Classified in: EnvironmentSubjects: SVY
Paper Packaging Materials Market to Reach Value of US$ 553.1 Bn by 2031: TMR Study
- Increase in demand for corrugated cases is fueling the Paper Packaging Materials Market growth
- Rise in adoption of eco-friendly sustainable packaging materials in several end-use industries is boosting the global industry
- Technological advancements in the packaging industry of Asia Pacific are expected to drive the regional market
WILMINGTON, Del., Dec. 1, 2022 /PRNewswire/ -- The global Paper Packaging Materials Market is projected to expand at a CAGR of 4.4% during the forecast period, according to Transparency Market Research.
As per TMR analysis, the market outlook appears positive due to the rise in demand for beverages in developed and developing countries. Moreover, increase in consumption of fast food, frozen food, and fresh food across the globe is projected to boost the market.
Of late, awareness about environmental issues has increased among consumers. Hence, this population pool is inclined toward products with eco-friendly packaging. This is creating significant business avenues in the market for paper packaging materials.
The popularity of paper packaging materials has been increasing owing to their advantages such as versatility and sustainability. However, several issues are associated with such type of materials, including poor barrier properties and sluggish rate of anaerobic biodegradation in the environment without oxygen (including landfills). This is hampering the adoption of these materials. Therefore, market players are focusing on expanding their production capabilities in water-soluble board stock, which passes the ASTM D6868-11 testing technique and is considered compostable in 40 days. Companies are also investing in R&D activities to develop materials that pass the international OECD 301B testing technique in order to introduce products that can biodegrade completely and rapidly in the marine environment.
The paper packaging materials are used in the ecommerce industry. With improving spending power of people and increasing penetration of the Internet across developing and developed nations, the ecommerce industry is expanding at significant pace. This factor, in turn, is driving the sales prospects in the global market.
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- Corrugated cases are being increasingly used in varied applications owing to several advantages including recyclability, reusability, light-weight nature, and durability. According to the Paper Packaging Materials Market report by TMR, the corrugated cases product segment held key market share in 2020. The study forecasts the segment to expand at a notable CAGR during the forecast period. Growth of the segment can be ascribed to the rise in usage of corrugated cases in inter-trade and retail packaging activities.
- The usage of cartons and folding boxes is rising in the paper packaging materials industry. This is projected to increase the market size during the forecast period. Moreover, demand for cartons and folding boxes is expected to rise in the next few years. This can be ascribed to the growth in popularity of decorative and bulk packaging.
- Rise in concern about the usage and disposal of plastics is leading to an increase in uptake of eco-friendly options such as paper packaging materials
- Increase in usage of environmentally sustainable packaging materials for varied end-use applications is expected to fuel market growth
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- The TMR study notes that Asia Pacific accounted for prominent share of the global market in 2020. The market in the region is estimated to gain sizable business opportunities during the forecast period due to rapid advancements in the packaging industry.
- Players are expected to witness lucrative growth opportunities in Latin America and Middle East & Africa in the near future owing to rapid development in the packaging sector in these regions.
Paper Packaging Materials Market: Key Players
Some of the key players profiled in the report are:
- Georgia-Pacific Corporation
- International Paper Company
- Holmen AB
- OJI Holding Corporation
- The Mayr-Melnhof Group
- DS Smith PLC
- Hood Packaging Corporation
- Stora Enso Oyj
- MeadWestvaco Corporation
- Smurfit Kappa Group Plc
Paper Packaging Materials Market Segmentation
- Liquid Packaging Cartons
- Corrugated Cases
- Cartons & Folding Boxes
- Others (Sacks, Bags, etc.)
- Fast Food
- Fresh Food
- Dairy & Bakery
- Frozen Food
- Others (Pet Food, Cosmetics, Pharmaceuticals, etc.)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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