Brandowners and product manufacturers are putting bets on paperboard for a widerange of packaging needs and specific requirements to solidify brand messaging.“The striking retail-shelf value that paperboard packaging boasts of, apartfrom reflecting high sustainability quotient, has drawn several retailers putstakes in the paperboard packaging market”, notes analysts. Further, brandsharness paperboard packaging for high-quality digital printing, encouraging newdesign elements in packaging, thus upping the ante for other brands in thepaperboard packaging market. Transparency Market Research (TMR) observes thatthe landscape is increasingly competitive and fairly fragmented, with thepresence of several players of various sizes in the paperboardpackaging market. The leading six players accounted for morethan 60.0% of the share of the global market in 2015.
Constantentry of new players in the paperboard packaging market have kept themarketplace increasingly dynamic with wide spectrum of product launches overthe past few years. Most small players are leveraging the cost-effectivemethods of mass-producing paperboard packaging and thereby consolidating theirfoothold. Such measures will also offer stiff competition to big players whoboast of robust distribution channels and financial might. Some of thewell-entrenched players are Sappi, ITC Limited, WestRock Company, Bohui Group,Smurfit Kappa Group, and International Paper.
Several Salient Features AttractingEnd-Use Industries to Put Bets
“A largenumber of paperboard packaging being adopted by retailers and productmanufacturers are recyclable, and hence have marked environmentalfriendliness”, find opinion leaders and industry experts. This is one of themany salient characteristics that have kept the demands in the paperboardpackaging market increasingly lucrative. This aside, a growing numbers of productsin the paperboard packaging market promise versatility, strength, and lightweight. Companies, notably in cosmetic and personal care brands, are leveragingthese characteristics, and are becoming key sources of revenues for solutionproviders in the paperboard packaging market.
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Theprospects 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 whoppingUS$227.47 by 2024-end, and clock a promising CAGR during the assessment periodof 2016 – 2024.
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Versatility and Renewable NatureSpur Demands in Food and Beverages Packaging
Of thevarious end-use industry verticals, demands from the food and beveragesindustry are remarkably high, growing on the back of cost-effective flexiblepackaging. The segment is expected to garner the most rapid CAGR during 2016 –2024. Meanwhile, the sustainability quotient of paperboard packaging hasattracted other industries, most notably medical industries. Tellingly, incoming years, the share of the segment in the paperboard packaging market isexpected to be high. This means that medical packaging industries will benefitfrom the renewable nature of the packaging material.
On theother hand, sizable demands for paperboard packaging from personal care andcosmetics industry will help propel new growth potential in Asia Pacific. Thisstands as one of the most prominent factors propelling the regional market totread on the most attractive growth trajectory among all regions in the globalpaperboard packaging market.
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