Wilmington, Delaware, United States, March 12, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The projected CAGR of the Global paper packaging materials market is 4.4%. This estimates that the subject market shall achieve a US$ 553.1 billion valuation by the end of 2031. The overall valuation of the subject market was about US $ 359.5 billion in 2020. This market growth is subjected to various forces influencing the market.
The environmental awareness among consumers has been increasing recently, favoring the production of paper packaging materials over plastic production. Due to this, more demand is generated for eco-friendly products like paper packaging materials that can be reused. Hence, this is the crucial market driver for the market under consideration.
The retail sector is expected to be driven by corrugated case packaging. This increases the demand for paper materials, which, in turn, gives rise to the industry's growth. Hence, this is one of the important market drivers for the given market.
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With the help of paper packaging, sustainability is achieved by the end user, and hence, it is favored by consumers. Furthermore, that demand from various industries fuels the growth of the subject market, resulting in advancing the allied business. This collective growth enhances the market dynamics, which creates a good driving force.
Key Findings from the Market Report
- The global paper packaging materials industry can be segmented based on the product type and application of the packaging material in different sectors. Liquid packaging cartons are one of the key market segments for the given industry. Due to this, non-edible liquids and edible drinks could be carried using liquid packaging cartons.
- The E-Commerce businesses have been using corrugated boxes on the larger landscape. It is one of the important segments of the subject market. Such boxes provide strength and security to goods within these boxes.
- Beverages is the market segment that uses paper packaging on a larger level. The polyethylene terephthalate bottle is extensively used to preserve beverages, which is one of the essential sections of the paper packaging industry.
- The fast food market is another market segment of the subject market that uses paper packaging on a vast scale. The main aim of the industry is to deliver food items while reducing wastage, thereby being more eco-friendly.
Key Developments in the Paper Packaging Materials Market
- In 2022, Georgia-Pacific Chemicals acquired Bakelite Synthetics. This has been an important market progress, enabling the business to diversify within the existing paper packaging market by innovating its products.
- Recently, DS Smith PLC invested about € 13 million in Austrian businesses, which shall help the local industry to advance drastically. The estimated growth of the paper industry is about 20%.
- Holmen AB acquired 50% of the stakes of Varsvik Wind Farm in February 2022. Product diversification will become possible due to this strategic move.
Competitive Landscape
The competitive landscape of the global paper packaging materials market is highly cluttered.
- Holmen AB is one of the key players within the industry known for its highly innovative paper products. It includes graphical papers, book papers, and many more.
- DS Smith PLC operates in several verticals, offering packaging solutions, recycling services, and other paper products.
- The International Paper Company corrugated packaging, bulk packaging, and many more packaging services, with various papers being manufactured by the organization.
Key Players
- Georgia-Pacific Corporation
- DS Smith PLC
- Holmen AB
- International Paper Company
- Hood Packaging Corporation
- OJI Holding Corporation
- MeadWestvaco Corporation
- Stora Enso Oyj
- Smurfit Kappa Group Plc
- The Mayr-Melnhof Group
Regional Profile
- The global market for paper packaging materials is expected to grow in the Asia Pacific due to the rise in food chains and other allied businesses that help the subject market grow. The beverage industry is also rising in this region, which contributes to the growth.
- Apart from this, North America is the reason that it has been holding a significant market share along with Europe, which accounted for about 50% of the entire market.
- Additionally, Latin America, Africa, and the Middle East are essential market contributors with a decent market share.
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Market Segmentation
Product
- Liquid Packaging Cartons
- Corrugated Cases
- Cartons & Folding Boxes
- Others (Sacks, Bags, etc.)
Application
- Beverages
- Fast Food
- Fresh Food
- Dairy & Bakery
- Frozen Food
- Others (Pet Food, Cosmetics, Pharmaceuticals, etc.)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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