Feb 17, 2021/IndustryNewsGlobal/--The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Containerboard Market.
It was estimated prior to this unanticipated outbreak Containerboard Market will reach CAGR of 4.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Containerboard Market Insights
Containerboard Market is likely to witness an impressive CAGR of 4.5% during the forecast period. Major factors such as increasing demand for lightweight packaging material, friendly government norms about recycled paper usage, and increasing usage of agricultural chemicals for protecting crops from insects and worms, are expected to drive the market growth during the forecast period.
Market Share Analysis
Containerboard Market Share: By Product Type
Based on the product type, the market is segmented as linerboard, corrugating medium, and white tops. The linerboard is further divided into kraft liners and test liners. Kraft liners are estimated to hold the major part of the share in the market owing to their high tensile strength and wide application in paper sacks production during the forecast period.
On the other hand, test liners are estimated to witness significant growth owing to their range of applications in consumer durables packing which includes processed food, meat products, and home & personal care, and in lowering the emission level of carbon, which is fueling the segment’s growth over the forecast period.
Containerboard Market Share: By Application Type
Based on the application type, the market is segmented as fast-moving consumer goods, industrial, flowers, agriculture, and fruits. The fast-moving consumer goods is further segmented as processed foods, home & personal care, meat, pharmaceuticals, fats & oils, dairy & alternatives, and alcohol & drinks. Processed food application is estimated to hold the largest share of the market owing to its wide utilization in shielding consumables from contamination and tempering, boosting the segment’s growth during the forecast period. These products need food stability so as to maintain their taste and texture.
On the other hand, pharmaceutical is anticipated to witness significant growth over the forecast period. These products find use in maintaining sterilized environment, fragile product protection and stacking efficiency, and also protect drugs from radiations which may cause any change in chemical formulations coupled with loss of therapeutic values, accelerating the market growth during the forecast period.
Containerboard Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the leading region in the market with South Korea, Japan, China, Australia, and India being the major countries with lucrative growth opportunities during the forecast period. Further, for preventing food deterioration these establish an antimicrobial environment and protect meat products from direct influence of exterior environment as growing consumption of meat in the region can cause food spoilage.