Paper Market: Growing Use In Packaging Expected To Drive The Demand
Rising product demand for packaging across the globe from industries such as food & beverage, retail, construction, electrical & electronics, and manufacturing is anticipated to propel the paper market growth. E-commerce industry is projected to be the largest consumer of the paper market. The availability of a wide range of goods online and superior shopping experience are major factors resulting in growing preference for online shopping.
Huge consumption of paper packaging materials by established end-use industries including e-commerce and manufacturing is projected to promote the market demand in the U.S. In addition, well-established e-commerce sector in the country on account of high consumer disposable income and consumer preference for online shopping is likely to result in growth of the industry.
The collection of all forms of paper used by consumers for recycling is quite difficult. In addition, waxed and hygiene papers are not recyclable, such factors are projected to limit the market growth. However, implementation of an efficient collection mechanism for wastepaper is anticipated to boost the paper market.
Rising demand for enhanced quality packaging is projected to be witnessed from the companies engaged in transportation of breakable items, such as glass objects, furniture, and toys. This is expected to boost the growth of corrugated boxes, containers, sheets graphic and others, which is further anticipated to boost the market growth over the forecast period.
Packaging paper segment dominated the market in 2018 and is projected to grow at a CAGR of 0.6% and reach USD 144.69 Billion in 2025. The availability of the product in a wide range of weights, levels of brightness, and shades without a change in the quality coupled with its growing applications in industries such as retail and others is likely to propel the market growth.
Rising disposable income coupled with improved standard of living among the people across the globe is anticipated to propel the demand for personal care and hygiene products such as tissues, paper towels, table cover, facial towels, wet tissues, hand towels, baby napkins, and industrial wipes. This is likely to benefit the growth of personal care and hygiene products segment
Other paper segment includes brown paper, kraft liners, and interleaving papers. Factors such as strength, durability and high tear resistance makes it preferable for both heavy and light duty applications. Brown paper is increasingly used in domestic applications such as for faster ripening of fruits and preparation of popcorn, which is anticipated to fuel the industry growth.
Asia-Pacific market is anticipated to grow at a CAGR of 2.3% from 2019 to 2025 and estimated to reach USD 115.30 billion in 2025. Developing economies in the region such as China, India, and Japan are increasingly adopting clean packaging goods. In addition, the presence of large number of product manufacturers and consumers in the region is anticipated to augment the market growth.
Food industry in the Asia-Pacific region accounts for a dominant share in the packaging industry. Increasing number of manufacturing facilities across the region coupled with rising consumerism and growing transit packaging sector in China are some factors anticipated to contribute towards the product penetration in the region, thereby driving the industry demand over the forecast period.
Rising urbanization trends in North America are expected stimulate consumer awareness regarding the use of sustainable packaging materials, which in turn is expected to propel the demand for the product over the forecast period. In addition, rapid expansion of e-commerce industry in the region is further projected to boost the market growth over the forecast period.
Major players have introduced products that are durable and rigid to better serve household and commercial applications. In addition, the companies are increasingly investing towards the technological advancement in the production process, which has resulted in the development of innovative products, that cater to various office and commercial applications.
In-depth report on global paper products market by Grand View Research:
https://www.grandviewresearch.com/industry-analysis/paper-products-market