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)
Market Introduction
Asia Pacific comprises India, China, Japan, South Korea, and Australia, among others. These countries are witnessing a surge in industrialization activities, offering ample opportunities for key market players in the corrugated board market. In Asia Pacific, there has been an increase in the consumption of corrugated board in various industries such as food & beverages, electronics, and e-commerce. The rise in awareness regarding sustainable and cost-effective corrugated board packaging solutions will boost the demand for corrugated board in the region. Along with this, an increase in awareness about the environment is expected to result in increased demand for greener packaging solutions. Various initiatives taken by the government to ban plastic packaging in several Asian countries are also expected to accelerate product consumption. In accordance with this, the rise in the demand for electronic goods, automotive parts, and home care, and beauty & personal care products from domestic and international markets is leading to an increase in the demand for corrugated boxes. According to the report, 'China's Growing Role in U.S. Automotive Supply Chains,' published in August 2019 by the US International Trade Commission, stated that the export of automotive parts from China under HS 8708 was valued at US$ 12.2 billion in 2007 that increased to US$ 34.8 billion in 2018.Therefore, a growing foothold of companies from Asia Pacific in the packaging of various products is expected to propel market growth.
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.
Market Overview and Dynamics
The corrugated boards market in Asia Pacific is expected to grow US$ 45,631.65 million in 2021 to US$ 75,786.00 million by 2028; it is estimated to grow at a CAGR of 7.5% from 2021 to 2028. Corrugated packaging materials are used in the secondary and tertiary packaging of nondurable and durable goods, such as food and beverages products, consumer durables, electricals and electronics appliances, paper, chemicals, personal care and household products, agriculture products, forestry and fishing products, and plastic and rubber products. Corrugated boards are among the cost-efficient and versatile packaging solutions that help protect a wide range of products, especially during transport. These boards are lightweight, rigid, biodegradable, and recyclable, which makes them an integral component in the packaging industry. A substantial rise in the demand for the fast-moving consumer goods (FMCG) and branded consumer durables across the world is bolstering the use of corrugated boards for packaging. Corrugated boards are extensively used across the food & beverages industry to pack processed food items such as bread, snacks, ready-to-eat (RTE) meals, and meat products; fruits; durable food products; and beverages. For instance, food service outlets are using corrugated boxes for packaging pizza. Shift in consumer lifestyle, along with the growing demand for convenience food, is driving the need for catering and high-quality packaging services, which fuels the growth of the corrugated boards market. In addition, there has been an increased focus on innovations in the corrugated boards used for food products. For instance, the company THIMM Group, a solution provider for the packaging and distribution of goods, developed “COOLandFREEZE,” a box made of corrugated cardboard for temperature-controlled shipping that enables the joint transport of non-refrigerated, frozen, and chilled products within one package. Thus, the growing demand for corrugated boards in various applications drives the growth of the corrugated board market.
Key Market Segments
In term of application, food and beverages segment held a larger market share of the corrugated boards market in 2020. Further based on food and beverages, process food industry segment held a larger market share of the corrugated boards market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the corrugated boards market in Asia Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Klabin S.A.; International Paper; Arcor; Mondi; NIPPON PAPER INDUSTRIES CO., LTD.; and WestRock Company among others.
Reasons to buy report
- To understand the Asia Pacific corrugated boards market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for Asia Pacific corrugated boards market
- Efficiently plan M&A and partnership deals in Asia Pacific corrugated boards market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Asia Pacific corrugated boards market
- Obtain market revenue forecast for market by various segments from 2021-2028 in Asia Pacific region.
Asia Pacific Corrugated Boards Market Segmentation
Asia Pacific Corrugated Boards Market – By Application
- Process food industry
- Fresh Fruit and Vegetable Packaging
- Others
- E-Commerce
- Consumer Durables
- Electricals and Electronics
- Others
Asia Pacific Corrugated Boards Market – By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
Asia Pacific Corrugated Boards Market – Companies Mentioned
- Klabin S.A.
- International Paper
- Arcor
- Mondi
- NIPPON PAPER INDUSTRIES CO., LTD.
