NEWARK, Del, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The paper recycling market is slated to have a valuation of US$ 7.5 billion in 2024. In contrast, the 2023 value was marked at US$ 7.1 billion. The progress of the market is anticipated to be sturdy over the period from 2024 to 2034, with a CAGR of 5.7%. The 2034 valuation of the paper recycling market is forecasted to be US$ 13.1 billion.
The packaging industry is undergoing a sustainability makeover in light of government regulation and consumer pressure. Thus, an environmentally sound solution like recycled paper is finding increasing acceptance in the packaging of diverse industries like food & beverage, pharmaceutical, and healthcare. The growing recycling trend among consumers is also positively impacting the market.
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Paper recycling happens at all scales, and thus, there are numerous applications for recycled paper. The DIY culture has prompted a significant chunk of the population to recycle paper at home for various diverse purposes, such as gift wrapping and homemade bags. Aside from industrial usage, recycled paper is also being used in the publishing sector for magazines, books, and more.
The demand in the paper recycling market is limited by the amount of paper available at manufacturers' disposal. A lack of awareness of the importance of recycling leads to wastage of high-quality paper. Stringent government regulations regarding the import and export of waste paper can potentially hamper market growth further.
“Manufacturers in the market are looking to streamline the process of paper collecting and recycling. Suppliers are making use of technology to make the process more efficient. Robotics, AI, and sensors are some examples of technology being used in various stages of the recycling process. Thus, technology is set to play a big part in the future of the paper recycling market,” says Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Paper Recycling Market
- The paper recycling market is expected to be US$ 7.5 billion in size in 2024.
- Molded pulp fiber is the common type of material used. For 2024, molded pulp fiber is expected to contribute to 53.1% of the market share by material.
- The popular recycling process is the open loop one. For 2024, open loop recycling is expected to account for 72.4% of the market share.
- China is expected to be one of the leading countries in paper recycling. The market in China is forecast to have a CAGR of 7.2% from 2024 to 2034.
- India and South Korea are other Asian countries with potential for the market. For the forecast period, the CAGR for India and South Korea is marked to 6.7% and 6.1% respectively.
- The market is expected to progress at a CAGR of 5.1% in the United Kingdom.
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Competition Analysis of the Paper Recycling Market
Companies in the market are on the lookout for innovations in technology as well as new ways of obtaining paper. The market is competitive, with several established players competing with lower-level players for a share.
Key Companies in the Paper Recycling Market
- Cascades Inc.
- Saica Group
- Pratt Industries LLC
- WestRock Company
- Sonoco Products Company
- DS Smith PLC
- Steinbeis Papier GmbH
- Smurfit Kappa
- Huhtamaki Oyj
- Heinzel Holding GmbH
- Mondi Plc
- Nippon Paper Industries Co Ltd
- Daio Paper Corporation
- ST PAPER RESOURCES PTE LTD
- Nine Dragons Paper (Holdings) Limited
Recent Developments in the Paper Recycling Market
- In November 2023, AusWaste Recycling teamed up with the government in Australia to launch a paper recycling plant in Brendale, Australia.
- In May 2023, Mars started a trial run for its chocolate bars with recycled paper packaging in the United Kingdom.
- In January 2023, Essity announced its intentions to improve its paper recycling facility in Northumberland, United Kingdom.
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Key Segments
By Material:
- Coated Unbleached Kraft Paper
- Bleached Paper
- Molded Fiber Pulp
By Recycling Process:
- Open Loop
- Closed Loop
By Application:
- Packaging Products
- Boxes & Carton
- Cups & Trays
- Tapes & Labels
- Inserts & Dividers
- Others (Clamshells, envelopes, etc.)
- Newsprint Paper
- Writing & Printing Paper
- Other Applications
By End Use:
- Industrial
- Food & Beverages
- Pharmaceuticals
- Personal Care & Cosmetics
- Homecare
- Chemicals
- Other Industrial
- Commercial
- Offices
- Hospitals
- Educational Institutes
- Malls
- Other Commercials
- Food Service
- Hotels
- Cafes
- Restaurants
- Household
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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The global paper packaging market is stipulated to witness a decent CAGR of 4.1% between 2023 and 2033, to reach US$ 5,73,705.45 million by the year 2033.
The molded fiber pulp packaging market is projected to grow at a CAGR of 5.4% from 2024 to 2034. The demand for molded fiber pulp packaging is predicted to reach US$ 15.1 billion by 2034.
Global sales of paperboard trays are anticipated to reach US$ 7.2 billion by 2033. Revenue is projected to expand at a CAGR of 4.6% over the forecast period between 2023 and 2033.
The global paper tapes market is set to further accelerate at a CAGR of 4.6% throughout the estimated time frame (2023 to 2033). The market is anticipated to reach a valuation of US$ 9.0 billion by 2033.
Paper boxes sales are expected to reach US$ 114 Billion worldwide by 2032 at a compound annual growth rate of 7.2%.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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