With the presence of a large pool of participants, the global paper packaging material market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). OJI Holding Corporation, Holmen AB, DS Smith PLC, MeadWestvaco Corporation, and Georgia-Pacific Corporation are some of the key vendors of paper packaging material across the world. These industry players are focusing belligerently on innovation, as well as on including new technologies in their current products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the paper packaging material market study.
Citing an instance, in July 2018, global transportation services provider Scania AB collaborated with Smurfit Kappa, a leading corrugated packaging firm in Europe, for substituting few of the materials used in logistics & supply chain with paper-based packaging materials. The move is anticipated to add new dimensions to transportation sector and will further impel paper packaging material market growth within the next few years.
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As estimated in this report, the global paper packaging material market stood at US$ 286.61 billion in 2015. Witnessing an incredible rise over the period of 2015–2021, the revenue in this market is projected to touch US$ 362.65 billion mark by the end of the forecast period. The main products available in paper packaging material market are liquid packaging cartons, carton & folding boxes, corrugated cases and others. Among the three, the demand for liquid packaging cartons is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Extensive Demand For Packaging Activities To Stimulate Market’s Growth
“Rising environmental awareness and massive application across food & beverages, cosmetics, and pharmaceutical sectors is anticipated to boost paper packaging material market trends over the forthcoming years,” says the author of this study. Apart from this, the rapid emergence of fast food & frozen food chains in the developing economies along with rampant increase in packaging activities witnessed across various sectors is forecast to enhance the product popularity. Favorable product features such as cost-effectiveness, durability, non-toxicity, light-weightiness, and eco-friendly nature will further accelerate the paper packaging material market growth in the near future.
Paper packaging material manufacturers, however, may face issues such as deforestation that is likely to obstruct the paper packaging material market expansion over the years to come. Nevertheless, the ban on the light plastic bags use is expected to elevate the demand for the paper packaging material market over the next few years, normalizing the impact of hindrances on the paper packaging material market, reports the study.
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Adoption Of Innovative Paper Packaging Methods To Augment Market Growth
Regionally, Asia Pacific has been leading the worldwide paper packaging material market and is anticipated to continue on the dominant position in the years to come, states the paper packaging material market study. Innovations in various paper packaging methods are the key factors behind the dominance of the Asia Pacific paper packaging material market. For the record, Asia Pacific contributed nearly 35% towards overall paper packaging material market share in 2015. Reportedly, North America and Europe followed APAC in the terms of growth during 2015.