The Kraft paper and paperboards are made up of wood pulp, reprocessed material and chemicals that assist it high power and high tear confrontation. Owing to such belongings it is widely utilized in packaging along with overcoming worldwide environmental concern of utilizing the plastics products. The Kraft papers has high power, lightweight, durable and wideness properties which encourages its requirement in packaging of heavy materials.
According to the report analysis, ‘Global Kraft Paper Market to reach USD 19.76 billion by 2027’ states that it has broad range of application in introducing the corrugated boxes therefore, speedy growth in requirement of corrugated box packaging around the globe propels the growth of market over the review years. For instance: as per Statista, the worldwide corrugated packaging market was USD 237.5 billion during 2017 and is projected to increase up to USD 294.3 billion till 2023. The worldwide outbreak of COVID-19 also exaggerated the growth of Kraft papers owing to the rising requirement of such papers in generating the corrugated box packaging for indispensable end-use industries such as healthcare and food & beverage. For instance: during March 19, 2020, as per Fiber Box Association, the box industries are unrelenting to function in America to provide the needed packaging to consumers belonging from grocery stores, pharmacies, doctor’s offices and hospitals with the food and medical supplies. Also, during March 2020, as per the European Federation of Corrugated Board Manufacturers (FEFCO) supply of raw materials and producing of corrugated box are enabled in Europe throughout lockdowns to bargain the transport corrugated packaging for several essential end-use industries such as healthcare and food & beverage. However, shortage of favorable government initiatives in underdeveloped regions is the aspect hampering the growth of market over the review years.
Whereas, the worldwide Kraft Paper Market is valued worth USD 15.60 billion during 2019 and is anticipated to increase with a healthy growth rate of more than 3.00% over the forecast period of 2020-2027. The regional analysis of worldwide Kraft Paper market is considered for the foremost regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. The North America is the leading/significant region around the world in terms of market share due to the rapid requirement of kraft papers in several end use industries such as electronics, automotive and healthcare. Whereas, the Asia-Pacific is also projected to exhibit greatest growth rate / CAGR over the forecast period of 2020-2027. Aspects such as increasing growth in food processing industries would generate a worthwhile growth prospects for the worldwide Kraft Paper market across Asia-Pacific region.
In addition, the growth in requirement for kraft papers in several end-use industries, such as food & beverages, building & construction, cosmetics & personal care automotive, and consumer durables, is a foremost factor that is predicted to propel the growth of the kraft paper market around the globe. Furthermore, aspects such as speedy urbanization around regions and the recyclability feature of kraft papers are predicted to underwrite to the growth of the kraft paper market throughout the forecast period. Therefore, in the near years, it is anticipated that the market of kraft paper will increase around the globe more effectively over the forthcoming duration.
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Ankur Gupta, Head Marketing & Communications