The market for corrugated boxes is anticipated to grow at a CAGR of 5.0% from 134.7 billion dollars in 2022 to 219.4 billion dollars through 2032. It is challenging to predict the severity and scope of the COVID-19 pandemic’s effects on the aluminum sector over time. The COVID-19 pandemic has had a substantial impact on the aluminum business globally. As of August 2020, the Coronavirus outbreak had forced the closure of almost 198,000 dental offices and hospitals, according to U.S. government statistics.
The packaging sector was badly damaged by the recession that followed the outbreak. The COVID-19 epidemic, the unanticipated decline in raw material prices, and the uncertainty surrounding those prices have presented substantial difficulties for manufacturers of packaging solutions worldwide.
The corrugated box market is being driven by sustainability and an increase in online shopping in Central and Eastern Europe.
Nearly 80% of people in Central and Eastern Europe are in favor of the sustainable approach and eco-friendly materials used in corrugated box packing. In 77% of cases, consumers utilize environmentally friendly corrugated packaging while shopping online.
Corrugated boxes face intense competition from flexible plastic packaging, which is slowing the market’s expansion. The best value for manufacturers and merchants is flexible packaging. This is because it can minimize packaging weight, which lowers the cost of transportation and warehousing. As a result, the packing takes up less room.
Through the creation of a variety of new products, Smurfit Kappa is implementing digitalization in the market for corrugated boxes. Smurfit Kappa, a prominent producer of corrugated packaging solutions, improved the corrugated industry by introducing digitalization.
There are several advantages to graphic design that are tailored to each customer, including higher sales and more flexibility. The corporation is looking forward to stepping up its environmental initiatives in addition to creating new technologies and enhancing those that already exist. The digitalization of paper-based packaging is being accelerated by these innovations, which are also opening up significant prospects for the corrugated box market to grow.