iCrowd Newswire – Jul 8, 2020
The global kraft paper market was valued at approximately $15.60 billion in 2019 and it is expected to grow with a healthy growth rate of more than 3.00% during the forecast period of 2020 to 2027.
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Rise in demand for corrugated box for packaging is a major factor fueling the growth of the global kraft paper market. For instance, the global corrugated packaging market share was valued at $237.5 billion in 2017 and it is expected to reach at $294.3 billion by the end of 2013, as per Statista. Furthermore, rise in demand for kraft packaging by food and beverages industry during the lockdown is expected to bring lucrative opportunities for the global kraft paper market to grow during the forecast period. However, lack of favorable government initiatives for the global kraft paper market in various underdeveloped region is a major factor hampering the growth of this global market.
The global kraft paper market is segmented on the basis of grade, packaging form, application, and region. By grade, the global kraft paper market is sub-segmented into bleached, unbleached, sack kraft paper, wrapping paper, packing paper, and others. By packaging form, the global kraft paper market is sub-segmented into envelopes, wraps, grocery bags, pouches, corrugated box, and industrial bags. By application, the global kraft paper market is sub-segmented into pharmaceutical, building & construction, food & beverages, cosmetic & personal care, and others.
By geographical region, the global kraft paper market is studied among North America (US, Canada, Mexico), Europe (Germany, France, Italy, Spain, UK, rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, rest of Asia-Pacific) and LAMEA (Brazil, Saudi Arabia, South Africa, rest of LAMEA). Among which North America is expected to lead the global kraft paper market in terms of market share during the forecast period. This is attributed to rising demand of kraft papers in various industries in the region including healthcare, electronics, and automotive. On the other hand, Asia-Pacific is also expected to exhibit highest CAGR in the global kraft paper market during the forecast period of 2020 to 2027 owing to rapid growth of the food processing industry in this region.
Major market player included in research study of the global kraft paper market are Stora Enso, Mondi Group Plc., Smurfit Kappa Group, BillerudKorsnas AB, International Paper, Glatfelter, Nippon Paper Group, Sappi Limited, Tokushu Tokai Paper Co., Ltd., and Segezha Group.
Recent Developments in the Global Kraft Paper Market
In November 2019, Stora Enso unveiled the launch of a new building concept for constructing office buildings from wood that makes it easier for engineers, architects, and developers to design.
In September 2018, Mondi Group Plc. launched specialty kraft paper for food packaging.
In March 2020, Smurfit Kappa’s Group launched a new TopClip product as a paper-based product for the replacement for the plastic shrink wrap.
In May 2019, West Coast Paper Mills decided to acquire shares held by International Paper for $86.8 billion (Rs 650 crore).
In June 2020, Nippon Paper Group launched straw less paper pack for school milk.
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Keywords: Kraft Paper Market