Open Top Cartons Market to Grow with Rising Demand for Electronics and Consumer Goods During 2020-2028
Research Nester released a report titled “Open Top Cartons Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global Open Top Cartons market in terms of market segmentation by application, product type, material type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
A carton is classified as an open top carton if it is closed at one end and it does not have any flaps either at the bottom or the top. They are widely used for packaging of big and heavy loads such as refrigerator, washing machines and others. The Open Top Cartons Marketis anticipated to record a significant CAGR over the forecast period of 2020-2028 owing to the rising demand for electronics, heavy machinery and consumer goods in online as well as offline market which in turn leads to the requirement of cartons for packaging and storing of these goods.
Corrugated carton is one of the most prominent packaging tool used for heavy load packaging. Additionally, corrugated carton can be customized as per the required shape of the product that needs to be packaged. Owing to these factors, more and more companies are adopting the usage of corrugated cartons in heavy load transits and storage. Moreover, the introduction of e-commerce has taken globalization to a new level, consumers are buying products from all around the world. Thereby, shipping segment is expected to witness notable growth during the forecast period and it will drive the open top carton market.
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Geographically, the global open top carton market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market in North America is predicted to record highest CAGR in the market on account of increasing demand for consumer goods and electronics coupled with the presence of leading market players in the region which manufacture and market open top cartons. Asia-Pacific region is expected to hold the highest market share on the back of rapid industrialization and urbanization happing in the region.
Rapid Industrialization and Urbanization to Boost the Market Growth
The global electronics and consumer goods industry is growing rapidly owing to the rapid industrialization and urbanization in developing nations coupled with the increasing purchasing power of people. According to world bank data, urban population of the world increased from 54.37% in 2016 to 55.27% in 2018. Moreover, the human development index is on a rise as well. These factors contribute towards the increased demand for goods. The requirement of heavy load carrying packaging tools will drive the market growth. However, threat of companies opting for substitute products of open top cartons might hamper the growth of the open-top carton market.
This report also provides the existing competitive scenario of some of the key players of the global Open Top Carton market which includes company profiling of Packaging Corp of America (NYSE: PKG), Lazo Paper Pty. Ltd., Opus Packaging Pvt. Ltd., Smurfit Kappa Group Plc (LON: SKG), Peek Packaging Solutions Inc., Calumet Carton Company, R & R Corrugated Packaging Group, Shillington Box Company LLC, Mil-Spec Packaging of GA, Inc., Jay Packaging, Parksons Packaging ltd.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global open top carton market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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