PUBLISHER: Grand View Research | PRODUCT CODE: 1512057
PUBLISHER: Grand View Research | PRODUCT CODE: 1512057
The global corrugated boxes market size is expected to reach USD 230.64 billion by 2030, expanding at a CAGR of 5.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rise in online shopping and increasing consumption of food & beverage products along with growing exports of agricultural produce are expected to drive the demand for corrugated boxes over the forecast period.
Growing environmental awareness is driving demand for recyclable and reusable material-based packaging products This is encouraging various end-users to shift to sustainable packaging options. For instance, in November 2023, Amazon.com, Inc. or its affiliates announced that all of its deliveries would be shipped in options such as flexible paper bags, a corrugated box, and cardboard envelopes for its European market. Such developments at the end-user level can positively influence demand for corrugated boxes.
Printing technology developments are also expected to create new growth opportunities for the corrugated boxes market. The introduction of new upgraded printing equipment can help corrugated converters innovate their product offerings. For instance, in February 2023, HP PageWide C550 Press was launched by U.S.-based Hewlett-Packard (HP) for corrugated boxes printing. This new press allows to produce flexographic as well as lithographic printed corrugated boxes at a speed of 90lm/min.
In August 2023, Corrugated Partners Group which manufactures raw materials for corrugated boxes received a USD 52.7 million investment from the Pennsylvania Governor to set up a new manufacturing facility in the state. This manufacturing facility will be a 420,000-square-foot facility and will be known as Keystone Sheets producing triple-wall, double-wall, and single-wall corrugated sheets for corrugated box manufacturers.