NEWARK, Del, March 05, 2024 (GLOBE NEWSWIRE) -- The global solid board market value is expected to rise from US$ 9.4 billion in 2024 to US$ 12.1 billion by 2034. This estimated growth is expected to be driven by a CAGR of 2.50% in the solid board industry over the next decade.
End-use industries are increasingly opting for solid boards to store or transfer their products owing to superior performance, high stackability, convenient and sustainable storage options, and puncture resistance of solid boards.
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The use of solid boards is expected to rise due to a surge in the trend of e-commerce shopping. Additionally, consumers are making eco-friendly choices to preserve the planet from more harm. This is creating an opportunistic ground for solid board manufacturers to boost their adoption in low-penetrated countries
“As consumers seek green packaging solutions for their products, manufacturers of solid boards are expected to highlight eco-friendliness of solid boards in their marketing campaigns to drive increased adoption” - says Ismail Sutaria (Lead Consultant, Packaging and Materials)
Key Takeaways from the Solid Board Market Report:
- The solid board market accumulated a value share of US$ 9.1 billion in 2023. Throughout the period, the market grew at a CAGR of 1.6%.
- By material type, virgin paper is expected to acquire a value share of 57.7% in 2024.
- Based on application, boxes are projected to obtain a market share of 32.2% in 2024.
- The United States solid board market is estimated to expand at a CAGR of 1.5% from 2024 to 2034.
- The solid board market in Spain is anticipated to record a CAGR of 3% through 2034.
- The India solid board industry is projected to register a CAGR of 4.6% over the forecast period.
Competitive Landscape:
Key players are creating new and better solid board products with improved features like printability, strength, and sustainability to meet the evolving requirements of customers. Active participants in the market are strengthening their relationships with customers by offering technical support, excellent service, and customized solutions. This is expected to foster loyalty and motivate repeat business. Leading companies are engaging in strategic acquisitions and mergers to expand into new regions, access new resources and technologies, and consolidate their market share.
Players are further leveraging targeted marketing campaigns to boost brand awareness, reach new market segments, and educate customers about product advantages. In addition to this, industry players are concentrating their efforts on streamlining their operations to enhance production efficiency, lower costs, and stay competitive in terms of pricing.
Leading Key Players:
- International Paper Company
- Mayr-Melnhof Karton AG
- Smurfit Kappa Group Plc
- Mondi Group
- DS Smith Packaging Limited
- Georgia Pacific LLC
- WestRock Company
- Rengo Co.Ltd
- Stora Enso
- Billerudkorsnas AB
- Others
Latest Developments Shaping the Solid Board Market:
- In May 2023, Schumacher Packaging announced that it was able to raise annual turnover by over 40% to reach US$ 1.30 billion, post-sales deductions, in the year 2022. This strong growth was governed by factors like strategic decisions and the creation of new product fields.
- In January 2020, DS Smith, a packaging company based in the United Kingdom, created an eco-friendly substitute for plastic packaging of anti-allergy kits. These treatment kits contain in them syringes, vials, and leaflets tailored for each patient. The company had proposed a one-piece solid board packaging solution that is intended to keep all the contents in place.
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Solid Board Market Segmentation:
By Material Type:
- Recycled Paper
- Virgin Paper
By Weight:
- Up to 200 GSM
- 201 to 300 GSM
- 301 to 500 GSM
- Above 500 GSM
By Application:
- Boxes
- POP Display
- Edge Protectors
- Trays
- Layer Pads
By End Use Industry:
- Electrical and Electronics
- Healthcare and Pharmaceuticals
- Cosmetics and Personal care
- Food and Beverages
- Confectionery
- Fresh Produce
- Milk and Dairy
- Frozen Food
- Meat and Poultry
- Other Industrial Packaging
- Building and Construction
- Tobacco Packaging
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Authored By:
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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Tissue Paper Converting Machine Market: The market is expected to reach US$ 1.64 billion by 2034. The market is projected to exhibit a CAGR of 2.30% over the forecast period.
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Bulk Bag Market Overview: The global market size is anticipated to be worth US$ 6.0 billion by 2034. According to the estimates, the market is projected to clock a 2.6% CAGR until 2034.
Eco-friendly Bottle Market Growth: The market is expected to rise at a CAGR of 7.2% from 2024 to 2034. The industry value is slated to hit US$ 370.2 million.
Biodegradable Disposable Tableware Market: The market is expected to evolve at a CAGR of 4.3% from 2024 to 2034. The market will strengthen from US$ 12.2 billion in 2024 to US$ 22.7 billion by 2034.
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