Report : Asia Pacific Corrugated Boards Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Food and Beverage, E-commerce, Consumer Durables, Electrical and Electronics, and Others)
E-Commerce Segment is Expected to be the Fastest Growing Segment During the Forecast Period 2021–2028
According to a new market research study on “Asia Pacific Corrugated Boards Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application,” is expected to reach US$ 75,786.00 million by 2028 from US$ 45,631.65 million in 2021. The market is estimated to grow at a CAGR of 7.5% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific corrugated boards market along with the drivers and restraints pertaining to the market growth. Growing demand for sustainable and lightweight packaging materials, broadening advancements in digital printing, and elevating demand for corrugated boards in diverse application range are the major factor driving the growth of the Asia Pacific corrugated boards market. However, varying prices of raw materials hinders the growth of Asia Pacific corrugated boards market.
The emergence of new COVID-19 waves in India, Thailand, and other Asian economies has prolonged the effect upon GDP. The ongoing COVID-19 pandemic is anticipated to cause huge disruptions in the growth of various industries of Asia Pacific. However, the uncertainty regarding the future outbreak, especially in countries such as India and a few other Asian countries, has altered the status of several industrial sectors. The governments of various Asia Pacific economies are taking possible steps to restrict the spread of the virus by announcing country-wide lockdown, which have a direct impact upon the growth of industrial sectors. During the pandemic consumers across Asia Pacific have been spending more for essential goods on online platforms, and according to a study by Bain & Company and Facebook stated that more than a quarter (28%) consumers in South East Asia have tried a new e-commerce app, which is leading to the growth of e-commerce retail industry. For Asian-Pacific countries, e-commerce had already increased significantly during the first quarter of 2020. Thus, the pandemic led to an increase in e-commerce activities in Asia Pacific countries, which has led to an increase use of corrugated boards for packaging purpose in the e-commerce industry.
The Asia Pacific corrugated boards market is segmented on the basis of application and country. Based on application, the market is segmented into food and beverages, e-commerce, consumer durables, electricals and electronics, and others. In 2020, food and beverages segment held the largest share in the market, e-commerce is expected to be the fastest growing segment during the forecast period. Further based on food and beverages, the market is segmented into process food industry, fresh fruit and vegetable packaging, and others. In 2020, process food industry segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into Australia, China, India, Japan, South Korea, and Rest of Asia Pacific. In 2020, China held the largest share in the market, and Rest of Asia Pacific is expected to be the fastest growing country during the forecast period.
Klabin S.A.; International Paper; Arcor; Mondi; NIPPON PAPER INDUSTRIES CO., LTD.; and WestRock Company are among the leading companies in the Asia Pacific corrugated boards market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Klabin develops technology for printing Braille on corrugated cardboard packaging.
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