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The increasing adoption of eco-friendly materials has played its part in the global paper board industry's growth.
FREMONT, CA: The rising awareness about the non-biodegradable materials, its effects on the environment, and the adoption of eco-friendly materials have resulted in the paper board industry's exponential growth. The worldwide paperboard packaging market is expected to exceed above US$ 238.50 billion by the year 2024 and will expand at a CAGR of more than 3 percent in the given forecast time. Europe and North America are deemed active players in the paper board manufacturing market in the forecast period. And the large supply of paper and pulp from countries like Germany, Italy, Sweden, and Finland are expected to contribute significantly to the paper board packaging market's growth.
With the paper board making industry offering a stable market in the global paper world, it has been catching stakeholders' attention to investing in. Based on the type of manufacturing industry, paper board machines can be classified into three categories based on grade and based on end-user.
The grade category consists of paper board products such as folding boxboard (FBB), white line chipboard (WLC), coated unbleached kraft paper board (CUK), solid bleached sulfate (SBS), label paper, and other products such as glassine and greaseproof paper, parchment paper, filter paper. As far as the end-user products are concerned, the category includes food and beverages, healthcare, manufacturing, personal and home care, and other products relating to construction, education, and stationery.
Trends in the paper board industry
The food and beverage industry is the largest consumption sector for the paper board packaging market, as it is responsible for more than half of the global market share. With expanding competition for various products in the market, and the younger generation opting for a better and branded packaged products, there has been a massive rise in the worldwide paper board industry.
Global scope and challenges of paper board market
The key driving factors behind the paper board industry, as stated by reports, include the growth in e-commerce sales and the rising demand for folded carton packaging.
It is said that nearly two-thirds of the population will be living in cities shortly. There has been a significant increase in the migration of rural population to cities, increasing the global demand consumption patterns of packaged food.