The global corrugated board market is poised for expansion on account of increasing demand for fiberboard from several end-use industries including processed food & beverages, electronics, and personal care. Corrugated boards are widely used as substitutes for plastics and metals owing to its lightweight and easy recyclability. Furthermore, the surface of this board provides for easy printing of labels and product specifications. The food & beverage industry is the largest application market for corrugated boards, although the material was initially manufactured to be used as a packaging material for fragile glassware products. The requirement for packaging materials that would maintain freshness and prevent damage to food products during transportation led to the adoption of corrugated boards by the food & beverage industry. Corrugated boards can be broadly segmented into product type including single face board, single wall board, double wall board, and triple wall board.
Over the past few decades Asia Pacific has been the largest consumer and producer of corrugated boards and the trend is likely to continue over the forecast period. This trend is largely attributed to increasing demand for processed food & beverages especially in developing countries including India, China, Malaysia, and Indonesia. Booming e-commerce business in Asia Pacific is expected to further augment corrugated board demand over the projected period. Flexibility and lightweight properties of corrugated bards provide for easy handling and transportation, which is a requisite for e-commerce industries. Growing regulations on non-biodegradable materials in North America and Europe is an anticipated driver for corrugated board market over the next six years. Major market expansion is expected in the RoW corrugated board market on account of increasing exports of fruits & vegetables from Africa.
Regulations on deforestation and the use of paper processing chemicals in Europe and North America are likely to restrain corrugated boards market over the projected period. Major market players in the corrugated board market include DS Smith Plc, Smurfit Kappa Group Plc., Holmen AB, Georgia-Pacific LLC, MeadWestvaco Corporation, Nine Dragons Paper (Holdings) Ltd., Bio Pappel S.A.B. de C.V., OJI Holding Corporation, International Paper Company, Weyerhaeuser Company, Vinda International Holdings Ltd., Lee & Man Paper Manufacturing Ltd., Svenska Cellulosa Aktiebolaget, Mayr-Melnhof Karton AG, Sonoco Products Company, Amcor Ltd., Stora Enso Oyj, Mondi Plc, Newark Group, and Nippon Paper Industries Co. Ltd.
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FDA, in particular, has relaxed the nutrition labeling of products which is expected to aid in increasing the distribution of packaged foods by restaurant operators leading to the optimum supply chain of products to consumers. Furthermore, food safety testing and processing industries are expected to function at full capacity owing to consumers stock-piling goods during the COVID-19 lockdown. The report will account for Covid19 as a key market contributor.