The paper wraps market is poised for significant developments, with the coated paper wraps segment expected to be the dominant player, displaying a robust CAGR of 4.6%. The increasing adoption of coated paper wraps can be attributed to their exceptional protective qualities, driving their widespread popularity in various industries.
Moreover, the plastic rigid packaging containers segment is set to hold a substantial share in the global rigid packaging containers market. Its advantageous features, including durability, lightweight nature, barrier resistance, and cost-effectiveness, contribute to its growing preference among manufacturers and consumers.
According to FMI Research, the global paper wraps market is projected to reach a valuation of US$ 7.6 billion in 2022. Looking ahead, from 2022 to 2032, the market is expected to maintain a positive growth trajectory, with estimates indicating a market value of US$ 12.4 billion by 2032. Notably, among the top three countries, the paper wraps market is anticipated to experience the highest growth, commanding around 25-30% of the global market share by the end of 2022.
These insights shed light on the promising opportunities and trends in the paper wraps market, empowering industry stakeholders to make informed decisions and capitalize on emerging prospects in the sector
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Key Takeaways
- Wrapping material made with plastic is difficult to decompose and causes environmental pollution. Therefore, wholesalers, retailers, and suppliers are more attracted to paper packaging solutions such as paper wraps made from compostable raw materials and eco-friendly products.
- According to the reports by American Forest & Paper Association (AF&PA), the paper recycling rate was around 68%, and recovered more than 50 million tons of paper in 2021. The paper-based packaging is recycled more as compared to another packaging.
- Paper packaging emerged as an economical and eco-friendly form of packaging in comparison with other materials such as plastics and aluminum. The surging restrictions on the usage of plastic products and the ban on single-use plastics are increasing the demand for sustainable paper packaging solutions such as paper wraps. The growing demand for sustainable packaging is a significant factor responsible for driving the paper wraps market growth.
- The expansion of the e-commerce sector has augmented the sales of paper wraps as brands and companies are focusing on sustainable packaging solutions fueling the demand for paper wraps. Overall, the paper wraps market is projected to bolster at a faster pace during the forecast period.
Competitive Landscape
The Key Players Are:
- WINPAK LTD.
- adapa Group
- ProAmpac
- Scientex Berhad
- BPM Inc.
- Palmer Packaging, Inc.
- Constantia Flexibles Group
Due to the global pandemic, a drastic change within the packaging industry was experienced which resulted in higher demand for paper wraps, hence, boosting the market growth over the projection period. The paper wraps market is predicted to expand 1.6 times the current market value throughout the forecast period. The paper wraps market is expected to experience a positive growth outlook over the forecast period due to its benefits such as durability, lightweight, barrier resistance, cost-effectiveness, and others.
Paper wraps are known as the best-suited alternative to plastic wraps, which have been drastically avoided by the end-use industries as well as by consumers due to their harmful effects on the environment. Several consumer products are wrapped in the paper during their transportation in order to protect the product from getting damaged by other external factors.
Paper wraps help in reducing the plastic waste from the packaging by over 33%. Several end-use industries utilize paper wraps such as food & beverage, electrical & electronics, cosmetics & personal care, home care, and others. The ever-expanding e-commerce sector is a prominent factor in augmenting the sales of paper wraps.
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Paper Wraps Market by Category
By Coating Type, Paper Wraps Market is Segmented as:
- Coated Paper Wraps
- Uncoated Paper Wraps
By Thickness, Paper Wraps Market is Segmented as:
- Up to 25 Microns
- 26-40 Microns
- 41-60 Microns
- Above 60 Microns
By End Use, Paper Wraps Market is Segmented as:
- Food & Beverage
- Electrical & Electronics
- Cosmetics & Personal Care
- Homecare
- Pharmaceuticals
- Others (Automotive, etc.)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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