A fresh market intelligence study by Transparency Market Research (TMR) finds the global fiber based packaging market is marked by intense competition and fragmentation due to the presence of several players of varying sizes. Keen players in the market are pouring money into research and development for the introduction of innovative products in order to serve a large customer base. They are also resorting to mergers and acquisitions to expand their footprint, thereby enhancing their product portfolio.
Prominent participants in the global fiber based packaging market include International Paper Company, DS Smith plc, Huhtamaki Oyj, Smurfit Kappa Group plc., Sonoco Products Company, WestRock Company, Georgia-Pacific LLC, Pratt Industies Inc., Reynolds Group Holdings Ltd., U.S. Corrugated Inc., UFP Technologies Inc., ESCO Technologies Inc. Ltd., Brodrene Hartmann A/S, KapStone Paper and Packaging, Mayr-Melnhof Karton AG, Rengo Co. Ltd., Mondi Group, Stora Enso, AR Packaging Group AB, and BillerudKorsnas AB.
The global fiber based packaging market has witnessed extraordinary growth over the past few decades on account of numerous applications of fiber based packaging across several end-use industries. Driven by this and several other factors, the global fiber based packaging market is projected to register a 3.8% CAGR vis-à-vis revenue over the forecast period 2017 to 2025, for the market to reach a valuation of US$383.5 bn by the end of 2025. The market was evaluated to be worth US$284 bn in 2016.
Among the various segments based on packaging type, corrugated boxes lead with an estimated share of more than 45% by value. Corrugated boxboard contributes more than 50% revenue amongst all material type segments in the fiber based packaging market. Food packaging segment leads amongst key end-use segments holding almost 40% market share by value. Region-wise, Asia Pacific is anticipated to emerge as the most lucrative market in terms of both value and volume over the forecast period.
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Favorable Physical Attributes and Cost-Effectiveness Drives Adoption
Across the world, the growth of the packaging industry and a shift in consumer preference have resulted in the impressive growth of the global fiber based packaging market in the past decade, says a TMR analyst. Fiber based packaging is increasingly being preferred by consumers due to its advantage of being light weight and cost effective. Apart from this, fiber based packaging offers advantages of employing highly automated machines for the design of paperboard products, which in turn, substantially reduces labor and packaging costs.
Further, factors such as easy availability of raw materials is attracting manufacturers to manufacture fiber based packaging solutions. The flourishing food and beverages, pharmaceuticals, and personal care industries are expected to fuel growth of the fiber based packaging market.
Natural Characteristic Receives Government Approval
The growing concerns of global warming are also having a positive impact on the growth of global fiber based packaging market. Product manufacturers and consumers are increasingly focused on the manufacture and purchase respectively of eco-friendly packaging solutions. Fiber based packaging utilizes biodegradable material obtained from natural sources that are sustainable in the long run. With the increasing demand for sustainable products, manufacturers are expanding their product portfolio to include sustainable packaging solutions. Further, government regulations that strictly monitor plastic packaging solutions and encourage the use of bio-degradable packaging solutions have accentuated the demand for fiber based packaging.
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