Global corrugated box demand is forecast to grow 3.4 percent annually through 2013. Gains will be driven in part by the advance of small flute and high-quality graphic board into traditional folding carton uses. Fastest growth will occur in developing regions, especially China and India.

This study analyzes the 180 billion square meter world box industry. It presents historical demand data for the years 1998, 2003 and 2008, and forecasts for 2013 and 2018 by raw material (e.g., containerboard, adhesives, inks, waxes), end-use market, world region (e.g., Asia/Pacific, North America, Western Europe) and for 24 major national markets.

The study also considers market environment factors, details industry structure, evaluates company market share and profiles 35 industry players, including International Paper, Smurfit-Stone Container and Smurfit Kappa.

TABLE OF CONTENTS


SECTION                                                                          PAGE

                 INTRODUCTION                                                       x

          I.     EXECUTIVE SUMMARY                                                  1

         II.     MARKET ENVIRONMENT                                                 4
                 General                                                            4
                 World Economic Overview                                            5
                     Recent Historical Trends                                       5
                     Macroeconomic Outlook                                          7
                 World Demographic Outlook                                         11
                 World Personal Consumption Expenditures                           12
                 World Manufacturing Overview                                      14
                 World Paper & Paperboard Outlook                                  15
                 Competitive Technologies                                          18
                 Environmental & Regulatory Issues                                 20
                 Pricing Trends                                                    23
                 International Trade Patterns                                      24
                     Corrugated Boxes                                              25
                     Containerboard                                                26

        III.     RAW MATERIALS                                                     28
                 General                                                           28
                 Containerboard                                                    28
                     Recycled Board                                                31
                     Kraft Linerboard                                              32
                     Semichemical Board                                            34
                 Other Materials                                                   35
                     Adhesives                                                     35
                     Inks                                                          36
                     Waxes                                                         37

         IV.     WORLD CORRUGATED BOX OVERVIEW                                     40
                 General                                                           40
                 Regional Overview                                                 40
                     Demand                                                        41
                     Production                                                    45
                 End-Use Markets                                                   47

	V.     NORTH AMERICA                                                       50
                 North America: General                                            50
                     North America: Corrugated Box Trends                          51
                     North America: Containerboard Trends                          52
                 United States                                                     53
                 Canada                                                            61
                 Mexico                                                            65

         VI.     WESTERN EUROPE                                                    71
                 Western Europe: General                                           71
                     Western Europe: Corrugated Box Trends                         72
                     Western Europe: Containerboard Trends                         75
                 Belgium                                                           76
                 France                                                            81
                 Germany                                                           86
                 Italy                                                             91
                 Netherlands                                                       96
                 Spain                                                            100
                 United Kingdom                                                   104
                 Other Western Europe                                             109

        VII.     ASIA/PACIFIC                                                     115
                 Asia/Pacific: General                                            115
                     Asia/Pacific: Corrugated Box Trends                          117
                     Asia/Pacific: Containerboard Trends                          119
                 Australia                                                        120
                 China                                                            125
                 India                                                            132
                 Indonesia                                                        137
                 Japan                                                            141
                 South Korea                                                      146
                 Taiwan                                                           150
                 Thailand                                                         155
                 Other Asia/Pacific                                               160

	 VIII.   OTHER REGIONS                                                    166
                 Latin America                                                    166
                     Argentina                                                    170
                     Brazil                                                       175
                     Other Latin America                                          179
                 Eastern Europe                                                   184
                     Poland                                                       187
                     Russia                                                       192
                     Other Eastern Europe                                         198
                 Africa/Mideast                                                   202
                     South Africa                                                 206
                     Turkey                                                       211
                     Other Africa/Mideast                                         216

