Global Paper Packaging, Paperboard Market to Reach $213 Billion by 2020
Research and Markets, Dublin, Ireland, has announced the addition of the Paper Packaging & Paperboard Packaging Market by Grade, Application—Trends & Forecast to 2020 report to its offering. The market for paper and paperboard packaging, according to the report, is projected to be valued at $213.4 billion by 2020. The Asia-Pacific region is projected to grow at the highest CAGR of 5.3% during the review period, that is, 2015 to 2020.
The paper and paperboard packaging industry has been growing with the global packaging market. With increasing environmental issues of landfill and degradation of packaging material, a shift has been seen from plastic to more use of paper and paperboard in the packaging industry.
With increasing disposable income of people in developing countries and more dependence on convenience food, the packaging industry is booming in the Asia-Pacific region. Food accounts for the largest share in the paper and paperboard packaging applications, followed by home and personal care and beverage packaging.
The growth of the paper and paperboard market is primarily driven by the following:
- Growing consumer awareness for sustainable packaging
- Recyclability of paper and paperboard.
The beverage packaging segment is projected to grow at the highest CAGR of 3.9% from 2015 to 2020. The paper and paperboard packaging market was dominated by food packaging segments, which accounted for 40.7% of the total market in 2014. This is because of the increasing demand of the convenience food in developing nations.
The paper and paperboard packaging market is marked with intense competition due to the presence of a large number of players. The market for this industry is highly unorganized because of the small- and medium- scale manufacturers and converters. New product launches, mergers and acquisitions, partnerships, and expansions are the key strategies adopted by market players to ensure their growth in the market.
The key players in the market are Amcor Ltd. (Australia), ITC Ltd. (India), Cascades Inc. (Canada),RockTenn Co. (U.S.), Clearwater Paper Corp. (U.S.), Packaging Corp. of America (U.S.), DS Smith Plc. (U.K.), Mondi Group (South Africa), and Metsa Group (Finland).
More information is available online.
TAPPI
http://www.tappi.org/