Preference for eco-friendly packaging materials catalyzing growth.
The rising demand for solid boards can be attributed to their increasing application for manufacturing packaging and promotional products such as boxes, layer pads, and POP displays. Solid boards are mostly preferred for manufacturing boxes, as they have a flat and compact structure and better printability. Moreover, solid boards are made from recycled paper and are also fully recyclable.
Key drivers driving the growth of the solid board market are point-of-sale appeal and cost-effective packaging solutions, coupled with sustainability offered by solid boards over alternatives such as plastic or metal products. Moreover, rising consumer preference for eco-friendly products has boosted the demand for solid boards for manufacturing packaging & promotional products on a global scale.
On the back of these factors, the solid board market is projected to register a CAGR of 4.3 percent during the forecast period, and reach a valuation of US Dollar 13.2 Billion by 2029. “Solid boards are ideal for manufacturing packaging solutions that can be used in humid conditions, and for packaging frozen food, fresh food, and flowers. The use of solid boards offers an attractive competitive advantage over other forms of packaging and promotional products, as these can improve distribution speed, reduce storage cost, and boost packaging efficiency.”
Key Insights of Solid Board Market Study
- Solid board made from virgin paper holds more than half of the total market share among all segments by material type in the global solid board market, as this type can be easily be cut and is suitable for printing. This segment is estimated to expand 1.2X its current value by 2023.
- As per report analysis, the boxes segment is identified as the most preferred application of solid boards for packaging, as consumers are concerned about the environmental impact of packaging waste.
- The food & beverage industry is projected to remain the key consumer for players in the solid board market during the forecast period, and is expected to grow by 1.5X its current value by 2029. Increased consumption of food & beverages such as fresh produce and frozen food in developed countries is anticipated to accelerate the demand for solid boards during the forecast period.
Solid Board Market: Competition Landscape
Smurfit Kappa Group, International Paper, VPK Packaging Group NV, Metsä Board, and Sappi Limited are tier-1 market players operating in the global solid board market. Holmen Group, Billerudkorsnas AB, Mugler Masterpack Crimmitschau GmbH, WestRock Company, and Stora Enso have been identified as tier-2 market players in the global market. However, several unorganized and regional manufacturers may enter the solid board market through mergers or collaborations to compete with global players.
These insights are based on a report on Solid Board Market by Future Market Insights.
Source: Future Market Insights