         IX.     INDUSTRY STRUCTURE                                               221
                 General                                                          221
                 Corrugated Box Market Share                                      222
                 Containerboard Market Share                                      225
                 Acquisitions & Divestitures                                      227
                 Cooperative Agreements                                           230
                 Manufacturing                                                    233
                 Marketing & Distribution                                         234
                 Company Profiles                                                 236
                     Abbey Corrugated, see DS Smith
                     Allard Emballages, see Alliabox
                     Alliabox SAS                                                 237
                     Amcor Limited                                                240
                     Belisce, see Constantia Packaging AG
                     Bourquin, see Alliabox
                     Brookfield Asset Management Incorporated                     242
                     Calpine Corrugated, see Smurfit-Stone Container
                     Carter Holt Harvey Limited                                   244
                     Cartonagens de Mozambique, see Nampak
                     Cascades Incorporated                                        245
                     Cheng Yang Paper Mill, see Nine Dragons Paper
                     Constantia Packaging AG                                      248
                     Corporacion Durango SAB de CV                                250
                     DS Smith plc                                                 251
                     Durango International, see Corporacion Durango
                     Duropack, see Constantia Packaging
                     Eastern Box, see DS Smith
                     Emin Leydier SA                                              255
                     Empaques de Carton Titan, see Corporacion Durango
                     Georgia-Pacific, see Koch Industries
                     Gissler & Pass, see Alliabox
                     Hunyani Holdings, see Nampak
                     Induspac Packaging Group Incorporated                        256
                     International Paper Company                                  257
                     Klabin SA                                                    259
                     Koch Industries Incorporated                                 260
                     Kunert Group, see Alliabox
                     Lee & Man Paper Manufacturing Limited                        263
                     Longview Fibre Paper and Packaging, see Brookfield Asset Management
                     M-Real, see Metsaliitto Group
                     MeadWestvaco Corporation                                     264
                     Metsaliitto Group                                            266
                     Mondi Group                                                  268
                     Mosburger, see Alliabox
                     Nampak Limited                                               271
                     Niagara Sheets, see Cascades and Smurfit-Stone Container
                     Nine Dragons Paper Holdings Limited                          273
                     Norampac, see Cascades
                     Oji Paper Company Limited                                    275
                     Otor SA                                                      276
                     Packaging Corporation of America                             278
                     Packaging Industries Malawi, see Nampak
                     Peterson, see Alliabox
                     Pratt Industries, see Visy
                     Premier Boxboard, see Temple-Inland Incorporated
                     Rengo Company Limited                                        280
                     Rigesa Celulose Papel e Embalagens, see MeadWestvaco
                     ROSSMANN SAS                                                 282
                     SA Industrias Celulosa Aragonesa                             283
                     SAICA, see SA Industrias Celulosa Aragonesa
                     Saica Embalaje, see SA Industrias Celulosa Aragonesa
                     San Miguel Corporation                                       284
                     SCA, see Svenska Cellulosa
                     Smurfit Kappa Group plc                                      286
                     Smurfit-Stone Container Corporation                          288
                     St. Regis Paper, see DS Smith
                     Stora Enso Oyj                                               292
                     Svenska Cellulosa AB                                         295
                     Tegrant Corporation                                          298
                     Temple-Inland Incorporated                                   300
                     THIMM Group                                                  301
                     TRM Packaging, see Alliabox
                     Visy Pty Limited                                             303
                     VPK Packaging Group NV                                       305
                 Additional Companies Mentioned in the Study                      307

                                    LIST OF TABLES
                                          
TABLE NUMBER                                                                     PAGE

                 SECTION I -- EXECUTIVE SUMMARY
                 Summary Table                                                      3

                 SECTION II -- MARKET ENVIRONMENT
           1     World Gross Domestic Product by Region                            10
           2     World Population by Region                                        12
           3     World Personal Consumption Expenditures by Region                 14
           4     World Manufacturing Value Added                                   15
           5     World Paper & Paperboard Production by Region & Type              18
           6     World Corrugated Box Net Exports                                  26
           7     World Containerboard Net Exports                                  27

                 SECTION III -- RAW MATERIALS
           1     World Containerboard Demand by Region & Grade                     30

                 SECTION IV -- WORLD CORRUGATED BOX OVERVIEW
           1     World Corrugated Box Demand by Region                             42
           2     World Corrugated Box Shipments by Region                          46
           3     World Corrugated Box Demand by Market                             48

                 SECTION V -- NORTH AMERICA
           1     North America -- Corrugated Box Supply & Demand                   52
           2     North America -- Containerboard Supply & Demand                   53
           3     United States -- Corrugated Box Supply & Demand                   57
           4     United States -- Containerboard Supply & Demand                   59
           5     Canada -- Corrugated Box Supply & Demand                          63
           6     Canada -- Containerboard Supply & Demand                          64
           7     Mexico -- Corrugated Box Supply & Demand                          68
           8     Mexico -- Containerboard Supply & Demand                          69

                 SECTION VI -- WESTERN EUROPE 
           1     Western Europe -- Corrugated Box Supply & Demand                  74
           2     Western Europe -- Containerboard Supply & Demand                  76
           3     Belgium -- Corrugated Box Supply & Demand                         79
           4     Belgium -- Containerboard Supply & Demand                         80
           5     France -- Corrugated Box Supply & Demand                          83
           6     France -- Containerboard Supply & Demand                          84
           7     Germany -- Corrugated Box Supply & Demand                         89
           8     Germany -- Containerboard Supply & Demand                         90
           9     Italy -- Corrugated Box Supply & Demand                           94
          10     Italy -- Containerboard Supply & Demand                           95
          11     Netherlands -- Corrugated Box Supply & Demand                     98
          12     Netherlands -- Containerboard Supply & Demand                     99
          13     Spain -- Corrugated Box Supply & Demand                          102
          14     Spain -- Containerboard Supply & Demand                          103
          15     United Kingdom -- Corrugated Box Supply & Demand                 106
          16     United Kingdom -- Containerboard Supply & Demand                 107
          17     Other Western Europe -- Corrugated Box Supply & Demand           111
          18     Other Western Europe -- Containerboard Supply & Demand           112

