For the Quarter Ending June 2025
North America
In Q2 2025, packaging material prices in North America showed a mixed trajectory across products. BOPET prices declined marginally by 1% but held stable at USD 1945/MT as steady PET feedstock costs and balanced domestic supply offset weak demand and logistical disruptions, with July seeing rollover pricing amid cautious procurement.
Corrugated Box prices fell 3.2% to USD 1641/MT on oversupply, soft demand, and tariff uncertainties, with July posting a sharper 4.5% drop driven by weak export orders and high inventories. Cardboard prices fell early in the quarter before surging 4% in June to USD 569/MT on higher input costs and e-commerce demand, with July sustaining modest upward pressure.
Plywood recorded steady gains supported by construction and renovation activity, rising further in July on strong demand and constrained timber supply. Kraft Paper remained flat in April–May but rose in June on higher costs and e-commerce demand, extending gains in July amid tighter supply and inflationary pressures. BOPP Film rose 3.5% to USD 2416/MT as FMCG and e-commerce restocking boosted demand, with July maintaining strength on peak consumption.
Polycarbonate weakened throughout the quarter due to oversupply, high imports, and soft automotive/electronics demand, with July posting another 1% decline. HDPE prices rose 1% on higher ethylene costs, tighter supply, and strong packaging demand, extending gains in July on firmer exports and industrial consumption. Conversely, LDPE slumped 8% q-o-q on oversupply and soft end-use demand, holding flat in July on balanced fundamentals and cautious buying.
Overall, North America’s packaging material market reflected divergence—construction-driven segments like plywood and cost-sensitive grades like Kraft Paper trended upward, while polyolefins and corrugated products struggled under weak demand and trade uncertainty.
Asia
In Q2 2025, the Asia packaging materials market displayed a mixed pricing trend, with most segments facing downward pressure due to oversupply, weak external demand, and cautious downstream procurement. BOPET prices declined slightly by 1.6% overall, though spot values in Shanghai ended the quarter marginally higher on feedstock PET cost support and limited inventories, while export demand remained sluggish.
Corrugated box prices dropped sharply by 7.2% amid massive capacity additions, weak exports, and persistent inventory overhang, while cardboard continued its downward slide, losing 2.2% in May and settling at USD 234/MT by June, weighed by oversupply and softer pulp prices. Plywood stood out as the only consistently bullish product, rising 9.6% in May and another 1% in June, supported by steady overseas demand and constrained log supply.
Kraft paper prices were volatile—up 5% in May on wastepaper shortages but falling 1.4% in June as payment issues and weak demand capped momentum. BOPP film edged down 0.91% despite robust domestic FMCG and Southeast Asian demand, as exports faced logistics and demand headwinds. Polycarbonate prices in Thailand remained stable, with demand from the EV sector offsetting weakness in electronics, while both HDPE (-11%) and LDPE (-1%) in Indonesia trended bearish under ample supply and soft consumption, though LDPE showed marginal July recovery on tighter supply.
Overall, Q2 highlighted persistent demand fragility across most packaging materials, with plywood the key outperformer, while widespread oversupply, cautious procurement, and global trade uncertainties continued to weigh on broader market sentiment.
Europe
In Q2 2025, the European packaging materials market displayed a highly divergent pricing trend across segments, reflecting the interplay of logistical disruptions, raw material volatility, and fluctuating demand. BOPET prices declined marginally by 1% quarter-on-quarter, holding stable at USD 1910/MT as high PET costs offset muted converter activity and freight rerouting challenges, with July showing rollover conditions.
Corrugated box prices surged by 20.5% to USD 650/MT, fueled by severe port congestion, regulatory constraints, and strong FMCG and e-commerce demand, with bullish momentum likely to persist into Q3. Cardboard also recorded sharp gains, up 9.4% in June to USD 286/MT, driven by soaring energy and pulp costs, Hamburg port disruptions, and resilient demand from consumer goods and pharmaceuticals.
