According to the latest report by FMI, the global crates market is project to grow with the CAGR of over 4.0% in the forthcoming period. The upsurge in relocation of people due to various conditions such as changing preference in the jobs, climatic and economic condition around the world.
The booming paper industry around the world is a positive indicator for the worldwide market, with demand projected to increase over the next decade. Further increases in investment in the pharmaceutical and biomedical industries are expected to augment the market's growth curve.
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What are the Driving Factors for Cardboard Crates Market?
The cardboard crates market is driven by the growing technological enhancement in the paper products industry. The growing technical advancement such as the attachment of durable plastic wraps around them is increasing the cardboard crates demand in recent years.
Packaging of products with cardboard is talk of the town as it protects nature from the non-biodegradable waste which is plastic.
The potential idiosyncratic of crates that provide an opportunity for the market growth is increasing awareness and preventive measures by the government for a reduction in global warming.
The alarming cases of animal and human health has resulted in the replacement of old packing techniques.
On the other hand, the restraint for the market is the usability of the crates is limited as compared to the other packaging material. The potential for being discovered across a wide range of industries, including biological, pharmaceutical, chemical, food, and beverage industries, is driving up demand on a global scale.
Expected development in end-use sectors would certainly accelerate demand, leading to rapid penetration. On the back of the aforementioned factors, the market is predicted to open up massive potential opportunities.
COVID-19 impact on Cardboard Crates Market?
COVID-19 has a draconian effect on the global cardboard crates market due to limiting trade and demand for the product. The foremost reason for this decline in the sales of the product is a slowdown in human activities and the supply of various goods around the globe.
Due to the lockdown, trade and manufacturing operations were stifled for an extended period, flattening the yearly revenue curve.
However, the rise in medicinal supply due to spread of virus managed dip in market up to an extent as a preventive measure people preferred to use new material over the already utilized ones.
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Global Outlook of Cardboard Crates Market
In the latest report by FMI the prominent region included in North America, Latin America, Europe, East Asia, South Asia & Oceania and MEA.
The Asia Pacific has the largest and fastest-growing region in the packaging market. The region is poised to hold a market share of more than 50% over the forecast year. China holds a major chunk of Asia Pacific market revenue share followed by India and Japan due to high demand for sustainable packaging, rising environmental awareness among the urban population and growing e-commerce.
China, Japan and India are holding approximately two-third of the Asia Pacific market share.
Europe is following the footsteps of Asia Pacific due to the high demand for fresh food and beverages, logistics, personal and home appliances and electronic goods. In Europe, Germany is the world’s largest exporter of paper and cardboard.
North America is anticipated to grow in the impending years as according to the American Chemistry Council, the higher demand in the paper products market is predicted from the large amount capacity being sold in the export market. U.S is holding a stable position in North America in comparison with Canada owing to the reason the U.S has the largest paper company in the world. In 2020, International Paper reported revenue of more than US$ 20 Bn.
While the Middle East and Africa, as well as Latin America, are expected to develop at a modest rate and account for a small part of the worldwide market share throughout the projection period.
US and China Cardboard Crates Market
U.S and China are the prominent countries in the demand and supply of cardboard crates. As half of the volume generated in U.S municipalities for solid waste comes from paper and paperboards.
The largest paper consuming countries are China which has consumed approximately 100 million metric tons of paper in the year 2018. This was followed U.S and Japan consuming 70.6 million tons and 25.5 million tons respectively in the same year.
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Who are the Key Manufacturers of Cardboard Crates Market?
The prominent player manufacturing cardboard crates are
WestRock Company, Georgia-Pacific LLC, Grupo Lantero, DS Smith etc.
The market is crowded, with many players. Players are aggressively targeting a large part of the market, frequently employing both organic and inorganic expansion techniques. The key aims were alliances, acquisitions, and steadily building their global internet sales and distribution network.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments
By Type:
Corrugated boxes
Board Styles
Single Face
Single wall
Double wall
Triple wall
Flute Types
F Flute
E Flute
C Flute
B Flute
A Flute
Paperboard boxes
By Application:
Packaging
Stationery items
By End-user:
Pharmaceutical Industries
Food and Beverage
Chemical Industries
Glassware Industries
Others
By Region:
North America
US & Canada
Latin America
Brazil, Mexico, Argentina & Rest of Latin America
Europe
Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
East Asia
China, Japan, South Korea
South Asia
India, Thailand, Malaysia, Indonesia and Rest of South Asia
Oceania
Australia and New Zealand
Middle East and Africa
GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
