Albany, NY -- (SBWIRE) -- 08/06/2018 -- According to a recently published report by Transparency Market research (TMR), the leading vendors in this industry are providing high-performance, lightweight packaging boxes and cartons as they are eco-friendly, robust and also help in reducing the overall cost. The market players are expected to face stiff competition on account of a number of small and medium sized companies present in the industry, making it a highly unorganized one.
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Leading names operating in the market for paperboard packaging include Smurfit Kappa Group, METSÄ GROUP, Svenska Cellulosa Aktiebolaget (SCA), ITC Limited, and NIPPON PAPER INDUSTRIES CO., LTD., among others. The top six market players are evaluated to hold over sixty percent of the market share cumulatively.
The report predicts that the global paperboard market, which stood at US$122.69 bn in 2015, will reach an estimated value of US$227.47 bn by the end of 2024. Thus, over the forecast period from 2016 to 2024, the market is anticipated to rise at a 7.1% CAGR.
Containerboard Segment to Emerge as Leading Product Segment
In terms of volume, the segment of containerboards led the market for paperboard packaging in 2015. The market for containerboard is evaluated to increment over the coming years attributable to rising applications in emerging regions such as Asia Pacific and Latin America.
Asia Pacific was the biggest market for paperboard packaging in 2015, fuelled by development in the packaged food and personal care industries. Development in the web based business and personal care industry in countries like China, Japan, and India is anticipated to impel the demand for paperboard packaging in region over the mentioned forecast period.
Food, Beverage and Personal Care to Provide Rich Growth Opportunity
The segment of food and beverages offer a plethora of growth opportunities for the paperboard packaging market. Moreover, surge in the health and personal care structures a noteworthy rise in demand for non-durable goods, which is assessed to aid the paper packaging market. Savvy organizations in the market are focusing on production of economical packaging solutions. This ascent in demand for practical packaging is offering an impetus to the growth of the overall industry of paperboard packaging, as paperboard is a perfect choice for economical packaging as opposed to plastics and metal.
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Paperboard offers a great printing surface and print quality, which makes it perfect for data bearers and brand manufacturers. Paperboard finds application in packing beauty products, apparels, footwear, and food. Paperboard is a solid, lightweight, smooth, flexible, and practical packaging arrangement .Paperboard packaging is utilized broadly in a number of applications ranging from personal care to health, wellbeing and home care to food and beverage industry. Moreover, this kind of packaging is utilized as a part of segments like e-commerce, stationary, logistics, electrical, hardware and construction, will drive the interest for its utilization. The production does not require skilled labor, and assembling and maintenance for paperboard packaging is low which is expected to increment growth avenues.