers prefer board packaging owing
to its sustainability credentials and recycling capabilities. The market also
receives support from government initiatives aimed at promoting the use of
recyclable materials. Board packaging provides high strength at an affordable
cost, making it suitable for shipping a wide range of products.
Weakness: Th price of board
packaging is directly linked to the cost of raw materials such as paper and
wood pulp. Fluctuations in raw material prices can negatively impact the
overall packaging costs for brands. Further, some types of board have low
resistance to water, making them unsuitable for certain products.
Opportunity: Rising e-commerce
activities have increased the demand for secure and protective packaging
solutions for shipping various goods. This presents an opportunity for board
packaging manufacturers to introduce innovative and customized designs
well-suited for the logistics/shipping sector. Manufacturers are also focusing
on developing moisture-resistant boardgrades to gain traction in new industries
like food and beverage.
Threats: Restrictions on
deforestation and sustainable wood sourcing pose challenges to the steady
supply of raw materials. Alternative sustainable packaging materials like
bioplastics are gaining ground, threatening the market position of board
packaging over the long run if they can match functionality at competitive
costs. Tightening environmental regulations also compel manufacturers to improve
their green credentials.
Key Takeaways
The Global
Board Packaging Market Size is expected to witness high growth led by
rising e-commerce activities and focus on sustainable options.
North America currently dominates
the board packaging consumption due to well-established logistics chains and
retailer preference for recyclable solutions.
Key players like International Paper Company, Mondi, WestRock
Company, Nippon Paper Industries are focusing on renewable/recycled materials
and customized designs to strengthen their market position.
Get More Insights Here
https://www.newsstatix.com/board-packaging-market-size-share-growth-outlook-2023/
https://ceocolumn.com/news/understanding-the-complex-tumor-microenvironment/
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