July 29, 2024 07:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, July 29, 2024 (GLOBE NEWSWIRE) -- The corrugated box machine market is valued at USD 820.7 million in 2024 and is predicted to rise at a CAGR of 2.4% from 2024 to 2034. By 2034, the market is expected to exceed USD 1,040.4 million. In 2023, the market was estimated to be worth around USD 796.8 million. With the surge in online shopping, the demand for reliable and durable packaging solutions has skyrocketed, necessitating advanced corrugated box machinery. Double Facer
Additionally, the shift towards sustainable packaging options is encouraging manufacturers to adopt eco-friendly practices, further driving the demand for modern corrugated box machines that can produce recyclable and biodegradable boxes. This rise in consumer awareness about sustainability, coupled with stringent regulations on packaging waste, is significantly boosting the industry's growth.
Despite the positive outlook, the corrugated box machine industry faces several restraints. High initial investment costs for state-of-the-art machinery can be a significant barrier for small and medium-sized enterprises. Additionally, the industry is heavily reliant on raw materials such as paper and adhesives, which are subject to price volatility.
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Supply chain disruptions, environmental regulations, and increasing competition from alternative packaging solutions also pose challenges. Moreover, the need for skilled labor to operate and maintain advanced machinery can limit the industry's expansion, particularly in regions with a shortage of technical expertise.
The corrugated box machine industry presents numerous opportunities, particularly in emerging markets. As industrialization and urbanization accelerate in countries across Asia, Africa, and Latin America, the demand for packaging solutions is set to rise.
Investments in automation and smart technology offer significant potential for improving efficiency and reducing operational costs. Furthermore, the increasing focus on customized packaging solutions opens up avenues for growth as businesses seek to differentiate their products with unique and innovative packaging. Additionally, advancements in digital printing technologies provide opportunities for value-added services, enhancing the overall appeal of corrugated packaging.
Recent trends in the corrugated box machine industry highlight a strong move towards automation and smart manufacturing. The integration of the Internet of Things (IoT) and Artificial Intelligence (AI) technologies is enabling real-time monitoring, predictive maintenance, and improved production efficiency. Energy-efficient machines are gaining traction as companies strive to reduce their carbon footprint. There is also a growing trend towards modular machines that offer flexibility and scalability, allowing manufacturers to adapt quickly to changing market demands. Additionally, the development of high-speed machines capable of producing large volumes of boxes in a short time is meeting the needs of the fast-paced e-commerce industry.
“Companies in the corrugated box machine market are standing out by focusing on innovation, quality, and efficiency. By investing in research and development to create advanced and reliable machines, offering excellent customer service, and ensuring that their products meet the highest industry standards, companies can differentiate themselves in the market”, Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study:
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The corrugated box machine industry is marked by intense competition, with key players continually innovating to maintain their leading positions. Companies are investing heavily in research and development to introduce advanced machinery that offers higher efficiency, sustainability, and customization capabilities.
Additionally, firms are focusing on expanding their global footprint by establishing production units in emerging markets, leveraging lower production costs and proximity to growing consumer bases. Collaborative ventures and strategic partnerships are also common, allowing companies to pool resources and expertise to stay ahead in this competitive landscape..
Key Players in the Corrugated Box Machine Industry:
Key Segments of the Corrugated Box Machine Industry:
By technology, the corrugated box machine market is divided into automatic, semi-automatic, and manual machines.
By operating speed, it is segmented into machines operating up to 200 BPH, those with speeds ranging from 201 to 400 BPH, and machines operating above 400 BPH.
By machine type, the industry includes stand-alone and integrated machines.
By end use, the segmentation includes the food and beverage, pharmaceutical, automotive, cosmetic and personal care, chemicals, and electrical and electronics industries.
Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report.
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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One of the most important features of corrugated mailers is that they can be folded easily within seconds without the requirement of staples, tape, or glue. These mailers have especially gained wider traction across the e-commerce industry where they are replacing metal and wooden boxes and helping users to save money.
Consumer spending on packaged products and growing e-commerce industries are expected to fuel the demand for the corrugated bin boxes market in the future. Rising manufacturing activities, together with increasing retail-ready packaging driven by the influence of modern trades over the retail landscape and sustained by their increasing share in the retail market, are also the key factors driving the growth of the global corrugated bin boxes market.
The global corrugated wraps market can be applied on a variety of surfaces such as stainless steel, metal, cardboard, and glass, among others. Corrugated wraps cater to various end-use industries, such as the food & beverages industry and personal care & cosmetics industry.
The corrugated plastic tray is expected to experience a lucrative growth outlook during the forecast period. A new estimation predicts that protective packaging sales will rise during 2023 to 2033 and is projected to generate an attractive incremental growth opportunity of US$ 446.9 million.
Multi depth corrugated boxes offer superior product protection during shipping because of their adjustable depths. This can lower the possibility of breakage or damage, reducing returns and raising customer satisfaction.
The global heavy-duty corrugated packaging market is set to account for a valuation of US$ 20983.4 million in 2023 pushing the market size to US$ 34179.75 million in 2033. A CAGR of 5.0% indicates positive market growth over the forecast period.
The FMI anticipates that the corrugated automotive packaging market is expected to capture a valuation of US$ 2.0 billion in 2023. The market is projected to rise to US$ 3.07 billion by 2033. The market is likely to secure a CAGR of 4.4% during the forecast period.
Digital printing is becoming more popular in the plastic corrugated sheets market, as it provides more design options and allows for faster and more efficient printing. Hence, companies are also capitalizing on the growing popularity of digital printing and the growth of related industries.
As a key source of recycled fiber, recycled pulp, which is primarily produced from old corrugated containers (OCC), has become a crucial alternative for paper producers in China. In 2017, imports of recycled pulp in the country were virtually nonexistent. However, by 2019, they had reached around 1 billion tons, and the trend continued to increase substantially next year onward.
The global high impact corrugated boxes market size is expected to be valued at US$ 71.0 billion in 2023. Increase in international trade and export, bolsters the overall scope for high impact corrugated boxes market, which is projected to grow at a CAGR of 3.0% between 2023 and 2033, totaling around US$ 95.5 billion by 2033.
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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