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North America Paperboard Packaging Market Size may witness significant growth up to 2026
Published Date: 2020-12-11
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According to the Graphical Research new growth forecast report titled “North America Paperboard Packaging Market Size, By Raw Material (Fresh Sources, Recycled Waste Paper), By Product (Boxboard [Folding Boxboard, Solid Unbleached Board, Solid Bleached Board, White Lined Chipboard], Containerboard), By Application (Food & Beverages, Non-durable Goods, Durable Goods, Medical), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026”, to Witness Vast Growth by 2026
The North America paperboard packaging market will expedite at a substantial rate over the projected period. Ongoing technological advancements in the packaging sector are expected to increase product share in this region. Government bodies including the United Nations (UN) and Forest Stewardship Council (FSC) are focusing on promoting sustainability in the packaging sector. Implementing a ban on plastic bags and focus on using recycled products to reduce burden on the environment will enhance paperboard packaging demand in the U.S. For instance, FSSAI launched a campaign in 2019, promoting sustainability by using natural sources including paperboard, bamboo, and compostable plastic. Such trends will further create awareness among end-users and increase industry growth by end of the forecast timeframe.
The coronavirus pandemic will have little to no impact on the industry size from 2019 to 2020. This can be majorly attributed to increasing sales of packaged foods during the pandemic. Major food processors have reported a substantial increase in sales volume from March to May 2020 compared to the previous year. The increase in sales volume is attributed to strict quarantine measures together with the implementation of social distancing norms related to shopping worldwide. Such trends are expected to propel North America paperboard packaging market size over the coming years.
Recycled paper will hold over 60% share in North America paperboard packaging market size. Governments organizations across the region are creating awareness to use recycled products due to growing environmental degradation. This is expected to provide stimulus to industry growth over the forecast period.
Containerboard dominates the North America paperboard packaging industry volume. The product is manufactured from natural resources including unbleached wood fibers & pulp. Corrugated boxes possess excellent crust resistance and are relatively lighter & sustainable, which are key factors responsible for their dominance in the industry. The U.S. EPA has estimated that 75% of packaging materials received for recycling activities contain corrugated boxes, which are higher than any other materials received. Such trends will enhance product popularity over the forecast period.
The medical packaging segment is expected to grow at 3.4% CAGR over the forecast period. The product is utilized as secondary packaging in this sector to protect the primary packaging of pouches, tubes, blisters, and bottles. Rising concerns over the safety of medical products are projected to create a need for sustainable packaging in the industry, driving product usage over the forecast timeframe.
The Canada paperboard packaging sector will witness over 2.5% CAGR from 2020 to 2026. Although the country accounts for a limited share of the North America paperboard packaging market, rising concerns toward enhancing recycling activities along with tremendous pressure from government bodies regarding the wastes from the packaging sector will propel industry development in Canada. In 2013, around 80% of the Canadian papermill facilities used recycled waste for producing paper. Such trends are driving the need for eco-friendly and biodegradable products in the country, that will boost product demand over the projected timeframe.
The key players involved in the North America paperboard packaging market are Smurfit Kappa Group, International Paper, Mondi Plc, Oji Holdings, Mesta Group, Sappi, Story Enso, Cascade, DS-Smith, Packaging Corporation of America, Clearwater Paper, BillerudKorsnäs AB, and Svenska Cellulosa. The industry remains highly consolidated as these players operate through integrated facilities along with the ecosystem. Furthermore, these players have formed strong relationships with end users owing to their long-term market presence, further enhancing their competitiveness in the sector.