The segment will grow at an exponential CAGR of over 8.5 percent from 2017 to 2024.
Considering products, the paperboard packaging market is bifurcated into containerboard and boxboard. The manufacturing process of containerboard is done on modified paper machines as they have the ability to handle superior grammages.
Boxboard segment is additionally bifurcated as white lined chipboards, solid bleached boards, solid unbleached boards and folding boxboards. The white lined chipboard segment will surpass USD 30 billion by 2024.
Considering application, paperboard packaging market is segmented into medical, non-durable goods, durable goods, food & beverages and others. The others segment includes machineries and industrial goods. Development in food & beverage industry, and increasing packed food consumption will positively influence the paperboard packaging market. It is one of the fastest growing segment and will exhibit growth with CAGR of over 8 percent in the forecast spell.
Paperboard packaging market is classified on the basis of region where Asia Pacific held a significant share in 2016 and is set to surpass USD 175 billion by the end of the forecast period. Rising industrial activities and developing cosmetic, electronic and food & beverages industry is set to fuel the regional paperboard packaging market demand. Europe market will exhibit growth at a decent rate in the predicted period due to the developed market in this region paired with the supportive governmental norms.
China is one of the leading packaged food manufacturer with huge bakery, processed food, sauces, dressings, and baby food production. In 2016, China packaged food market was valued over USD 275 billion and is poised to grow at a significant rate in the forecast period. Increasing consumption of such packaged food & beverages by consumers in the emerging countries due to rapidly changing lifestyles will positively influence the paperboard packaging industry in coming years.