- WestRock Company
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. Asia Pacific Corrugated Boards Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of Substitutes
4.2.4 Threat of New Entrants
4.2.5 Intensity of Competitive Rivalry
4.3 Expert Opinion
4.4 Ecosystem Analysis
5. Asia Pacific Corrugated Board Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Elevating Demand for Corrugated Boards in Diverse Applications
5.1.2 Accelerated Expansion of Online Retail
5.1 Market Restraints
5.1.1 Varying Prices of Raw Materials
5.2 Market Opportunities
5.2.1 Growing Demand for Sustainable and Lightweight Packaging Materials
5.3 Future Trends
5.3.1 Broadening Advancements in Digital Printing
5.4 Impact Analysis of Drivers and Restraints
6. Asia Pacific Corrugated Boards Market Analysis
6.1 Market Overview
6.2 Asia Pacific Corrugated Boards Market –Revenue and Forecast to 2028 (US$ Million)
7. Asia Pacific Corrugated Board Market Analysis – by Application
7.1 Overview
7.2 Asia Pacific Corrugated Board Market, by Application (2020 and 2028)
7.3 Food and Beverages
7.3.1 Overview
7.3.2 Food and Beverages: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
7.3.3 Processed Food Industry
7.3.3.1 Overview
7.3.3.2 Processed Food Industry: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
7.3.4 Fresh Fruit and Vegetable Packaging
7.3.4.1 Overview
7.3.4.2 Fresh Fruit and Vegetable Packaging: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
7.3.5 Others
7.3.5.1 Overview
7.3.5.2 Others: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
7.4 E-Commerce
7.4.1 Overview
7.4.2 E-Commerce: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Consumer Durables
7.5.1 Overview
7.5.2 Consumer Durables: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
7.6 Electricals and Electronics
7.6.1 Overview
7.6.2 Electricals and Electronics: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
7.7 Others
7.7.1 Overview
7.7.2 Others: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
8. Asia Pacific Corrugated Board Market – Country Analysis
8.1 Overview
8.1.1 Asia Pacific: Corrugated Board Market, by Key Country
8.1.1.1 India: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
8.1.1.1.1 India: Corrugated Board Market, by Application
8.1.1.2 Australia: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
8.1.1.2.1 Australia: Corrugated Board Market, by Application
8.1.1.3 China: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
8.1.1.3.1 China: Corrugated Board Market, by Application
8.1.1.4 Japan: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
8.1.1.4.1 Japan: Corrugated Board Market, by Application
8.1.1.5 South Korea: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
8.1.1.5.1 South Korea: Corrugated Board Market, by Application
8.1.1.6 Rest of Asia Pacific: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
8.1.1.6.1 Rest of Asia Pacific: Corrugated Board Market, by Application
9. Impact of COVID-19 on Asia Pacific Corrugated Boards Market
9.1 Asia Pacific: Impact Assessment of COVID-19 Pandemic
10. Industry Landscape
10.1 Overview
10.2 Merger & Acquisition
10.3 Business Planning and Strategy
10.4 Expansion & Collaboration
10.5 Product News
11. Company Profiles
11.1 Klabin S.A.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 WestRock Company
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 International Paper
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Arcor
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Mondi
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 NIPPON PAPER INDUSTRIES CO., LTD.
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary
LIST OF TABLES
Table 1. Asia Pacific Corrugated Boards Market –Revenue and Forecast to 2028 (US$ Million)
Table 2. India Corrugated Board Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia Corrugated Board Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 4. China Corrugated Board Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 5. Japan Corrugated Board Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 6. South Korea Corrugated Board Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 7. Rest of Asia Pacific Corrugated Board Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 8. Glossary of Terms, Corrugated Board Market
LIST OF FIGURES
Figure 1. Asia Pacific Corrugated Boards Market Segmentation
Figure 2. Asia Pacific Corrugated Boards Market Segmentation – By Country
Figure 3. Asia Pacific Corrugated Boards Market Overview
Figure 4. Food and Beverage Segment Held the Largest Share of the Asia Pacific Corrugated Boards Market
Figure 5. China Held Largest Share of Asia Pacific Corrugated Boards Market
Figure 6. Asia Pacific Corrugated Boards Market, Key Market Players
Figure 7. Porter ‘s Five Forces Analysis for Asia Pacific Corrugated Board Market
Figure 8. Expert Opinion
Figure 9. Corrugated board Market – Ecosystem Analysis
Figure 10. Asia Pacific Corrugated Board Market Impact Analysis of Drivers and Restraints
Figure 11. Asia Pacific Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Asia Pacific Corrugated Board Market Revenue Share, by Application (2020 and 2028)
Figure 13. Food and Beverages: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Processed Food Industry: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Fresh Fruit and Vegetable Packaging: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Others: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. E-Commerce: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Consumer Durables: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Electricals and Electronics: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Others: Corrugated Boards Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Geographic Overview of Asia Pacific Corrugated Boards Market
Figure 22. Asia Pacific Corrugated Board Market Revenue Share, by Key Country (2020 and 2028)
Figure 23. India: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Australia: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. China: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Japan: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. South Korea: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Rest of Asia Pacific: Corrugated Board Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Impact of COVID-19 Pandemic on Asia Pacific Corrugated Board Market
- Klabin S.A.
- International Paper
- Arcor
- Mondi
- NIPPON PAPER INDUSTRIES CO., LTD.
- Smurfit Kappa
- WestRock Company
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific corrugated boards market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific corrugated boards market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the corrugated boards market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution