Sellbyville, DE -- (SBWire) -- 04/04/2019 --Based on regions, Asia Pacific paperboard packaging market held a substantial share in the market and is likely to cross USD 170 billion over the forecast timeframe. This region will experience high gains owing to growing income level and demand from food & beverage industry. North America is the second ranking region, which accounted for a substantial share of the industry in 2016. Europe will grow at a slower pace due to unfavorable regulations on paper recycling.
The applications for this product are segmented into four key segments including food & beverage (F&B), medical, durable goods, nondurable goods and others. Increasing demand from online based retail industry, and food takeaways are predicted to propel the product growth in future. F&B is a major end-user which held a more than one-third share of the global paperboard packaging market. Food and beverage is fastest growing application and is likely to witness growth at a CAGR of 8% in forecast period.
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Growing packaging market in emerging economies is likely to boost paperboard packaging industry in forecast period. It is extensively used in food, medicine, clothing, footwear, and cosmetics wrapping applications owing to its lightweight and recyclable properties. Long working hours in growing corporate lifestyle is resulting in increasing doorstep food deliveries and packaged food eating habits which will drive paperboard packaging market demand in forecast period. Moreover, this product is witnessing a significant demand in many countries owing to increasing health and environmental concern from the harmful effects of plastic packing.
Though plastic based packaging is predicted to become a threat to the product growth, owing to its low cost and durable properties. The demand for plastic covering is increasing because the paperboard packaging properties are not efficient to provide water resisting shield to the packaged products. This factor will decelerate growth of the paperboard packaging market.
Currently, food packing standard and law are prohibiting the application of recycled paper for food industry, to maintain food safety standards and grades. The food packing segment occupies a major share and government prohibition on the recycled paper usage may restrain the paperboard packaging market over the coming years.
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Metsä's Lidloc, having made it to the headlines last month, accentuates the contemporary product evolutions prevalent in paperboard packaging market. 'Lidloc' has been launched by a segment of the Metsä Group, Metsä Board, and has already been presented at the Packaging Innovations Exhibition in Birmingham, UK. While experts have been pondering over Lidloc's sudden fame, analysts claim that the product's ultra-unique design is what has done the trick.
The patented design encompasses an extension to a regular cup structure that folds and gets locked into an integrated lid, thereby eliminating the requirement for a separate plastic lid. The product has been touted to reinvent the design, production, consumption, and recycling methodologies of paperboard cups, inherently impelling the profitability landscape of paperboard packaging market from the food & beverage sector.
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Despite the recent disruption of plastics, paperboard packaging still remains a top priority for major manufacturers, pertaining to the abundant availability of paperboard material and the numerous regulations governing the usage of plastics for packaging. Characterized by novel product innovations spurred by technological developments, paperboard packaging industry size has been projected to surpass a mammoth valuation of USD 240 billion by 2024.
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Paperboard Packaging Market Growth Analysis and Trends Forecast to 2024 : Rock-Tenn Company, Stora Enso, Smurfit Kappa Group
Paperboard packaging market has been segmented based on product, raw material, and application. Among raw materials, fresh sources comprise of wood pulp, straw, hemp, sugarcane bagasse and cotton. Wood pulp solely accounts for 90% of this segmental revenue.