Paperboard Packaging Market Expanding over 240 Billion-Dollar Mark by 2024
Wednesday, August 07, 2019
Press release from the issuing company
According to a report by Global Market Insights, the global paperboard packaging market is expected to expand over USD 240 billion business by 2024. Growing packaging market in emerging economies is likely to boost paperboard packaging industry in forecast period. It is extensively used in food, medicine, clothing, footwear, and cosmetics wrapping applications owing to its lightweight and recyclable properties. Long working hours in growing corporate lifestyle is resulting in increasing doorstep food deliveries and packaged food eating habits which will drive paperboard packaging market demand in forecast period. Moreover, this product is witnessing a significant demand in many countries owing to increasing health and environmental concern from the harmful effects of plastic packing.
Currently, food packing standard and law are prohibiting the application of recycled paper for food industry, to maintain food safety standards and grades. The food packing segment occupies a major share and government prohibition on the recycled paper usage may restrain the paperboard packaging market over the coming years.
Paperboard packaging market has been segmented based on product, raw material, and application. Among raw materials, fresh sources comprise of wood pulp, straw, hemp, sugarcane bagasse and cotton. Wood pulp solely accounts for 90% of this segmental revenue.
The product segment includes boxboard and containerboard. Boxboard category is further divided as solid unbleached board, folding boxboard, white lined chipboard, and solid bleached board. Folding boxboard segment have several applications such as in confectionaries, cigarettes, beauty products, pharmaceuticals, and frozen foods. Its market is likely to grow at CAGR of 8.5% in forecast timeframe.
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The applications for this product are segmented into four key segments including food & beverage (F&B), medical, durable goods, nondurable goods and others. Increasing demand from online based retail industry, and food takeaways are predicted to propel the product growth in future. F&B is a major end-user which held a more than one-third share of the global paperboard packaging market. Food and beverage is fastest growing application and is likely to witness growth at a CAGR of 8% in forecast period.
Based on regions, Asia Pacific paperboard packaging market held a substantial share in the market and is likely to cross USD 170 billion over the forecast timeframe. This region will experience high gains owing to growing income level and demand from food & beverage industry. North America is the second ranking region, which accounted for a substantial share of the industry in 2016. Europe will grow at a slower pace due to unfavorable regulations on paper recycling.
The prominent companies of paperboard packaging market are SCA paper company, Outlook, Smurfit Kappa, Badger Paperboard, Shandong Bohui Paper, STORA ENSO, WestRock, Oji Holding, International Paper, ITC, Southern Champion Tray, Mondi, Nippon, Metsa and others.
Browse key industry insights @ https://www.gminsights.com/industry-analysis/paperboard-packaging-market
Paperboard packaging market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Paperboard Packaging Market by Raw Material
Fresh (virgin) sources
Recycles waste paper
Paperboard Packaging Market by Product
Folding boxboard (FBB)
Solid unbleached board (SUB)
Solid bleached board (SBB)
White lined chipboard (WLC)
Paperboard Packaging Market by Application
Food & beverages
The above information is provided on a regional and country basis for the following:
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