The global corrugated plastic box market is Anticipated to Expand at a CAGR of ~5.2%, During the Forecast Period.
Newly released data from corrugated plastic box market analysis shows that global market demand for the overall corrugated plastic box is anticipated to reach millions of units by 2031. The prominent sale of the corrugated plastic box is due to the rising need for secondary packaging which can sustain various climate changes along with safeguard the packed product.
Corrugated Plastic Box Market: Introduction
A corrugated plastic box is similar to corrugated cardboard which is made from plastic sheets that are hollow from inside. Corrugated plastic box is light in weight compared to ordinary plastic or metal box which adds to the cost-benefit during transportation or shipping.
Corrugated plastic box is preferred as secondary packaging solution in various end-use industries such as automotive, electronics, medical, food & beverage and others. These corrugated plastic boxes can be reused and recycled which gains popularity among the end-users.
A corrugated plastic box is a convenient and smarter alternative to cardboard, paper, and wooden packaging. Corrugated plastic box possesses various attractive features such as waterproof exterior, reusable, light in weight, and others which gain traction among the end-users and this is anticipated to drive the demand for corrugated plastic box during the forecasted period.
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What Drives the Demand for Corrugated Plastic Box?
The high wet strengthen of the corrugated plastic box fuels the demand for corrugated plastic boxes among the end-users. A corrugated plastic box can carry multiple items at a time as it has demarcations within the box. It also can carry heavy material due to its strength, hardness, and stiffness which makes it popular among the other ordinary boxes.
Corrugated plastic box has the capability of retaining its structure under all different types of condition which ensure the safety of the product that is packed.
Moreover, a corrugated plastic box can be made according to the requirement of the user which adds to the benefit of the corrugated plastic box. The user need not worry to dispose of the corrugated plastic box as it can be returned back to the shipper or the seller as they can use it again.
The corrugated plastic box is environmentally sustainable and viable which supports the sustainability concern. On the back of all the above factors, the demand for a corrugated plastic box is anticipated to augment during the forecasted period.
How the Technological Advancement create Growth Opportunities for Corrugated Plastic Box Market?
Technology such as RFID (Radio Frequency Identification system) can be attached to the corrugated plastic box which helps to track the location of the product and reduces the chances of loss of box during transit. Also, this ensures the return of the box after its use so that it can be reused for storing or transporting some other items.
The system helps in quick identification of the location of the corrugated plastic box which gains popularity among the end-users High adoption of such technology oriented corrugated plastic boxes is offering opportunities to the manufacturers to maximize their sales in the market.
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What Limits the Market Growth of the Corrugated Plastic Box?
The cost limits the market growth of a corrugated plastic box as the corrugated plastic box are costlier as compared to other ordinary boxes due to their various benefit added feature. Also, the corrugated plastic box is not an entirely eco-friendly solution which hampers the market growth of the corrugated plastic box up to some extent.
Competitive Landscape
The global key players for the corrugated plastic box are
Some of the APAC players include Corlite Packaging Industries Sdn. Bhd., CLPG Packaging Industries Sdn. Bhd., Classic Enterprises Pvt Ltd, and others.
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What Strategies Are Adopted by Key Players for Increasing their Market Share in the Corrugated Plastic Box Market?
The key players operating in the corrugated plastic box market are trying to expand their production capacity by expanding their facilities to cater for the increasing demand for safe and proper secondary packaging among the end-use industries. Also, the players are trying to expand their footprint through mergers & acquisitions with local players.
In January 2019, Minnesota Diversified industries announced the expansion of its facility by adding 11,000-square-foot to its Minneapolis headquarters facility to cater for the rising demand for corrugated plastic packaging.
Why the United States Supplement the Sales of Corrugated Plastic Box?
The growing preference for returnable packaging in the United States fuels the demand for the corrugated plastic boxes. The corrugated plastic box can be returned back to the shipper or seller and can be reused to store or transport other items which gain popularity among the end-users.
The end-use industry prefers the returnable packaging solution in order to save cost as well as to reduce wastage which supplements the sales of a corrugated plastic box in the United States. Moreover, the high wet strength and lightweight boost the demand for a corrugated plastic box in the United States.
Why Will India Create Market Growth Opportunity for the Corrugated Plastic Box?
The increasing trade activities in India propel the demand for proper and safe secondary packaging to protect the product during shipment which creates a market growth opportunity for the corrugated plastic box. The corrugated plastic box has been preferred due to its various benefit such as being waterproof, carries multiple items, and others. Therefore, the increasing trade of various industrial and non-industrial products creates a growth opportunity for the corrugated plastic box market.
What was the Impact of COVID-19 on the Market Growth of a Corrugated Plastic Box?
Covid-19 crisis had an adverse impact on various end-use industries except for the food & beverage and pharmaceutical industries. The production and other operation among the end-use industries were slow down during the COVID-19 initial phase which resulted in negative sales of a corrugated plastic box. Also, the supply chain and transportation & logistic were restricted which hampered the shipment of a corrugated plastic box.
With the upliftment in government restriction, the end-use industries are trying to operate with full efficiency to increase their production capacity which would help them to cover the losses. The increasing production will lead towards an increase in trade of those products to cater for the demand across the world which will push the sales of the corrugated plastic box.
Overall, demand for a corrugated plastic box is projected to rise during the foreseeable period.
Key Segments of Corrugated Plastic Box Market Covered in the Report
