One of the primary factors contributing to this growth is the choice of materials used in rigid packaging containers. Among the various materials employed in the manufacturing of rigid packaging containers, the plastic rigid packaging containers segment is projected to hold a significant portion of the global market. This preference is driven by the advantages offered by plastic containers, including durability, lightweight nature, barrier resistance, cost-effectiveness, and more.
As per insightful research conducted by Future Market Insights, the global paper wraps market is poised for significant growth in the upcoming years. In 2022, the market is anticipated to be valued at a substantial US$ 7.7 billion, and it is expected to exhibit a commendable Compound Annual Growth Rate (CAGR) of 4.9%, reaching a noteworthy valuation of US$ 12.4 billion by the year 2032.
Additionally, when considering coating types, the coated paper wraps segment is expected to take the lead in the paper wraps market. It is forecasted to grow at a healthy CAGR of 4.6%. Coated paper wraps gain popularity due to their ability to provide extra protection to products, making them a preferred choice in the market.
This market forecast highlights the increasing demand for paper wraps and underscores the importance of material selection and coating options in meeting the evolving needs of industries and consumers. Manufacturers in the paper wraps market must stay attuned to material innovations and the demand for additional product protection to remain competitive and meet the expectations of the market.
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Growth Factors
Plastic wraps pose a significant challenge in terms of environmental decomposition, contributing to pollution. Consequently, there is a growing trend among wholesalers, retailers, and suppliers to shift towards eco-conscious alternatives, with a particular focus on paper packaging solutions derived from compostable raw materials. The appeal of these environmentally friendly products is gaining prominence.
According to the American Forest & Paper Association (AF&PA), the impressive paper recycling rate reached 68% in 2021, successfully reclaiming over 50 million tons of paper. Paper-based packaging stands out for its high recyclability compared to alternative materials such as plastics.
In the realm of packaging, paper has emerged as a cost-effective and environmentally sustainable choice, surpassing materials like plastics and aluminum. Increasing regulations that restrict the use of plastic products and outright bans on single-use plastics are driving a surge in demand for sustainable paper packaging solutions, particularly paper wraps. This growing demand for eco-friendly packaging serves as a pivotal factor propelling the expansion of the paper wraps market.
Market Drivers:
- Sustainability: Growing environmental consciousness and the push for eco-friendly packaging options have boosted the demand for paper wraps due to their biodegradability and recyclability.
- Regulatory Support: Government regulations promoting sustainable and recyclable packaging materials have encouraged the use of paper wraps in various industries.
- Consumer Preferences: Increasing consumer preference for sustainable and eco-friendly packaging choices has driven the adoption of paper wraps, particularly for food and retail products.
- Customization: Paper wraps offer customization opportunities in terms of design, printing, and branding, allowing companies to create unique packaging that stands out on the shelf.
- Cost-Effective: Paper wraps can be cost-effective compared to some other packaging materials, making them an attractive choice for businesses looking to reduce packaging costs.
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Key Market Players
- CARVAN PAPER PRODUCTS
- Amcor plc
- Berry Global Inc.
- DS Smith plc
- Sealed Air Corporation
- Mondi Group
- WINPAK LTD.
- adapa Group
- ProAmpac
- Scientex Berhad
- BPM Inc.
- Palmer Packaging, Inc.
- Constantia Flexibles Group
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.)
By Region, Paper Wraps Market is Segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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.
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