A fresh market intelligence study by Transparency Market Research (TMR) finds the global fiber based packaging market is marked by intense competition and fragmentation due to the presence of several players of varying sizes. Keen players in the market are pouring money into research and development for the introduction of innovative products in order to serve a large customer base. They are also resorting to mergers and acquisitions to expand their footprint, thereby enhancing their product portfolio.
Prominent participants in the global fiber based packaging market include International Paper Company, DS Smith plc, Huhtamaki Oyj, Smurfit Kappa Group plc., Sonoco Products Company, WestRock Company, Georgia-Pacific LLC, Pratt Industies Inc., Reynolds Group Holdings Ltd., U.S. Corrugated Inc., UFP Technologies Inc., ESCO Technologies Inc. Ltd., Brodrene Hartmann A/S, KapStone Paper and Packaging, Mayr-Melnhof Karton AG, Rengo Co. Ltd., Mondi Group, Stora Enso, AR Packaging Group AB, and BillerudKorsnas AB.
The global fiber based packaging market has witnessed extraordinary growth over the past few decades on account of numerous applications of fiber based packaging across several end-use industries. Driven by this and several other factors, the global fiber based packaging market is projected to register a 3.8% CAGR vis-à-vis revenue over the forecast period 2017 to 2025, for the market to reach a valuation of US$383.5 bn by the end of 2025. The market was evaluated to be worth US$284 bn in 2016.
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Among the various segments based on packaging type, corrugated boxes lead with an estimated share of more than 45% by value. Corrugated boxboard contributes more than 50% revenue amongst all material type segments in the fiber based packaging market. Food packaging segment leads amongst key end-use segments holding almost 40% market share by value. Region-wise, Asia Pacific is anticipated to emerge as the most lucrative market in terms of both value and volume over the forecast period.