Plywood prices rose modestly across Q2 on tight supply and steady e-commerce demand but likely softened in July as logistics improved and seasonal packaging demand eased. Kraft paper sustained an upward trajectory on higher pulp, energy, and logistics costs, supported by strong FMCG and online retail demand, with July extending the bullishness amid constrained capacity. In contrast, BOPP film slipped 1.1% on weak domestic demand and high inventory, although June saw some export-led support, while polycarbonate fell steadily under oversupply and weak automotive and electronics demand, declining a further 1.3% in July.
HDPE showed a mixed trend, with early gains from plant maintenance giving way to sharp declines by quarter-end due to ample imports from the U.S. and Turkey, while LDPE remained stable as balanced supply-demand dynamics and softer ethylene costs provided a neutral environment, extending into July.
Overall, Q2 highlighted stark contrasts, with corrugated box, cardboard, plywood, and kraft paper trending bullish on supply bottlenecks and resilient demand, while polycarbonate, BOPP film, and HDPE dragged the market bearish under oversupply, weak demand, and competitive imports.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American packaging materials market exhibited a mix of trends across various segments. BOPET film prices showed a marginal uptick of 0.32% amid stable feedstock PET costs, tight supply due to weather-related disruptions, and cautious downstream demand. BOPP film prices also increased slightly by 0.71%, driven by steady supply-demand dynamics and expectations of seasonal demand recovery, despite macroeconomic uncertainties.
In contrast, corrugated box prices declined sharply by 5.40%, impacted by new tariffs on cross-border trade and cautious procurement behavior. Cardboard prices dipped marginally by 0.18%, reflecting market normalization post restocking and steady supply.
LDPE prices fell by 0.61% due to a March downturn after an early-quarter surge, influenced by winter-related supply disruptions and later weakened demand. HDPE prices, however, rose by 1.96%, supported by strong domestic and export demand, tight supply, and weather-related production issues. Polycarbonate (PC) prices declined by 2.81%, driven by consistent supply, weak downstream demand, and competitive imports.
Overall, the market portrayed a cautiously balanced outlook influenced by economic headwinds, seasonal shifts, and evolving trade policies.
Europe
In Q1 2025, the European packaging materials market displayed a mixed performance across various segments. BOPET film prices in Germany declined by 1.13% due to weak consumer sentiment and lower PET feedstock prices, despite a mid-quarter rebound driven by increased r-PET demand and supply constraints. BOPP film experienced a sharper decline of 2.13%, reflecting muted downstream demand, elevated inventories, and competitive imports. In contrast, corrugated box prices surged by 4.10%, bolstered by robust demand, stockpiling, and logistical disruptions, while cardboard prices rose by 2.34%, supported by restocking activity and resilient export demand. Plywood prices dropped marginally by 0.85%, amid supply chain challenges and tariffs on Russian imports. Kraft paper showed price stability without a quantified change, driven by strong packaging demand and tight raw material availability. LDPE prices fell 1.02% due to fragile demand despite supply disruptions and a temporary price uptick within the quarter. HDPE prices declined by 1.55% as steady supply and subdued demand from key sectors weighed on the market. Polycarbonate (PC) faced the steepest drop of 6.72%, impacted by declining demand from automotive and electronics sectors, high inventory levels, and falling feedstock costs.
APAC
In the first quarter of 2025, packaging material prices across the APAC region showed mixed trends. BOPET was the only material to register a positive gain, increasing by 0.84%, supported by renewed trading interest and supply constraints despite weaker downstream packaging activity later in the quarter. Conversely, BOPP prices dropped by 4.19% amid abundant supply and muted demand from the packaging industry. Corrugated box prices saw the steepest decline of 4.51%, driven by falling raw material costs and subdued export demand, although steady domestic consumption helped cushion the impact. Cardboard prices dipped by 1.73%, reflecting balanced market conditions influenced by fluctuating raw material costs and moderate demand from the FMCG and e-commerce sectors. Plywood and Kraft paper declined by 0.73% and 1.22% respectively, due to weak downstream demand, production halts, and raw material procurement challenges. LDPE prices decreased slightly by 1.00%, even as demand remained strong from packaging and agricultural sectors; tight supply and higher import offers had limited impact. HDPE posted the sharpest drop among polyolefins at 6.61%, affected by increased Chinese exports, subdued global demand, and stabilized regional inventory levels. Lastly, Polycarbonate (PC) prices fell by 4.83%, reflecting oversupply, weak cost support from feedstocks, and slow recovery in downstream automotive and electronics sectors. Overall, the quarter was marked by supply-demand imbalances, cautious procurement behavior, and economic uncertainties.
