Use of Sack Kraft Paper as a Substitute of Cement to Bolster Global Sack Kraft Paper Market
The increasing implementation of biodegradable and sustainable packaging has raised the demand for sack kraft paper globally. In addition, the huge demand for eco-friendly materials and materials exhibiting equal strength as plastics or synthetic materials will also boost the demand for sack kraft paper. The global sack kraft paper market stood at US$8.4 bn in 2015 and is predicted to touch US$10.5 bn by 2024 end. This market will rise at a 2.60% CAGR between 2016 and 2024.
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Transparency Market Research (TMR), a market intelligence company, throws light on the factors triggering the development of the global sack kraft paper market. The top end use and geographical segments dominant in the market and their condition by the end of the forecast period has also been presented.
Q. Which factors will bode well for the development of the sack kraft paper market?
The number of advantages of sack kraft paper such as its durability, printability, extensibility, and porosity will fuel its demand globally. In addition, the flourishing industry of cement in emerging economies such as the Middle East, Africa, and East Asia will bolster the development of the global sack kraft paper market. This is due to the increasing utilization of sack kraft paper in place of cement by builders for building multiwall paper sacks utilized for packaging, which will thus have a positive influence on the market’s revenue. Furthermore, the increasing concerns of environmentalists and governments regarding the toxic impacts of utilizing plastics have forced them to opt for greener substitutes, thus increasing demand for sack kraft paper.
Q. Which is the top end user segment of sack kraft paper globally?
Amongst the end use segments, the cement and building segment held a dominant share in the market for sack kraft paper in 2015 and is predicted to hold a share of 58.7% in the market by 2024. This end use segment is predicted to expand at a 2.20% CAGR from 2016 to 2024. On the other hand, the segment of chemicals held a share of 7.60% in the same year and is poised to rise at the swiftest growth rate of 3.60% during the forecast period.
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Q. Which region will drive the growth of the sack kraft paper market and what strategies are being adopted by key players for better market penetration?
Geographically, Asia Pacific and the Middle East and Africa held the most dominant share in the market in 2015. The sack kraft paper market in these regions collectively is predicted to exhibit a CAGR of 3.40% between 2016 and 2024, on the basis of revenue. The reasons for the development of the market in these regions is the increasing demand for cement and other materials utilized for building purposes and the expanding industry of construction. In addition, the skyrocketing demand for animal feed and pet food will also provide impetus to the growth of the market in these regions. On the other hand, both Europe and North America will exhibit slow growth in the market in the coming years.
Companies such as BillerudKorsnas AB, Mondi, and KapStone Paper and Packaging Corporation collectively constituted a share of 15.7% in 2015. These companies are making innovative industrial and consumer solutions for holding a competitive edge in the market. Expanding their geographical reach and introduction of new products will be the top strategies adopted by these players in the global sack kraft paper market.
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