P&P Enzymes Market to Expand at CAGR 5.5% from 2017-2024
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North America pulp & paper enzymes market, as per estimates in GMI's study completed in mid-2017, will exhibit a CAGR of above 5.5% over 2017-2024, due to the presence of major industry players. The emergence of advanced manufacturing technologies will also favor the companies for large scale production. Enzymes being green chemicals, the participants in pulp & paper enzymes market are willing to use it to improve the operations in pulp & paper manufacturing. GMI estimates pulp & paper enzymes market to collect a notable revenue of more than $225 million by 2024.
Considering the future scope of the pulp & paper industry, it would be prudent to mention that research institutes are focusing on the enhancement of alkalinity strength and thermostability of enzymes. Most of the U.S. based pulp & paper market firms are heavily investing in research & development activities and product innovation to dominate the business space over the coming years.
The adoption of strategies like ‘waste to useful commodity’ to reduce waste in the environment is certain to spur pulp & paper enzymes market. An instance of this fact can be attributed to a series of events that has taken place in the U.S. in recent years. In the year 2014, it was reported that the farmers near the area of southeastern Washington had burned nearly 400,000 tons of straw residue with the permission of the State Department of Ecology, which emitted 556,000 tons of carbon dioxide.In order to reduce the hazardous effect of CO2 on the environment, the government established a pulp mill in the area. Apparently, waste wheat and alfalfa straw would be used to extract cellulose in this mill, thereby leading to twin benefits of waste straw usage for environment conservation and cellulose production from the wheat and straw processing. The implementation of this strategy on a large scale is likely to impel pulp & paper enzymes market share.
- As per the estimates, in 2016, pulp & paper enzymes market generated a revenue of $125 million.
As per a reliable survey conducted across the U.S., 62% of the consumers have negative opinions about the brands which does not use eco-friendly packaging. Most of the brands therefore, have been striving to adopt sustainable retail packaging strategies to satisfy the consumer needs. Nashville for instance, has been creating printed paper packaging for decorative packaging such gift wrappers. The rapidly expanding retail sector across various regions of the globe is likely to boost pulp & paper enzymes market size.
Moreover, for medication packaging, most of the pharma companies are using child resistance paperboard packs, creating new growth avenues for pulp & paper industry players. Recently, a packaging company – Keystone Folding Box, launched the Ecoslide-OTC, which is made from 100% recyclable paperboard. Increasing use of paper in pharma packaging application is slated to propel pulp & paper enzymes market share.
SOURCE: GMI INSIGHTS (Selbyville, Del. USA) July 24
