The global Corrugated Packaging Market is forecast to reach USD 352.47 Billion by 2027, according to a new report by Reports and Data. Corrugated boxes are thick paper material consisting of a compressed layer of paper pulp. It is extensively used for packaging as its easy-to-open and reseal packaging designs provide benefits to the end-users. Besides, it is environmentally friendly and can be recycled. Retailers and product manufacturers also enjoy great benefits from corrugated packaging.
These boxes are used to store and transport products. The most important properties of paperboard, the driving force of the market, are its recyclability, its reusability, and its durability. Also, the growing awareness of ecological conservation makes consumers inclined to use paperboard. Besides, high-resolution graphics and two-sided printing of paperboard can enhance the brand promotion of products. Therefore, various product manufacturers choose it as packaging material.
Rapid urbanization has changed the lifestyle of the people and, in turn, has increased the prevalence of packaging over a broad aspect, thus, augmenting the demand for the market product. The growing awareness among customers for the sustainable packaging material with the reusability of corrugated packaging is fostering the market demand. However, the usage plastics due to its cost-effective, durable, and reusable properties are hampering the market demand.
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The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic, which has cut demand for many forest product segments, majorly corrugated boxes market. Over a couple of months, there will be a series of both positive and negative shocks, as manufacturers and their suppliers respond to providers changing needs. With a poor global situation, the export-dependent economies of many regions look vulnerable.
Further key findings from the report suggest:
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