The corrugated board industry is facing various challenges such as rising raw material costs, environmental regulations, and changing consumer preferences. However, the industry is also witnessing growth and innovation in different markets and segments.
According to a recent report by MarketWatch, the global corrugated board packaging market is expected to reach a multimillion-dollar valuation by 2030, exhibiting an unexpected compound annual growth rate (CAGR) during the forecast period of 2023-2030. The report attributes this growth to factors such as increasing demand for sustainable packaging solutions, e-commerce expansion, and product differentiation.
The report also segments the market by type (single corrugated, double corrugated, triple corrugated), application (food and beverages, personal care, pharmaceuticals, electronics, etc.), and region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The Asia-Pacific region is projected to dominate the market share due to its large population, rapid urbanization, and industrial development.
Another report by MarketWatch highlights the global corrugated board market size and trends from 2023 to 2030. The report covers key players, types (kraft linerboard, test linerboard, white top linerboard), applications (boxes, trays, plates, etc.), and regions (same as above). The report forecasts that the global corrugated board market will reach a multimillion-dollar valuation by 2030, with a CAGR of 4.5% from 2023 to 2030.
The report identifies some of the drivers for the market growth as increasing demand for lightweight and recyclable packaging materials, growing awareness about environmental issues, and rising disposable income. The report also analyzes some of the challenges and opportunities for the market players such as fluctuating raw material prices, technological advancements, and new product launches.
One of the leading players in the corrugated board industry is Progroup, a Germany-based containerboard and corrugated board manufacturer. The company has registered a ‘record-breaking’ increase in revenues for 2022, despite the impact of the COVID-19 pandemic on the global economy.
The company attributes its success to its innovative business model, which focuses on high-quality products, efficient processes, and customer satisfaction. The company also invests heavily in research and development, digitalization, and sustainability. For example, the company has recently launched a new generation of corrugated board products that are lighter, stronger, and more eco-friendly than conventional products.
The company also plans to expand its production capacity and geographical presence in the coming years. For instance, the company has recently announced a €40 million investment in a significant expansion of its Pruszków plant in Poland, which will increase its annual production capacity by 150 million square meters of corrugated board.
The corrugated board industry is undergoing a dynamic transformation as it adapts to the changing market conditions and customer expectations. The industry players are striving to offer innovative and sustainable solutions that meet the diverse needs of various industries and applications. The future of the industry looks promising as it continues to grow and evolve in the global market.