May 18, 2023 07:38 ET | Source: Research and Markets Research and Markets
Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Corrugated Packaging Market By Wall Type, By Packaging Type, By End Use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering. According to this report the corrugated packaging market was valued at $134.5 billion in 2021, and is estimated to reach $198.8 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031. Printed Boxes
Corrugated drums can be utilized to store food and beverages, and to transport hazardous chemicals, pharmaceuticals, and hazardous waste. Corrugated packaging is being adopted by individuals, small businesses, and large industrial corporations due to environmental concerns.
Fiber drums, which are open-top circular cardboard packaging solutions tailored to the demands of their contents, are another type of corrugated packaging. The kraft drum is light and strong, with the excellent printing quality. Corrugated or kraft drums can be used to package, transport, and store dry, paste, semi-liquid, or liquid items. Corrugated packaging is strong and long-lasting, and it protects food and beverage, pharmaceutical, homecare, electronics, and other products when they are shipped long distances and handled by a variety of laborers. Corrugated packaging can also be tailored to be ''right-sized'for the product. Its customization helps in brand awareness, and customers are frequently pleased because it appears professional and provides customized branding, which is an excellent way to impress customers. Key factors driving the growth of the corrugated packaging market include increase in demand for corrugated packaging in e-commerce business.
The corrugated packaging industry is in demand due to increased internet usage of devices such as smartphones, tablets, digital watches, and others, to access e-commerce channels. Corrugated packaging is used in e-commerce to protect products during distribution, develop brand identification, and manage shipping costs. It provides stylish and exceptional packaging that benefits brand reputation, product safety, consumer appeal, and product marketing and distinction.
Online shopping provides advantages, such as free delivery, faster delivery, and simple returns; these benefits drive the growth of the corrugated packaging industry. Increased internet penetration and the use of devices such as smartphones, laptops, and tablets to access e-commerce platforms foster the growth of the corrugated packaging market.
According to Edrawsoft, Amazon contributed over $469 billion in revenue and over $33 billion in net profits in 2021. Online retailers and third-party e-commerce services utilized corrugated packaging accounted for more than 47% of Amazon revenue including Amazon Web Services (AWS), subscription services, advertising revenues, and physical stores. However, surge in digital printing advancements is expected to provide sufficient development prospects for the corrugated packaging market in the future years. Digital printing in packaging is the method of transmitting a digital file (often a JPEG or PDF file) straight to a printer for use on corrugated packaging materials. UV flatbeds with multi-pass heads and either manual loading or heavy-duty automated systems was used for inkjet printing directly onto corrugated board.
Corrugated folding boxes generated digitally may be simply processed on a box maker and/or inline machine. Folding boxes printed in an offset printing method are now created in many sections and put together. It provides high-quality packaging with inside printing, giant boxes with photorealistic print pictures, and a broad selection of corrugated cardboard types ranging from F-flute to 3-fluted printed folding boxes. Westrock Company purchased the HP PageWide T1190 inkjet digital press in September 2022. The digital press will be used in conjunction with the company's current offset litho, flexo preprint, flexo direct print, and sheet-fed digital printing processes throughout its corrugated box factories and specialty facilities. Digital printing systems are pieces of equipment designed to produce high-quality finished goods, making them the most cost-effective option for customized marketing materials with corrugation such as business cards, letters, direct mail, and more.
Key Findings of the Study
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