Corrugated packaging materials are being used in large quantities in the electrical and electronics industry, owing to the increasing consumption of consumer electronics that demands packaging in lightweight micro- and fine-flute corrugated configurations. Besides, the expansion of the e-commerce sector will also amplify the sales of such materials, as it has become the most convenient and affordable option for purchasing electronic devices. With the rising demand for consumer electronic goods, the consumption of these packaging materials will escalate in the coming years.
Additionally, the increasing applications of these materials in the processed food industry will accelerate the corrugated packaging market at a CAGR of 3.7% during forecast period. According to P&S Intelligence, the market value will rise from $237.5 billion in 2017 to $294.3 billion by 2023. Packaging of processed food items require flexible and secure packaging solutions to ensure convenience and product safety to consumers. Manufacturers across the world are developing innovative paperboard packaging solutions to meet the surging demand for lightweight and easy-to-use packaging materials for the processed food sector.
 |
| To Learn more about this report: https://bit.ly/3fHauCG |
The electrical and electronics and processed food industries are increasing their reliance on corrugated packaging, as it is made up of natural materials and is one of the most cost-effective packaging solutions for these sectors. Since these materials are developed from natural ingredients, they have the highest recycling rate in comparison to the other packaging materials. In recent years, regulatory and government bodies have raised numerous concerns regarding sustainability and environment. Owing to these reasons, end-use industries are switching to environment-friendly packaging materials for packaging their products.
Geographically, the Asia-Pacific region dominated the corrugated packaging market in the past, due to the escalating influence of the west and increasing shift toward retail ready-to-eat food. The hectic lifestyle of people and rapid urbanization in the region have fueled the adoption of durable and non-durable goods. In recent years, India and China have observed significant rise in the consumption of processed foods, therefore, creating high demand for these materials. Moreover, largescale export of automotive parts and consumer electronics from China and Japan have boosted the usage of the materials in APAC.
Thus, the growth of the processed food, electrical and electronics, and e-commerce sectors will lead to the largescale consumption of corrugated packaging materials, globally.
Read More: https://www.psmarketresearch.com/market-analysis/corrugated-packaging-market
No comments:
Post a Comment