"Overview of Solid Boards Market"
In 2018, the global solid boards market was estimated at US$ 8.3 Bn and expanding at a CAGR of 3.9% over the forecast period (2019-2027).
The rapid surge in the e-commerce industry and growing digital printing are the major factors responsible for the growth of the global solid boards market. The surge in the logistics industry and increased demand sustainable packaging solutions are further expected to drive the global market in years to come. The surge in the application of solid boards in manufacturing packaging & promotional products is one of the prominent factors for the market demand.
The solid boards are very cost-effective packaging solutions owing to which their demand in the packaging industry worldwide is on the rise, which is further projected to enhance the market growth. The rising preference for eco-friendly products across the globe is another key factor estimated to drive the global market.
In addition, the use of solid boards for packaging of fresh food, flowers, frozen food, and others is expected to support the market growth. The growing demand for solid boards in the Asia Pacific region is projected to enhance the market growth in years to come.
By Material Type, Virgin Paper material type anticipated to continue its dominance in the Global Solid Boards Market
Virgin Paper material type solid boards accounted for the largest share of XX% in the Global Solid Boards Market in 2018.
The virgin paper material type segment dominated the global market in 2018. The segment had its dominance due to its benefits such as easy to cut, suitable for printing and others. Wide application of virgin paper material type for the packaging of confectionery products, milk & dairy products, frozen food products, fresh produce products, meat & poultry products, and others are projected to drive the segment growth in years to come. Therefore, the virgin paper material type segment is anticipated to continue its dominant position in the global solid boards market.
By End-use, Food & Beverages segment anticipated continuing its dominance in the Global Solid Boards Market
By End-use, Food & Beverages accounted for the major share of XX% in Global Solid Boards Market in 2018. The food & beverage segment had a major share in the global market in 2018 owing to the growing food & beverage industry worldwide and the growing consumption of frozen food across the globe. The solid boards are widely used for the packaging of food & beverage products such as milk & dairy products, fresh produce products, and others owing to which the segment is anticipated to grow. The surge in demand for solid boards in the emerging economies of Asia Pacific’s food & beverage industry is another factor estimated to enhance the market growth in years to come. Hence, the segment is presumed to continue its dominance.
Growth prospects of Solid Boards are high in Asia Pacific
Asia Pacific is projected to expand at a rapid pace in the global solid boards market due to the rising food & beverage industry and surge in consumption of frozen food. The growing online shopping trend in the region is another major factor for regional growth. The rising consumer focus on sustainable and eco-friendly packaging solutions are some of the other major factors for regional growth in years to come.
In 2018, Europe had a major share in the global solid boards market due to a rapid shift from single-use plastic and surge in delivery services in the region. The presence of major market players such as Smurfit Kappa Group plc, Billerudkorsnas AB, and others is one of the prominent factors for the dominance of the Europe region.
Large players have started adopting key strategies to sustain in the market. Various key strategies adopted are acquisitions, collaborations, new product launch, partnerships and mergers. Smurfit Kappa Group, Stora Enso, International Paper Company, WestRock Company, VPK Packaging Group, Mugler Masterpack Crimmitschau GmbH, Metsa Board, Billerudkorsns AB, Sappi Limited, Mayr-Melnhof Karton AG, Mondi Group, DS Smith Packaging Limited, Georgia Pacific LLC, Rengo Co. Ltd, Pactiv LLC, and Holmen Group are some key players operating at regional as well as country level.
Global Solid Boards Market Segmentation:
Solid Boards Market by Material Type:
- Recycled Paper
- Virgin Paper
Solid Boards Market By Weight:
- Up to 200 GSM
- 201-300 GSM
- 301 – 500 GSM
- Above 500 GSM
Solid Boards Market By Application:
- POP Display
- Edge Protection
- Layer Pads
Solid Boards Market By End-use:
- Electricals & Electronics
- Health Care & Pharmaceuticals
- Cosmetics & Personal Care
- Food & Beverages
- Fresh Produce
- Milk & Dairy
- Frozen Food
- Meat & Poultry
- Other Industrial Packaging
- Building & Construction
- Tobacco Packaging
Solid Boards Market By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa