According to our research, the market value of barrier coated paper in Korea is forecasted to reach US$ 77.8 million in 2023. Sales of barrier coated paper in the country are projected to grow at a Compound Annual Growth Rate (CAGR) of 5.3% throughout the forecast period. With these estimations, the regional barrier coated paper industry is poised to reach approximately US$ 130.7 million by the conclusion of 2033. These findings highlight the steady expansion of the barrier coated paper market in Korea, driven by factors such as increasing demand for sustainable packaging solutions and technological advancements.
Barrier Coated Paper in Korea- Boosting Factors Industry
- Increasing demand for sustainable packaging solutions drives adoption of barrier coated paper.
- Rising awareness about environmental concerns among consumers and regulatory bodies.
- Growing need for barrier properties to protect products from moisture, grease, and other external factors.
- Expansion of the food and beverage industry necessitates high-quality packaging materials.
- Technological advancements in barrier coating processes enhance performance and versatility of barrier coated paper.
- Increased emphasis on recyclability and biodegradability supports the use of barrier coated paper.
- Collaboration between manufacturers and research institutions drives innovation in barrier coating technologies.
- Surging e-commerce sector fuels demand for robust packaging materials, including barrier coated paper.
- Consumer preference for convenient and durable packaging solutions boosts adoption of barrier coated paper.
- Government initiatives promoting eco-friendly packaging solutions contribute to market growth.
Request Sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-18227
Business Growth Drivers:
- Increased Demand for Sustainable Packaging: With growing environmental concerns, there’s a heightened demand for sustainable packaging solutions. Barrier coated paper offers a viable alternative to traditional plastic packaging by providing barrier properties against moisture, grease, and gases while being biodegradable and recyclable.
- Government Regulations and Initiatives: Government regulations promoting eco-friendly packaging materials and discouraging single-use plastics have driven the demand for barrier coated paper. In South Korea, initiatives aimed at reducing plastic waste and promoting recyclability have provided impetus to the barrier coated paper industry.
- Consumer Awareness and Preferences: Consumers are becoming more conscious of the environmental impact of their purchases. They prefer products packaged in materials that are eco-friendly and easily recyclable. This shift in consumer preferences has led to increased adoption of barrier coated paper by industries such as food and beverage, cosmetics, and pharmaceuticals.
- Technological Advancements: Continuous innovation in coating technologies has enhanced the performance of barrier coated paper, making it more suitable for a wide range of applications. Improved barrier properties, printability, and compatibility with various printing and converting processes have contributed to the growth of the industry.
- Market Expansion: Growing export opportunities and the expansion of markets beyond traditional applications have contributed to the growth of the barrier coated paper industry in Korea. As businesses seek to tap into international markets with sustainable packaging solutions, the demand for barrier coated paper is expected to rise further.
Industry Restraints:
- Cost Constraints: Barrier coated paper can be more expensive compared to traditional packaging materials such as plastic. This cost differential can pose a challenge for businesses, especially small and medium-sized enterprises, limiting their adoption of barrier coated paper.
- Technical Limitations: While barrier coated paper offers effective protection against moisture, grease, and gases, it may not be suitable for all applications. Certain products or packaging requirements may necessitate specialized barrier properties that barrier coated paper cannot adequately provide, limiting its applicability in some cases.
- Infrastructure Challenges: The widespread adoption of barrier coated paper requires supportive infrastructure for collection, sorting, and recycling. Inadequate recycling infrastructure and limited consumer awareness about proper disposal and recycling processes can hinder the recyclability of barrier coated paper, posing a challenge to its sustainable credentials.
- Competitive Pressure: The barrier coated paper industry faces competition from alternative packaging materials such as bioplastics, compostable materials, and other sustainable packaging solutions. Businesses may opt for these alternatives based on factors such as cost, performance, or market trends, posing a competitive threat to barrier coated paper.
- Regulatory Compliance: While government regulations promoting sustainable packaging can drive demand for barrier coated paper, stringent regulatory requirements or changes in regulations can also pose challenges for industry players. Compliance with evolving regulatory standards may require investments in research and development or changes to manufacturing processes, impacting the cost and competitiveness of barrier coated paper products.
Key Players for Barrier Coated Paper in Korea
- KRPA PAPER Company (Seoul)
- Transparent Paper LTD (Cheongju)
- Toppan Printing (Korea) Co., Ltd. (Seoul)
- Nippon Paper (Korea) Co., Ltd. (Seoul)
- Sappi Korea Co., Ltd. (Seoul)
- Mondi Korea Co., Ltd. (Seoul)
- UPM Raflatac Korea Co., Ltd. (Seoul)
- Mitsubishi Hitec Paper Korea Co., Ltd. (Seoul)
- International Paper Korea Co., Ltd. (Seoul)
- Nine Dragons Paper Korea Co., Ltd. (Seoul)
- Huhtamaki Korea Co., Ltd. (Seoul)
Recent Developments in Barrier Coated Paper in Korea
- In May 2020, Hankuk Paper Company, based in South Korea, introduced a unique barrier coated paper product. The company claims that this product line does not require plastic or Polyethylene (PE) coating like traditional barrier coated paper. It is also made from recycled paper materials, emphasizing a step toward eco-friendly solutions for the packaging industry.
Buy Now/Purchase @ https://www.futuremarketinsights.com/checkout/18227
Key Segments
By Coating Type:
- Water-based Coating
- Solvent-based Coating
- Wax Coating
- Extrusion Coating
By Material Type:
- Paper Coating
- Plastic Coating
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinylidene dichloride (PVDC)
- Polyethylene Terephthalate (PET)
- Bio-based Plastic Coating
- Polysaccharides
- Polylactic Acid (PLA)
- Polyhydroxyalkanoates (PHA)
- Ethylene Vinyl Alcohol (EVOH)
- Polyamide (PA)
- Wax Coating
- Other Coating Materials
By Thickness (ISO 534):
- Less than 50 µm
- 51 µm to 75 µm
- 75 µm to 100 µm
By Packaging Application:
- Cups & Lids
- Trays
- Laminates
- Boxes & Cartons
- Pouches & Sachets
- Labels
- Blisters & Clamshells
- Wraps
- Tapes
- Others
By End-user Verticals:
- Food Packaging
- Bakery
- Confectionery
- Snacks
- Dairy
- Spices & Condiments
- Sauces
- Beverages Packaging
- Cosmetic & Personal Care Packaging
- Pharmaceuticals Packaging
- Building & Construction Packaging
- Electrical & Electronics Packaging
- Tobacco Packaging
- Packaging of Other Consumer Goods (Agriculture, Automotive, Home Care, etc.)
By Key Provinces:
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube