Eastern Asia: Corrugated Paper Market 2024

Corrugated Paper Market Size in Eastern Asia

In 2021, the East Asian corrugated paper market decreased by -7.6% to $X for the first time since 2016, thus ending a four-year rising trend. In general, consumption showed a perceptible slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Corrugated Paper Production in Eastern Asia

In value terms, corrugated paper production shrank to $X in 2021 estimated in export price. The total production indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +48.0% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 18%. The level of production peaked at $X in 2020, and then dropped in the following year.

Corrugated Paper Exports

Exports in Eastern Asia

In 2021, shipments abroad of corrugated paper and paperboard increased by 8.8% to X tons, rising for the third consecutive year after three years of decline. Over the period under review, exports, however, continue to indicate a pronounced decline. The most prominent rate of growth was recorded in 2015 when exports increased by 33% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, corrugated paper exports surged to $X in 2021. Total exports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +146.0% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 53% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the near future.

Exports by Country

China prevails in exports structure, accounting for X tons, which was approx. 80% of total exports in 2021. Japan (X tons) took a 9.2% share (based on physical terms) of total exports, which put it in second place, followed by Taiwan (Chinese) (5.2%). The following exporters - South Korea (X tons) and Hong Kong SAR (X tons) - each accounted for a 5.6% share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of corrugated paper and paperboard. At the same time, South Korea (+5.4%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +5.4% from 2012-2021. By contrast, Hong Kong SAR (-1.9%), Taiwan (Chinese) (-8.8%) and Japan (-11.2%) illustrated a downward trend over the same period. While the share of China (+14 p.p.) and South Korea (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Taiwan (Chinese) (-4.2 p.p.) and Japan (-11.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest corrugated paper supplier in Eastern Asia, comprising 91% of total exports. The second position in the ranking was held by Japan ($X), with a 4.4% share of total exports. It was followed by Taiwan (Chinese), with a 2.2% share.

In China, corrugated paper exports increased at an average annual rate of +4.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (-3.9% per year) and Taiwan (Chinese) (-3.5% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, with an increase of 14% against the previous year. Export price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, corrugated paper export price increased by +80.4% against 2016 indices. The most prominent rate of growth was recorded in 2019 an increase of 24% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+8.2%), while the other leaders experienced more modest paces of growth.

Corrugated Paper Imports

Imports in Eastern Asia

In 2021, purchases abroad of corrugated paper and paperboard increased by 36% to X tons, rising for the second consecutive year after two years of decline. In general, imports recorded a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 627%. The volume of import peaked in 2021 and is likely to see gradual growth in years to come.

In value terms, corrugated paper imports soared to $X in 2021. Over the period under review, imports showed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 348%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

China prevails in imports structure, resulting at X tons, which was approx. 88% of total imports in 2021. It was distantly followed by Hong Kong SAR (X tons), making up a 6.2% share of total imports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the corrugated paper and paperboard imports, with a CAGR of +56.0% from 2012 to 2021. At the same time, Taiwan (Chinese) (+14.7%) and Hong Kong SAR (+5.8%) displayed positive paces of growth. China (+69 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese) and Hong Kong SAR saw its share reduced by -8.7% and -39.2% from 2012 to 2021, respectively.

In value terms, China ($X) constitutes the largest market for imported corrugated paper and paperboard in Eastern Asia, comprising 76% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 13% share of total imports.

In China, corrugated paper imports increased at an average annual rate of +34.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Hong Kong SAR (+13.7% per year) and Taiwan (Chinese) (+15.9% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, growing by 6.5% against the previous year. Over the period under review, the import price, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2018 when the import price increased by 9.2%. Over the period under review, import prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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