Corrugated Board Market Trends, & Business Growth to 2028
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Updated on Oct 11, 2023
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Corrugated Board Industry Overview
The global corrugated board market size was valued at USD 90.79 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2021 to 2028.
Rising demand for greener packaging solutions and increasing packaging needs of e-commerce platforms are anticipated to drive market growth. Corrugated boards, derived from pulp & paper, are highly recyclable than plastic packaging. The fluting medium present in the corrugated board acts as a shock absorber, thereby protecting packaged goods from external impact. These containers can withstand high pressure, wherein various thicknesses and layers of the flutes provide benefits, such as cushioning, to protect packaged products.
Gather more insights about the market drivers, restrains and growth of the Global Corrugated Board Market
The single wall segment led the market in the U.S. in 2020 owing to a wide application scope of these products in industries, such as personal care, cosmetics, and pharmaceutical. In addition, single-wall corrugated boards are used in the e-commerce sector for the packaging of smaller and compact items, which contributes to the segment’s high share. Products made from corrugated boards find applications in several end-use industries, such as food packaging, food service, electronics, and healthcare. Many food production & processing companies use corrugated boards to pack products, such as snacks, Ready-to-Eat (RTE) meals, meat, fruits, and produce.
Companies offering various food services also use corrugated board products for serving or packaging meals. For instance, corrugated boxes used in pizza packaging are gaining traction among restaurant chains. The trend of online retailing is likely to boost market growth with the rising need for e-commerce packaging. The COVID-19 has further highlighted the significance of online ordering services in 2020 as strict lockdowns were imposed across most countries with limited access only to essentials.
Online retail companies are increasingly replacing most packaging materials with corrugated packaging to promote their brands in terms of sustainability. Old Corrugated Containers (OCC) are primarily used for making corrugated boards along with the virgin pulp. The strong demand for corrugated boards, particularly after the outbreak of the COVID-19 pandemic in 2020, is expected to increase OCC prices over the forecast period. The increased raw material price is likely to affect the prices of final products.
Moreover, the lack of durability of paper-based corrugated boards over other packaging options, such as plastics, would limit the market growth. Therefore, the companies are focusing on developing new products with high quality, which can cater to the varied demands of customers. For instance, Mondi invested USD 36.21 million in state-of-the-art corrugators to make packaging solutions that can potentially replace transport containers made from metal or solid wood.
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
- Food Packaging Market: The global food packaging market size was valued at USD 346.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2030.
- Stretch And Shrink Films Market: The global stretch and shrink films market size was estimated at USD 15.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2030.
Corrugated Board Market Segmentation
Grand View Research has segmented the global corrugated board market based on flute type, board style, and region:
Corrugated Board Flute Type Outlook (Volume, Million Tons; Revenue, USD Million, 2017 - 2028)
Corrugated Board Style Outlook (Volume, Million Tons; Revenue, USD Million, 2017 - 2028)
- Single Face
- Single Wall
- Double Wall
- Triple Wall
Corrugated Board Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2017 - 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Market Share Insights
- March 2021: International Paper acquired two corrugated packaging businesses in Spain - Cartonatges Trilla S.A., Tarragona, and La Gaviota, S.L., Madrid.
- December 2020: International Paper is a vertically integrated manufacturer that owned approximately 314,000 acres of forestlands in Brazil
Key Companies profiled:
Some of the prominent players in the global corrugated board market include:
- International Paper
- WestRock Company
- Packaging Corporation of America
- Stora Enso
- Oji Holdings Corporation
- Smurfit Kappa
- Port Townsend Paper Company
- DS Smith
Order a free sample PDF of the Corrugated Board Market Intelligence Study, published by Grand View Research.