Corrugated box consist of a layer of cardboard know as fluting, which is kept between two thin outer layers of the cardboard. It is available in various sizes and shapes extensively used for the packaging of various goods such as electronic items, and pharmaceutical products among others. High durability, high tensile strength, cost effectiveness, and light weight makes these boxes efficient for packaging of shipped goods. Multi depth corrugated boxes possess the same characteristic as corrugated boxes, except it can be used for various size application. Multi-depth corrugated boxes has a wide range of packaging applications in food and beverages, pharmaceuticals, cosmetics, hazardous chemicals furniture, antiques, and automobile among others.
Multi-depth corrugated boxes provides space and ease for carrying goods of various sizes, and low production cost, are some of the major factors increasing its demand. Moreover, the growing international standards for quality packaging has seen a surge to the multi-depth corrugated box market, owing to the high inclination of manufacturers towards innovation and quality assurance. Furthermore, the growth of international trade has further fuelled the demand for these boxes in the shipment of goods, due to its high tensile strength and durability.
Multi Depth Corrugated Box Market Taxonomy
On the basis of board type, the global multi-depth corrugated box market can be segmented as:
- Single face
- Double wall
- Single wall
- Triple wall
On the basis of application, the global multi-depth corrugated box market can be segmented as:
- Food and beverage
- Cosmetics and Personal Care
Multi Depth Corrugated Box Market outlook:
- North America holds the dominant position in the global multi-depth corrugated box market and is expected to retain its dominance over the forecast period. This is mainly due to increasing per capita income and industrialization coupled with the presence of a strong consumer base in the countries such as U.S. and Canada. Moreover, the well-established Electronic commerce segment in the region has further augmented the retail-ready packaging demand, due to its time and labor cost saving attribute, is expected to fuel the market growth.
- Asia Pacific is expected to be the fastest growing region in the global multi-depth corrugated box market. The growing industrialization in the emerging economies of the region such as India and China has augmented the international trade, thereby propelling the demand for multi-depth corrugated boxes for the shipment of goods. Moreover, the one belt on road initiative by China and the development of Chabahar Port in Iran by India, is expected to increase the trade between Asia pacific with Middle East and Europe. Moreover, according to the United Nations Economic and Social Commission for Asia Pacific (UNESCAP), owing to the recovery from the economic shutdown, low commodity prices and adverse exchange rates in 2014, nominal exports and imports are expected to rise by 65 by the end of the 2017, which in turn is expected to show a positive impact on the growth of the multi-depth corrugated boxes market in the regions in the future.
Key players in the Global Multi-Depth Corrugated Boxes Market
Product innovation, mergers and acquisitions, and joint ventures, and partnerships are some of the key strategies adopted by the players to ensure their long term sustenance in this market.
For instance, WestRock has bought the shares of Island Container Corp. and Combined Container Industries LLC in 2017. Some of the key players operating in the global multi depth corrugated boxes market include International Paper, DS Smith Plc, Mondi Group Plc, MeadWestvaco Corporation, Packaging Corporation of America, VPK Packaging Group, Nine Dragons Paper, Nampak Limited, and Smurfit Kappa Group.