Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Paper & Paperboard Packaging Market.
The market report for the global paper and paperboard market has witnessed an upward surge since 2017 due to innovations in the industry. According to the MRFR analysis, the market is propelled to grow at a CAGR of 6.0% during the forecast period (2017-2023).
The paper and paperboard packaging is a thick paper-based material which is prominently used for packaging and wrapping the products. The attributes such as light weightiness, easy molding ways, easy cutting methods, and easy shaping are the advantages of paper packaging, which has captured all the limelight in the packaging industry.
Factors Driving the Market Growth
MRFR reports reveal that the global paper paperboard packaging market is growing at a high pace and is likely to grow splendidly with a higher CAGR in the coming years due to people’s inclination towards online shopping. The origin of online shopping has catered to faster delivery, easy return policy, free shipping which is fueling the overall growth of the paper and paperboard packaging market.
Paper and paperboard packaging is known for its versatility and cost-effectiveness. It is highly used to protect, preserve and transport of a wide range of products such as electronics, food, fragile glassware, and wooden stock. In addition, such packaging deeds can also be customized with interest to product specific needs.
In recent time, considering environmental concerns, a trend of environment-friendly packaging solutions has been noticed across the globe, which has resulted in profound changes in conventional packaging methods. With cardboards becoming saturated, the demand for paper and other easy packaging methods have triggered.
According to government policies and regulations, and consumer preferences have led the packaging sector shift towards eco-friendly solutions. Many companies hailing from the packaging world have stringently banned usage of materials like plastics for packing products, as they tend to be life-threatening. This has resulted in tremendous growth of the paper and paperboard market with a high CAGR. Also, a rapid expanding of hypermarkets and supermarkets have also contributed the lion's share in the growth of paper and paperboard market over the years.
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The global paper and paperboard packaging market have been segmented by type, grade, application, and region.
By mode of type, the market has been segmented into corrugated boxes, boxboard, and paper bags. Of these, paper bags have accounted larger position in the market share since 2016. Various paper bags such as pasted valve bags, sewn open mouth bags, multi-wall paper over poly, and pinch bottom open mouth bags are mostly used.
By mode of grade, the market has been segmented into folding boxboard, solid bleached sulfate, white line chipboard, coated unbleached Kraft board and more.
By mode of application, the market has been segmented into personal care, electronics, food & beverages, healthcare, and more. Of these, food & beverage holds the largest share in the growth of the market as usage of packaged foods & beverages and frozen foods have increased in demands among the consumers. Personal care packaging follows with food & beverage and supports significantly in the growth of the market. According to the VDMA Association, the global beverages market sale was 234 million liters in 2017 as compared to 494,184 million litters in 2012. All these motives are influencing the paper and paperboard packaging market in convenient ways.
Market Key Players
The key players in the paper & paperboard packaging market include Amcor Ltd. (Australia), ITC Ltd. (India), Cascades Inc. (Canada), RockTenn Company (U.S.), Clearwater Paper Corporation (U.S.), Packaging Corporation of America (U.S.), DS Smith Plc. (U.K.), Mondi Group (South Africa), Metsa Group (Finland), Nippon Paper Industries Co., Ltd. (Japan), Georgia-Pacific LLC (U.S.), Spartan Paperboard Company (U.S.), Stora Enso Oyj (Finland), Sonoco Products Company (U.S.), and Colbert Packaging (U.S.).
December 2017 - WestRock Company acquired substantially the assets of Plymouth Packaging, Inc. The acquisition of Plymouth Packaging is expected to enhance WestRock’s innovation platform and differentiation strategy. The addition of the ‘Box on Demand’ system is expected to enhance WestRock’s automated packaging systems business and differentiation in e-commerce and other custom applications, where on-site box making is needed. It is also intended to improve the company’s margin profile, growth prospects in their corrugated packaging business.