Sunday, 17 April 2016

Paperboard Packaging Market to Reach US$227.47 bn by 2024, Growth Attributable to Strong Demand from F&B Industry : TMR

Transparency Market Research has published a new market report titled “Paperboard Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.” According to the report, the paperboard packaging market was valued at US$122.69 bn in 2015 and is likely to reach US$227.47 bn by 2024, expanding at a CAGR of 7.1% between 2016 and 2024.

Paperboard is a thick paper-based material manufactured through wood pulp. It is generally thicker than paper. According to the International Organization for Standardization, a paper can be considered as paperboard if the weight is above 224 g/m2. Paperboard is a renewable and recyclable resource that is sourced from the managed tree farms and recycled paperboards. Paperboard can be single ply or multi-ply, depending on its usage. It is engineered to be strong, yet lightweight and can be easily cut and formed according to the need of the user. Paperboard can also be employed in graphic printing due to its good printing surface. It can be used as information carrier for brand building and finds its application in cosmetics, medicine, and food, clothing industries.

Paperboard packaging is available in several different grades and offers unique characteristics depending on the packaging requirements. In terms of application, paperboard is divided into two major categories: containerboard and boxboard. Boxboards are used for products such as milk cartons, cereal boxes, shoe boxes, and frozen foods. Depending on application, boxboard is further sub-divided into folding boxboard (FBB), solid bleached board (SBB), solid unbleached board (SUB), and white line chipboard (WLC). In 2014, WLC was the largest product sub segment of boxboard market. Constant rise in demand for packaged food products is expected to boost the demand for paperboard packaging during the forecast period. Containerboard was the largest product segment of the paperboard packaging market, accounting for approximately 82% share in 2015.

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Increasing trend of e-commerce and growth of the market drivers has anticipated to augment the demand for corrugated packaging during the forecasted period. The global paperboard packaging market is mainly concentrated in Asia Pacific due to faster growth in economies such as India and China. In terms of application, the paperboard packaging market has been divided into five segments: food & beverages, non-durable goods, durable goods, medical, and others. Food & beverages was the largest application segment in 2015.

Major players operating in the paperboard packaging market include International Paper, STORA ENSO, NIPPON PAPER INDUSTRIES CO., LTD., Smurfit Kappa Group, WestRock Company, and Mondi.

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