COVID19 Impact on Containerboard Market Analysis, Business Insights with Growth Driving Factors | Key Player: Stora Enso, Nine Dragons Paper (Holdings) Limited, Hamburger Containerboard, Georgia-Pacific LLC.
The global containerboard market size is projected to reach USD 142.03 billion by 2027 owing to the rising demand for sustainable packaging worldwide. Containerboards are paperboards used generally for packaging material due to their properties such as lightweight and paperweight, or high grammage. A recently published report by Fortune Business Insights™ titled, “Containerboard Market Size, Share & Industry Analysis, By Material (Virgin, and Recycled), By End-User (Food & Beverage, Personal Care & Cosmetics, Industrial, and Others), and Regional Forecast, 2020-2027,” offers a qualitative and quantitative analysis of the market. As per this report, the value of the market stood at USD 120.60 billion in 2019 and will exhibit a CAGR of 2.1% between 2020 to 2027.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this, too, shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling, and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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What are the Highlights of the Report?
The report offers an extensive overview of the market and highlights the growth drivers, restraints, upcoming opportunities, and possible challenges of the market. It also discusses the table of segmentation based on factors such as material, end-user, and geography with the names of the leading segment and its attributed factors. It also lists the names of players operating in the market and the key strategies adopted by them. Furthermore, the report discusses significant industry developments, current trends prevalent in the market, and other interesting insights that will help investors to make financial and beneficial decisions in the market.
“Increasing Demand from Pharmaceutical Industries to Boost Growth”
With rapid industrialization, there is an increasing need for sustainable packaging from various sectors such as cosmetics, food and beverage, pharmaceutical, personal care, and others. This stands as a major factor in boosting the containerboard market growth. Besides this, the booming food and beverage sector with increasing popularity for ready-to-eat frozen food and convenient food would increase its productivity, thereby demanding more containerboards for package and shipment purposes. This will bode well for the market in the coming years.
On the contrary, regulatory impositions based on the use of nature-friendly resources for the production of containerboards may pose a major challenge for the market players, thereby hampering the overall market size. Nevertheless, the rapidly developing e-commerce industry would aid growth. Apart from that, the rising preference for product-specific corrugated boxes for safety concerns regarding external stress is likely to create lucrative growth opportunities for the market in the forthcoming years.
“Asia Pacific to Continue its Dominance with China on the Lead”
Asia Pacific is dominating the market with a revenue of USD 53.13 billion earned in 2019. The growth of this region is attributed to the rapid industrialization activities, coupled with a rise in the preference for ready-to-eat and packaged food and beverages. China stands as the leading producer of containerboard and will continue to do so in the forthcoming years on account of the busy lifestyle and rising production of convenient food products.
On the other side, the market in Europe is expected to exhibit significant growth owing to the expansion of the personal care and cosmetics market. The market in the Middle East and Africa and Latin America will grow steadily with the development of retail distribution channels and the increasing agriculture-related businesses in the respective regions.
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“Consolidated Nature of Market will Intensify Competition”
The competitive landscape of the market is consolidated in nature with the presence of a bunch of players holding about 20% of the overall production capacity. These include Mondi Group, SCG Packaging Public Company Limited, DS Smith, Lee & Man Paper Manufacturing Ltd., and Smurfit Kappa. Major vendors are investing massively on the research and development of recyclable and water-resistant containerboard products to attract high revenue in the coming years. Besides this, the players are also engaging in collaborative efforts such as agreements and contracts, mergers and acquisitions, joint ventures, and others for gaining a competitive edge in the market.
List of Containerboard Market Manufacturers Include:
• Stora Enso
• Nine Dragons Paper (Holdings) Limited
• Hamburger Containerboard
• Georgia-Pacific LLC
• Rengo Co., Ltd.
• WestRock Company
• Oji Fibre Solutions (NZ) Ltd.
• International Paper
• Smurfit Kappa
• Lee & Man Paper Manufacturing Ltd.
• DS Smith
• SCG PACKAGING PUBLIC COMPANY LIMITED
• Mondi Group
• Other Players
Significant Industry Development:
June 2018 – Mondi Group acquired Powerflute for USD 398 million for increasing the annual production capacity.
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Name: Ashwin Arora
Email: [email protected]
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
This release was published on openPR.
Originally Published on : https://www.openpr.com/news/2124083/covid19-impact-on-containerboard-market-analysis-business
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