Brand owners and product manufacturers are putting bets on paperboard for a wide range of packaging needs and specific requirements to solidify brand messaging. “The striking retail-shelf value that paperboard packaging boasts of, apart from reflecting high sustainability quotient, has drawn several retailers put stakes in the paperboard packaging market”, notes analysts. Further, brands harness paperboard packaging for high-quality digital printing, encouraging new design elements in packaging, thus upping the ante for other brands in the paperboard packaging market. Transparency Market Research (TMR) observes that the landscape is increasingly competitive and fairly fragmented, with the presence of several players of various sizes in the paperboard packaging market. The leading six players accounted for more than 60.0% of the share of the global market in 2015.
Constant
entry of new players in the paperboard packaging market have kept the
marketplace increasingly dynamic with wide spectrum of product launches over
the past few years. Most small players are leveraging the cost-effective
methods of mass-producing paperboard packaging and thereby consolidating their
foothold. Such measures will also offer stiff competition to big players who
boast of robust distribution channels and financial might. Some of the
well-entrenched players are Sappi, ITC Limited, WestRock Company, Bohui Group,
Smurfit Kappa Group, and International Paper.
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Several Salient Features Attracting
End-Use Industries to Put Bets
“A large
number of paperboard packaging being adopted by retailers and product
manufacturers are recyclable, and hence have marked environmental
friendliness”, find opinion leaders and industry experts. This is one of the
many salient characteristics that have kept the demands in the paperboard
packaging market increasingly lucrative. This aside, a growing numbers of
products in the paperboard packaging market promise versatility, strength, and
light weight. Companies, notably in cosmetic and personal care brands, are
leveraging these characteristics, and are becoming key sources of revenues for
solution providers in the paperboard packaging market.
The
prospects are vast, as is evident in a projection in a recent report by TMR:
the global paperboard packaging market is expected to reach worth of whopping
US$227.47 by 2024-end, and clock a promising CAGR during the assessment period
of 2016 – 2024.
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Versatility and Renewable Nature
Spur Demands in Food and Beverages Packaging
Of the
various end-use industry verticals, demands from the food and beverages
industry are remarkably high, growing on the back of cost-effective flexible
packaging. The segment is expected to garner the most rapid CAGR during 2016 –
2024. Meanwhile, the sustainability quotient of paperboard packaging has
attracted other industries, most notably medical industries. Tellingly, in
coming years, the share of the segment in the paperboard packaging market is
expected to be high. This means that medical packaging industries will benefit
from the renewable nature of the packaging material.
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On the
other hand, sizable demands for paperboard packaging from personal care and
cosmetics industry will help propel new growth potential in Asia Pacific. This
stands as one of the most prominent factors propelling the regional market to
tread on the most attractive growth trajectory among all regions in the global
paperboard packaging market.
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