Wilmington, Delaware, United States, March 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global paper packaging materials market was worth US$ 359.5 Bn in 2020. Market forecast projects the global market to grow at a CAGR of 4.4% during the forecast period from 2021 to 2031 and reach US$ 553.1 Bn by 2031. Companies in the global paper packaging materials market are expected to make water-soluble board stock more widely available since it satisfies the ASTM D6868-11 testing protocol and can be composted in 40 days. Additionally, more R&D is expected to be conducted on materials that have proven to be entirely and rapidly biodegradable in aquatic settings by making products that comply with the global OECD 301B testing protocol.
Increase in use of paper packaging materials in various industries, such as pet food, cosmetics, fast food, beverages, dairy & bakery, frozen food, and pharmaceuticals, is expected to drive revenue opportunities for market players. Based on application, the beverages segment has been dominating the global market in the past few years. The combined market share of fresh foods, fast foods, and frozen foods, on the other hand, is large and is predicted to expand at a high CAGR during the forecast period.
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Significant need for wrapping food products is expected to drive the usage of paper packaging materials in fresh foods, fast food, and frozen foods businesses. Additionally, recently developed paper packaging materials along with developments in manufacturing techniques have given rise to highly functional packaging solutions such as leakproof packaging.
Key Findings of Market Report
- In 2020, the corrugated cases segment held the highest market share based on products utilized to make paper packaging. Corrugated cases are extensively used in inter-trade operations and retail packaging, which is predicted to fuel their high demand. Robustness of packaging and recyclable nature of these cases can be credited for their widespread popularity. Corrugated boxes for packing are also portable and reusable. This is anticipated to drive market demand for paper packaging materials.
- Demand for paper packaging materials is expected to grow at an exceptional rate, driving up use of cartons and folding boxes. Carton and paper folding demand is anticipated to increase with the need for decorative and bulk packaging.
Global Paper Packaging Materials Market: Growth Opportunities
- Manufacturers are constantly working to meet consumer demand in the rapidly expanding e-commerce industry. Business operations are expected to regain their usual pace owing to continuous development in international trade and commerce. Manufacturers are developing healthy relationships with their vendors and ecosystem partners in order to ensure that projects are executed smoothly.
- Recent developments in the packaging industry have fueled demand for sustainable and eco-friendly packaging materials for a variety of end-use applications. This is a major aspect influencing how the market for paper packaging materials is developing. A prominent trend driving market development is rise in need for flexible packaging in industries including pharmaceuticals, cosmetics, and food and beverage (F&B).
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Global Paper Packaging Materials Market: Regional Landscape
- Asia Pacific accounted for the largest market share in 2020. The market in Asia Pacific is expected to expand at an accelerating rate during the forecast period, despite the fact that North America and Europe together held more than 50% of the global market. Major breakthroughs achieved in packaging business in several countries are expected to drive industry growth in Asia Pacific.
Global Paper Packaging Materials Market: Key Players
- Hood Packaging Corporation
- The Mayr-Melnhof Group
- Georgia-Pacific Corporation
- Smurfit Kappa Group Plc
- DS Smith PLC
- Stora Enso Oyj
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Global Paper Packaging Materials Market: Segmentation
Product
- Liquid Packaging Cartons
- Corrugated Cases
- Cartons & Folding Boxes
- Others
Application
- Beverages
- Fast Food
- Fresh Food
- Dairy & Bakery
- Frozen Food
- Others
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