The global corrugated boxes market demonstrates a competitive and an extremely fragmented business landscape, states a novel report by Transparency Market Research (TMR). The leading vendors of corrugated boxes mainly compete on the basis of their product portfolio and the pricing differentiation. Currently, the key companies are concentrating on expanding their business by constructing new production units and introducing new products in the emerging regions.
Going forward, the market is anticipated to witness a stiff pricing competition among enterprises in the years to come due to the continual inflow of new vendors in this market, reports the research study.
According to TMR, the global market for corrugated boxes will reach a whopping sum of US$96.60 bn by 2017 end. Researchers expect a significant rise in the opportunity offered by this market during the period from 2017 to 2022, expanding at a CAGR of 3.60% and arriving at US$115.15 bn by the end of the forecast period, sates the report.
Rise in E-commerce to Shape Corrugated Boxes Market’s Future
“With the significant rise in the packaging and converting industries, the demand for corrugated boxes has bolstered across the world, says a TMR analyst. The increasing application of corrugated boxes in the logistics, fresh food and beverages, electronic goods, and the home and personal care goods industries is boosting the global corrugated boxes market significantly. Apart from this, the rising preference for sustainable packaging among consumers is also driving the growth of this market across the world.
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Over the coming years, this market is likely to gain from the remarkable progress of the E-commerce industry, worldwide, as online retailers have begun to increasingly utilize various types of corrugated boxes, on the basis of the kind of product to be transported, for the safety of the products. Efficient packaging is fast becoming one of the primary business requirements in the E-commerce industry, which is expected to reflect on the growth of this market over the next few years, states the report.
Overall, the market’s future looks thriving; however, it may face hindrances in the near future, on account of the high price of corrugated boxes. The rise in the processed food industry, on the other hand, will help the market to normalize the impact of this restraining factor in the years to come.
APEJ to Remain on Top Spot
Latin America, Asia Pacific excluding Japan (APEJ), Japan, North America, Europe, and the Middle East and Africa (MEA) have surfaced as the prominent regional markets for corrugated boxes, states the report. Presently, Asia Pacific excluding Japan is leading the global market and, expanding at a CAGR of 4.10%, it is anticipated to remain on the top spot over the period of the forecast.
North America and Europe are also projected to witness a significant rise in the demand for corrugated boxes in the near future on the grounds of the rising preference for online shopping among consumers, reports the study.
