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Global Kraft Paper Market to clock a CAGR of 3.9% during 2018-2026
The global kraft paper market features an increasingly dynamic landscape. Several players are focused on constantly unveiling new packaging solutions made from the kraft process, finds Transparency Market Research (TMR). These solutions are aimed at meeting the current diversity of functional needs of end-use industries. A few corrugated packaging companies, such as WestRock Company, have galvanized employee resource groups (ERG) to come up with cutting-edge solutions in the global kraft paper market, observes TMR.Numerous players are also investing in research and development activities to gain a competitive edge over their rivals in the kraft paper market. Analysts also see some well-entrenched players focusing on sustainable packaging solutions made from kraft paper. Names of such companies include Mondi Group, Georgia Pacific LLC, Billerudkorsnas AB, International Paper, Stora Enso, Kapstone Paper & Packaging, and Smurfit Kappa Group Plc.
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The global kraft paper market stood at approximately US$14.819 bn in 2017. The global kraft paper market is projected to rise at a CAGR of 3.9% during 2018-2026.
Among the broad grade types, bleached kraft paper will clock a CAGR of 4.2% from 2018 to 2026, and will serve a substantial share of consumer demand. On the other hand, unbleached kraft paper is projected to contribute promising revenues to the global kraft paper market till 2026. The type is extensively used in industrial applications that need the packaging of bulky and heavy goods.
Regionally, Asia Pacific is expected to rise at an attractive growth rate in the global kraft paper market during 2018-2026. The growth is riding high on the back of rapid growth in several end-use industries, notably burgeoning use of packaging made from kraft paper in food and beverages applications.
Changing Functional Criteria in Packaging Applications set Pace for Innovations
Expansion in the global kraft paper market rides on the back of constant developments in the packaging industry. Emerging variety of applications are served by the packaging products made from paper board and sack paper. Manufacturers in the global kraft paper market develop products that can meet the varying needs of flexibility, strength, and barrier protection.
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The kraft process of producing paper packaging has generated volley of interests from consumer goods companies, world over. This is propelling the growth of the kraft paper market. End-use industries have found a promising option in kraft paper to meet the criterion of an environmental-friendly packaging. This is attributed in great part to the recyclability and reusability of kraft paper owing to the fact that the pulping process allows easy waste recovery. Thus, there is an extensive demand for sack kraft paper in wrapping, and as pouches, sacks, and open mouth valves.
The rising demand for cost-effective and highly functional packaging for industrial applications is bolstering the growth of the global kraft paper market. They are thus extensively used in heavy duty bags and sacks, especially for storing powdered chemicals.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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