Sellbyville, DE -- (SBWire) -- 06/19/2019 --Increasing consumer awareness regarding the environmental concerns over the use of non-biodegradable materials have further prompted them to opt for environment friendly packaging solutions. Rising consumer preference for sustainable packaging techniques and recyclability of paper and paperboard packaging can be listed as the key elements fueling the growth of paperboard packaging market.
The report also identifies the growth of plastic flexible packaging solutions as one of the major shortcomings faced by the paperboard packaging industry. Plastic is a widely-used packaging option that is highly cost-effective, durable, and easily available. Moreover, the fact that plastics are inherently water resistant and prevent moisture damage further adds to the growth of plastic packaging solutions, in turn impeding the paperboard packaging market demand. However, stringent regulating norms pertaining to plastic usage and its non-biodegradability are certain to fuel the demand for paperboard packaging in the ensuing years.
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Innovation and technology have been profoundly underlining the paperboard packaging market over the recent years. Lately, paperboard has emerged as the packaging substrate of choice, right from consumers to retailers & supply chain managers to even designers and marketers. Making use of paperboard as a medium of packaging has brought unique graphical and structural design opportunities that stand out in the retail sector.
The sustainability quotient attached to the paperboard packaging, owing to its recyclability properties, has provided a significant push to the growth of paperboard packaging industry share. As per a report by Global Market Insights, Inc., the global paperboard packaging market is already a massive business with a registered valuation of over USD 130 billion in 2016. The industry analysts further estimate this industry to surpass USD 240 billion by 2024 at a CAGR of 7.5% over the period of 2017-2024.
Several paperboard packaging industry players along with paper mills have also responded to the lightweight paperboard trend. Advancements in packaging technology have encouraged these product manufacturers to achieve comparable compression strength and printability at lower grammage. This is likely to reduce the higher costs of paperboard as light weight means less shipping and storage costs. This trend will indeed escalate the product demand, enhancing the overall profitability quotient of this industry.
Some of the renowned players defining the competitive hierarchy of paperboard packaging market include Southern Champion Tray, International Paper Company, Outlook Group LLC, Rock-Tenn Company, Nippon Paper Industries, and Shandong Bohui Paper Industry Co Ltd.
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Coca-Cola, a leading beverage industry player, has further launched a prototype called PlantBottle that is manufactured from 100% bio-based raw material. In addition to this, taking part into this sustainability move, McDonald's has recently announced that its packaging for the European region is 100% from sustainable sources such as paper, paperboards, and wood fiber. These developments are overt to carve out a rather lucrative roadmap for paperboard packaging market in the coming years.
The pressing need for higher productivity in packaging industry coupled with the growing consumer base demanding eco-friendly and biodegradable products are prominently impacting paperboard packaging market dynamics. A significant rise in the purchase parity of consumers is also a major factor supporting the go-green notion. In fact, a sizable proportion of the consumers are willing to pay a premium for sustainable products.
In the mature markets, many consumer brands have approached this trend by redesigning their products in order to reduce the proportion of packaging materials. For instance, Kleenex reduced its tissue boxes packaging material by 30%, while Kimberley-Clark reduced their corrugated board packaging usage by 55% for some product lines.
The Paperboard Packaging market report offers detailed competitive landscape of the global market. It includes companies, industry statistics, market share analysis and product portfolio of the major industry participants. The report provides detailed segmentation of the Paperboard Packaging market based on product, technology, end user and region.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Paperboard Packaging Market Insights Report to 2024, Top Key Players: Nippon Paper Industries, Mondi Plc, ITC Limited, International Paper Company
The industry analysts further estimate this industry to surpass USD 240 billion by 2024 at a CAGR of 7.5% over the period of 2017-2024.