The corrugated box market is expected to escalate at a CAGR of 5.0% from USD 134.7 billion in 2022 to USD 219.4 billion through 2032. The COVID-19 pandemic has had a significant impact on the aluminum industry worldwide, and it is difficult to estimate the severity and extent of the impact over time. According to U.S. government statistics, as of August 2020, approximately 198,000 dental clinics and hospitals have been closed due to the Coronavirus outbreak.
As a result of the recession that followed the pandemic, the packaging industry was negatively impacted. In light of the COVID-19 pandemic and the unexpected drop and uncertainty in raw material prices, packaging solution manufacturers around the world have been facing significant challenges.
The increased use of online shopping in Central and Eastern Europe, along with sustainability, is driving the corrugated box market.
The packaging of corrugated boxes used in Central and Eastern Europe incorporates a sustainable approach and eco-friendly material, which is appreciated by nearly 80% of the population. Consumers use sustainable corrugated packaging solutions for online shopping in 77% of cases.
The growth of the corrugated box market is slowed by fierce competition from flexible plastic packaging Flexible packaging provides the best value for manufacturers and retailers. This is due to its ability to reduce packaging weight which results in reduced shipping and warehousing costs. Consequently, less space is needed for the packaging.
Digitalization is being implemented by Smurfit Kappa in the market for corrugated boxes through the development of a range of new products. The corrugated industry has been enriched by the introduction of digitalization by Smurfit Kappa, a renowned manufacturer of corrugated packaging solutions.
Graphic design customized for each client has produced various benefits, such as increased sales and greater flexibility. As well as developing new technologies and improving current ones, the company also looks forward to increasing its sustainability efforts. Innovations in these areas are driving the digitalization of paper-based packaging and creating substantial opportunities for the expansion of the corrugated box market.
Leading Companies Profiled in Corrugated Box Market are
Key segments