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Saturating Kraft Paper Market Dynamics and Global Forecast 2024
Saturating Kraft Paper Market Dynamics
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According to The Business Research Company's, The saturating kraft paper market size has grown strongly in recent years. It will grow from $1.36 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growing demand from the packaging industry, a shift towards sustainable and recyclable packaging solutions, a rising focus on circular economy principles, growing paper recycling initiatives, economic fluctuations affecting consumer spending, and regulatory changes promoting eco-friendly packaging materials.
The saturating kraft paper market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increasing adoption of e-commerce leading to higher demand for packaging materials, growing preference for biodegradable and compostable packaging solutions, innovations in barrier coatings enhancing paper's functionality, shift towards lighter-weight packaging to reduce transportation costs and rising consumer awareness. Major trends in the forecast period include the expansion of production capacities by key manufacturers, integration of digital technologies for improved supply chain management, development of premium-grade kraft papers for luxury packaging, the emergence of smart packaging solutions, and technological advancements in paper manufacturing processes.
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Market Drivers and Trends:
Growing demand in the construction industry is expected to propel the growth of the saturating kraft paper market going forward. The construction industry encompasses the sector involved in the planning, development, and execution of building and infrastructure projects, including residential, commercial, and civil engineering endeavors. The construction industry is rising due to increasing urbanization, infrastructure development, population growth, and rising investments in residential and commercial projects. Saturated kraft paper is used in the construction industry primarily for the packaging and protection of materials such as cement, plaster, and other building supplies. Its strength, tear resistance, and moisture resistance make it suitable for withstanding the rigors of construction environments. For instance, in February 2022, according to a report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom Statistics Authority, the construction sector achieved a remarkable annual growth of 12.7% in 2021, setting a new record compared to the previous year. In December 2021, monthly construction output increased by 2.0%, attributed entirely to a 3.5% rise in new construction projects. Furthermore, during the fourth quarter of 2021, the industry's quarterly production rose by 1.0% compared to the third quarter, boosted by a 1.1% increase in new construction and a 0.8% uptick in repair and maintenance activities. Therefore, growing demand in the construction industry is driving the growth of the saturating kraft paper market.
Major companies operating in the saturating kraft paper market are developing technologically advanced products, such as OBA-free kraftliner to cater to the rigorous requirements of the packaging industry. OBA-free kraftliner refers to kraftliner (a type of paperboard) that is manufactured without optical brightening agents (OBAs). For instance, in June 2022, Stora Enso Oyj, a Finland-based manufacturer of saturating kraft paper, launched AvantForte WhiteTop kraftliner. This kraftliner, made entirely from virgin fibers, is designed to fulfill brand owners' requirements for secure, high-performance packaging that is free from plastic. It meets the growing demand for sustainable packaging solutions by offering exceptional strength, purity, and visual appeal. Engineered to excel in applications requiring both superior print quality and robust integrity, it ensures reliability and environmental responsibility.
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Major Key Players of the Market:
WestRock Company, International Paper Company, Stora Enso Oyj, Mondi Group, Sappi Limited, Ahlstrom-Munksjo Oyj, Holmen AB, Metsä Board Corporation, Domtar Corporation, Kruger Inc., Nordic Paper AS, Kotkamills, Pudumjee Paper Products Ltd., Holland Manufacturing Company, Gordon Paper Company Inc., Fleenor Paper Company, Plastech Group Limited, Potsdam Specialty Paper Inc., Zerust, Fortune Paper Mills LLP, Onyx Specialty Papers Inc., Ranheim Paper & Board AS, Oji Holdings Corporation, Segezha Group LLC, Venkraft Paper Mills Pvt. Ltd
Saturating Kraft Paper Market 2024 Key Insights:
• The saturating kraft paper market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Construction Industry Growth Fuels Expansion Of Saturating Kraft Paper Market
• Advancing Sustainability And Durability In Kraft Paper Packaging
• Asia-Pacific was the largest region in the saturating kraft paper market in 2023
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