For the Quarter Ending December 2024
North America
The North American packaging materials market in Q4 2024 exhibited varied price movements across key commodities, influenced by seasonal demand, supply disruptions, and economic factors. Corrugated box prices initially rose due to hurricane-related production disruptions and strong holiday-driven demand but declined later as supply normalized and consumer demand softened. Cardboard prices followed a similar trend, peaking in November on holiday e-commerce activity before dropping in December as purchasing slowed post-Thanksgiving. BOPET film prices remained weak throughout the quarter due to excess supply, lower PET feedstock costs, and subdued demand, despite temporary freight cost increases from labor strikes. BOPP film prices declined steadily, driven by reduced pre-New Year demand, high global supply, and stable raw material costs. HDPE and LDPE markets faced significant downturns, pressured by weak packaging demand, oversupply, and logistical disruptions from hurricanes and port strikes, with additional uncertainty stemming from the U.S. Presidential Election and potential tariff hikes. Meanwhile, Polycarbonate prices remained stable, supported by strong automotive demand, balanced supply, and lower production costs amid declining crude oil prices. Overall, Q4 2024 highlighted a mixed performance, with some materials benefiting from seasonal trends while others faced persistent downward pressure due to oversupply and economic uncertainty.
Asia
In Q4 2024, the Asia-Pacific (APAC) packaging materials market experienced mixed trends. Corrugated box prices stabilized early in the quarter due to seasonal demand, but declined later amid weaker external demand and oversupply in the papermaking industry. The Chinese cardboard market saw price increases in October due to strong demand, but prices reversed in December as demand softened and oversupply grew. The BOPET film market faced a bearish quarter, with weak demand and oversupply leading to depressed prices, while BOPP film prices fell due to reduced demand post-peak season and increased supply. The HDPE market declined as weak demand from packaging, automotive, and construction sectors, alongside geopolitical uncertainties, pressured prices. LDPE prices saw initial increases, but supply chain disruptions and reduced demand in December led to a decline. The Polycarbonate market also faced a slight price decrease due to oversupply, particularly in China, and weak demand from automotive and electronics sectors. Overall, Q4 2024 was characterized by early stability followed by price declines across key packaging materials due to fluctuating demand, oversupply, and macroeconomic challenges.
Europe
In Q4 2024, the European packaging materials market exhibited a mix of price fluctuations across various sectors. Corrugated box prices initially declined due to weak demand from industrial sectors like automotive and global supply chain inefficiencies but stabilized later in the quarter as seasonal demand from retail and e-commerce sectors, coupled with rising raw material costs, supported prices. The German cardboard market saw an increase in prices in October driven by higher production costs but reversed in December as post-holiday demand slowed. BOPET film prices in Europe faced downward pressure from oversupply and weak downstream demand, exacerbated by global supply chain issues. Similarly, BOPP film prices fell due to reduced demand and increased supply, particularly from Asia. HDPE and LDPE markets experienced declines driven by falling feedstock prices, weak demand from construction and automotive sectors, and geopolitical uncertainties, further pressured by oversupply and cautious buyer behavior. The Polycarbonate market also saw price reductions due to weak demand, particularly in the automotive sector, and logistical disruptions. Overall, Q4 2024 in Europe was marked by a challenging environment with fluctuating demand, supply chain disruptions, and economic uncertainties impacting prices across packaging materials.
