Global Corrugated Packaging Market Forecast to Grow at 3.7% CAGR

SEATTLE (Scrap Monster): The latest research report published by Prescient & Strategic (P&S) Intelligence foresees CAGR growth of 3.7% to global corrugated packaging market during the period from 2018 to 2023. The market, which was valued at $237.5 billion in 2017, is expected to reach $294.3 billion by 2023.

The elevated requirement for products on account of rising standards of living in several countries, especially India, China and Brazil is seen as the key driver of the projected growth in packaging industry. The rapid rise in e-commerce and online delivery mechanisms is also expected to contribute to the growth.

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The Asia Pacific (APAC) region is likely to generate largest demand for corrugated packaging during the forecast period. The region had recorded highest demand during the period from 2013 to 2017, accounting for almost 45% of the global corrugated packaging market.

The study notes that manufacturers are seen increasingly focused on recycling of corrugated packaging materials. This will likely reduce the amount of accumulated waste in landfills. At the same time, it will lead to significant reduction in manufacturing cost of new corrugated packaging.

The report identifies Nine Dragons Paper (Holdings) Limited, International Paper Company, WestRock Company, Smurfit Kappa Group, Georgia-Pacific Equity Holdings LLC, Lee & Man Paper Manufacturing Ltd., Oji Holdings Corporation, Mondi Group, Packaging Corporation of America, and DS Smith PLC as some of the key players operating in the global corrugated packaging market.