Global Market Insights, Inc. has launched a report on Paperboard Packaging Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.
Paperboard Packaging Market will likely surpass USD 240 billion by 2024; according to this new research report. 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.
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Though plastic based packaging is predicted to become a threat to the product growth, owing to its low cost and durable properties. The demand for plastic covering is increasing because the paperboard packaging properties are not efficient to provide water resisting shield to the packaged products. This factor will decelerate growth of the paperboard packaging market.
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.
Paperboard Packaging Market by Raw Material
- Fresh (virgin) sources
- Wood pulp
- 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
- Non-durable goods
- Durable goods
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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.
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.
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The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- South Africa
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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