An increase in awareness among customers for the sustainable packaging material with the reusability of paperboards are driving the demand for the market.
New York City, United States – May 26, 2020 /MarketersMedia/ —
The global Paper Packaging market is forecast to reach USD 262.60 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand owing to the manufacturing industries in the developing economies for the use of paperboard packaging. Moreover, the growing awareness among customers for the sustainable packaging material with the reusability of paperboard packaging is fostering the market demand. However, the usage plastics due to its cost-effective, durable, and reusable properties are hampering the market demand.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic, which has cut demand for many forest product segments, majorly paperboard market. Over a couple of months, there will be a series of both positive and negative shocks, as manufacturers and their suppliers respond to providers changing needs. With a poor global situation, the export-dependent economies of many regions look vulnerable. The containerboard market is expected to experience decrease in to weak consumer demand in markets for the merchandise exports.
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Leading Paperboard Packaging manufacturers/companies operating at both regional and global levels:
Nippon Paper Industries, ITC Limited, Mondi plc, Metsä Group, International Paper Company, Oji Holding Corporation, Smurfit Kappa Group, Svenska Cellulosa Aktiebolaget (SCA), Stora Enso Oyj and Outlook Group LLC, among others.
For the purpose of this report, Reports and Data have segmented into the global Paperboard Packaging market on the basis of raw materials, product, application, and region:
Raw Materials Outlook (Revenue, USD Billion; 2017-2027)
• Fresh Sources
• Recycled Waste Paper
Product Outlook (Revenue, USD Billion; 2017-2027)
• Solid Unbleached Board
• Solid Bleached Board
• White Lined Chipboard
Application Outlook (Revenue, USD Billion; 2017-2027)
• Food & Beverage
• Non-Durable Goods
• Durable Goods
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Further key findings from the report suggest
• The paperboard packaging is expected to grow with a CAGR of 6.6% in the forecast period owing to the initiatives taken by the government in developing nations to upscale the paperboard packaging market. The government in the Asia Pacific and MEA countries are focusing on proper paperboard packaging methods and enhancing the proper infrastructure of the paperboard industry.
• The increase in awareness among customers for the sustainable packaging material is driving the demand for the paperboard packaging market. The global spending on the paperboard packaging industry is rising steadily, which was USD 139.00 billion in 2017 and is expected to reach USD 262.60 billion by 2027.
• The Asia Pacific dominated the market for paperboard packaging in 2019. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region held approximately 42.0% of the paperboard packaging market in 2019, followed by North America, which contains around 30.0% market by region in the year 2019.
• The Food & Beverage sector is the major contributor to the paperboard packaging market, and generated a revenue of USD 65.15 billion in 2017 and is forecasted grow at a rate of 6.3% in the forecast period.
• In December 2019, Oji Holdings Corporation announced that Oji HD and ISHIZUKA GLASS Co., have concluded a basic joint venture agreement on paper container-related business intending further to develop the business through cooperation between the two companies.
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Asia Pacific
• Latin America
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To summarize, the global Paperboard Packaging market report studies the contemporary market to forecast the growth prospects, challenges, opportunities, risks, threats, and the trends observed in the market that can either propel or curtail the growth rate of the industry. The market factors impacting the global sector also include provincial trade policies, international trade disputes, entry barriers, and other regulatory restrictions.
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