Global paper band demand is anticipated to be valued at US$ 6.1 Billion in 2022, forecast to grow at a CAGR of 4.1% to be valued at US$ 9.2 Billion from 2022 to 2032. The market experienced a Y-o-Y expansion worth 5.2% from 2021. As of 2021, the market yielded US$ 5.8 Billion in revenue.
Paper bands, sometimes known as paper belly bands, are used for product packing. It is a flexible and lightweight packing tool that aids in the stacking of labels, cards, blister packs, sachets, containers, and a variety of other items. The latex-free paper bands are made with a high-quality adhesive that creates a firm binding to the paper band’s ends.
The market for paper band is expanding rapidly due to its several advantages such as stacking, easy opening, and quick and effective packing. Paper band, as opposed to sticky rubber band, extends the life of the goods package. It gives the items eye-catching shelf-ready packaging. As a result, with the growth of the FMCG sector and a rising number of supermarkets and retail outlets, the paper band market is predicted to rise fast.
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Aside from that, placing a barcode on a paper band increases its usability during item handling in transit. It also effectively aids inventory management. Many end users are using paper and packaging because it speeds up production processes. Monopolistic rivalry is evident in the paper band market, which has a huge number of customers and suppliers. As a result of shifting packaging trends, manufacturers are more focused on producing high-quality paper bands and improving their visual appeal. During the projection period, demand for self-sealing bands is predicted to increase considerably.
Which are Some Prominent Drivers Spearheading Paper Band Market Growth?
The key goals that drive the paper band market are unitization and effective product stacking. It is easily recyclable and has a lower carbon footprint. Furthermore, the worldwide market for paper band is driven by simplicity of packaging and less waste. Branding and product marketing are driving factors in the growth of the paper band market.
These bands are adjustable and provide enough room for beautiful labeling and printing, resulting in increased product sales. As a result, paper band is becoming more popular in the retail industry. On the back of the food and beverage industry, the global market for paper band is seeing increased growth potential.
Furthermore, appealing packaging of confectionary and gift items is opening up new prospects for the worldwide paper band market. Aside from that, the need for paper bands in textile packaging is steadily expanding in order to provide a shelf-ready appearance for the product.
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Why is Asia-Pacific emerging as an Opportunistic Paper Band Market?
The rise of the food and beverage industry, as well as the expanding number of retail establishments, are creating growth prospects in the Asia Pacific region’s emerging countries such as India, China, and Indonesia.
Besides, the paper band market in the area is predicted to increase significantly throughout the forecast period due to recent advances in E-commerce, online shopping centers, and a rising number of supermarkets.
How is Europe Contributing to Growth of the Paper Band Market?
According to Future Market Insights, the paper and packaging style is highly embraced across the world since it is eco-friendly and made from natural Kraft paper.
With the amended restriction of single-use plastic in Europe, significant players are increasingly inclined to utilize paper and packaging. As a result, the paper band market in Europe has the potential to develop.
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Market Competition
Some of the key participants present in the global Paper Band market include Extra Packaging Corporation, SANDAR Industries, Inc., Bandall, Cohesion Paper Products LLC, Graphic Arts Equipment, Brown & Pratt, Inc., American Printpak and Economy Tablet & Paper among others.
Attributed to the presence of such high number of participants, the market is highly competitive