                 SECTION VII -- ASIA/PACIFIC
           1     Asia/Pacific -- Corrugated Box Supply & Demand                   118
           2     Asia/Pacific -- Containerboard Supply & Demand                   120
           3     Australia -- Corrugated Box Supply & Demand                      123
           4     Australia -- Containerboard Supply & Demand                      124
           5     China -- Corrugated Box Supply & Demand                          129
           6     China -- Containerboard Supply & Demand                          131
           7     India -- Corrugated Box Supply & Demand                          135
           8     India -- Containerboard Supply & Demand                          136
           9     Indonesia -- Corrugated Box Supply & Demand                      139
          10     Indonesia -- Containerboard Supply & Demand                      140
          11     Japan -- Corrugated Box Supply & Demand                          143
          12     Japan -- Containerboard Supply & Demand                          144
          13     South Korea -- Corrugated Box Supply & Demand                    148
          14     South Korea -- Containerboard Supply & Demand                    149
          15     Taiwan -- Corrugated Box Supply & Demand                         153
          16     Taiwan -- Containerboard Supply & Demand                         154
          17     Thailand -- Corrugated Box Supply & Demand                       158
          18     Thailand -- Containerboard Supply & Demand                       159
          19     Other Asia/Pacific -- Corrugated Box Supply & Demand             162
          20     Other Asia/Pacific -- Containerboard Supply & Demand             163

                 SECTION VIII -- OTHER REGIONS
           1     Latin America -- Corrugated Box Supply & Demand                  169
           2     Latin America -- Containerboard Supply & Demand                  170
           3     Argentina -- Corrugated Box Supply & Demand                      173
           4     Argentina -- Containerboard Supply & Demand                      174
           5     Brazil -- Corrugated Box Supply & Demand                         177
           6     Brazil -- Containerboard Supply & Demand                         178
           7     Other Latin America -- Corrugated Box Supply & Demand            182
           8     Other Latin America -- Containerboard Supply & Demand            183
           9     Eastern Europe -- Corrugated Box Supply & Demand                 186
          10     Eastern Europe -- Containerboard Supply & Demand                 187
          11     Poland -- Corrugated Box Supply & Demand                         190
          12     Poland -- Containerboard Supply & Demand                         191
          13     Russia -- Corrugated Box Supply & Demand                         195
          14     Russia -- Containerboard Supply & Demand                         196
          15     Other Eastern Europe -- Corrugated Box Supply & Demand           200
          16     Other Eastern Europe -- Containerboard Supply & Demand           201
          17     Africa/Mideast -- Corrugated Box Supply & Demand                 205
          18     Africa/Mideast -- Containerboard Supply & Demand                 206
          19     South Africa -- Corrugated Box Supply & Demand                   209
          20     South Africa -- Containerboard Supply & Demand                   210
          21     Turkey -- Corrugated Box Supply & Demand                         214
          22     Turkey -- Containerboard Supply & Demand                         215
          23     Other Africa/Mideast -- Corrugated Box Supply & Demand           218
          24     Other Africa/Mideast -- Containerboard Supply & Demand           219

                 SECTION IX -- INDUSTRY STRUCTURE
           1     Selected Acquisitions & Divestitures                             228
           2     Selected Cooperative Agreements                                  232

                                    LIST OF CHARTS
                                          
CHART NUMBER                                                                     PAGE

                 SECTION III -- RAW MATERIALS
           1     World Containerboard Demand by Grade, 1998-2008                   31

                 SECTION IV -- WORLD CORRUGATED BOX OVERVIEW
           1     World Corrugated Box Demand by Region, 2008                       43
           2     Corrugated Box Demand/Manufacturing Value Added
                     Relationship, 2008                                            44
           3     World Corrugated Box Demand by Market, 2008                       49

                 SECTION VI -- WESTERN EUROPE
           1     Western Europe -- Corrugated Box Demand by Country, 2008          75

                 SECTION VII -- ASIA/PACIFIC
           1     Asia/Pacific -- Corrugated Box Demand by Country, 2008           119

                 SECTION IX -- INDUSTRY STRUCTURE
           1     World Corrugated Box Market Share, 2008                          225
           2     World Containerboard Market Share, 2008                          226