LATAM Corrugated Board Market: Segmented By Application (Food and Beverages, E-Commerce, Consumer Durable, Electronics and Electricals, and Others): By Type (Self-Erecting Boxes, Rigid Boxes, Slotted Boxes, Telescope Boxes, Others), By Wall Construction (Single-Wall, Double-Wall, Triple-Wall): Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031
[ 170 + Pages Research Report ] LATAM Corrugated Board Market to surpass USD 203.2 billion by 2031 from USD 14.8 billion in 2021 at a CAGR of 3.16% within the coming years, i.e., 2021-31.
Corrugated boards are used in the secondary and tertiary packing of durable and nondurable products while shipping them. This packaging segment offers a cost-efficient and adaptable packaging service, as it aids to protect, preserve, and carry a wide range of products. They are used across industries such as food and beverages, consumer durables, personal care, and household products, electrical and electronics, paper, chemicals, agriculture, forestry fishing, and plastic and rubber industries. Corrugated boards are considered under green packaging solutions and services.
LATAM Corrugated Board Market is predicted to project a notable CAGR of 3.16% in 2031.
The growth in the popularity of corrugated packaging and the growing manufacturing industries in the developing countries are driving the demand for the market. An increase in awareness among consumers for the sustainable packaging material with the ability to be reused are some of the features fueling the growth of the market.
Food and Beverages segment to grow with the highest CAGR during 2021-2031
LATAM Corrugated Board Market is segmented by Application into Food and Beverages, E-Commerce, Consumer Durable, Electronics and Electricals, and Others. Food and Beverages segment reported for the major share. Corrugated boards are extensively used in the food and beverages industry in the packaging and delivery of various food products. They are used in production of cartons and boxes that offer a stable cushion for products while shipping and handling fresh fruits and vegetables, meat products, eggs, and bakery products; and they are among the harmless and most hygienic packaging alternatives available in the market.
Double-walled Segment to grow with the highest CSGR during 2021-2031
On the basis of Wall Construction, LATAM Corrugated Board Market is segmented into Single-Wall, Double-Wall, Triple-Wall. Double-Wall segment reported for the highest market share of Pharmaceutical Sterility Testing Market. Double-walled corrugated boxes are made using two sheets of fluting instead of one. These layers are of diverse sizes and deliver a great deal of strength. This type of box contains 5-ply construction, and are ideal for heavier goods, and also offers more protection than a single-walled. They are more rigid and have long-term storage.
Growing Demand for Corrugated board in Diverse Application Range
Corrugated packaging materials are applied in secondary and tertiary packing of nondurable and durable products, including food and beverages, consumer durables, electrical and electronics, paper, chemicals, personal care, and household products, agriculture products, plastic, and rubber products, and others. Corrugated boards are among the cost-effective and versatile packaging services that help protect a wide range of products, especially during transport. These boards are lightweight, rigid, biodegradable, and recyclable, which makes them an integral component in the packaging industry.
Extensively used in the food and beverages industry
Corrugated boards are broadly used across the food and beverages industry to pack processed food items such as bread, snacks, ready-to-eat (RTE) meals, and meat products; fruits; durable food products; beverages; and many more. The change in consumer lifestyle, coupled with the increase in demand for convenience food, is boosting the need for catering as well as high-quality packaging services, hence contributing to the corrugated board market growth. The corrugated board packaging guards packaged goods from moisture; it also increases their tolerance during long shipping periods.
Unsuitability of corrugated material for the packaging
There is certain aspect that hampers the growth prospects of the market to a certain degree, chief ones being the unsuitability of corrugated material for the packing of a diversity of products and issues regarding the durability of corrugated packaging goods. It is generally noted that conventional corrugated packaging products do not withstand harsh indoor and outdoor weather circumstances as efficiently as other packing products, therefore posing damage dangers to delicate products or electronic products.
Effects of COVID19 in the LATAM Corrugated Board Market
Brazil has been ordered to be the third-most affected country owing to the COVID-19 pandemic globally. In South and Central America, Brazil has the highest number of COVID-19 cases. Government in South and Central America have taken an array of arrangements to protect their citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel limitations. This may have a direct impact on the growth of the corrugated board market. However, as the economies are planning to revive their actions, the demand for corrugated boards is predictable to growth globally.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
LATAM Corrugated Board Market is segmented based on regional analysis into five major regions: Brazil, US, Chile, Peru, and Argentina. Brazil dominates the LATAM Corrugated Board Market. The high share is attributable to the rising adoption of technologies in the region. US is witnessed to be the second-largest market in the global LATAM Corrugated Board market.
LATAM Corrugated Board Market is further segmented by region into:
LATAM Corrugated Board Market Segments:
|Market size value in 2021
|USD 657.25 billion
|Revenue forecast in 2031
|USD 203.2 billion
|CAGR of 3.16% from 2021 to 2031
|Base year for estimation
|Revenue in USD billion and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Application, Type, Wall Construction, and Region
|Key companies profiled
|International Paper, Nippon Paper Industries Co., Ltd., Smurfit Kappa, Larsen Packaging Products, Inc., Cougar Packaging Solutions, Western Container Corporation, Irani, Grupo Arcor, Westrock, Klabin S.A
The LATAM Corrugated Board Market size was estimated at USD 14.8 billion in 2021 and is expected to reach 203.2 billion by 2031.
Key players: International Paper, Nippon Paper Industries Co., Ltd., Smurfit Kappa, Larsen Packaging Products, Inc., Cougar Packaging Solutions, Western Container Corporation, Irani, Grupo Arcor, Westrock, Klabin S.A, and Other prominent players.
Food and Beverages segment and Double-walled Segment are anticipated to hold the largest LATAM Corrugated Board Market.
Drivers: Growing Demand for Corrugated board in Diverse Application Range and Extensively used in the food and beverages industry
Corrugated boards are used in the secondary and tertiary packing of durable and nondurable products while shipping them. This packaging segment offers a cost-efficient and adaptable packaging service, as it aids to protect, preserve, and carry a wide range of products. They are used across industries such as food and beverages, consumer durables, personal care, and household products, electrical and electronics, paper, chemicals, agriculture, forestry fishing, and plastic and rubber industries.
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