[Latest Research 2023], Specialty paper Market Size to Surpass USD 40.75 billion by 2029 | With 3.1% CAGR
Specialty Paper Market1
The global specialty paper market was valued at 30.76 billion in 2022 and is projected to reach 40.75 billion by 2029, growing at a CAGR of 3.1%
LUTON, BEDFORDSHIRE, UNITED KINGDOM, November 28, 2023 /EINPresswire.com/ -- The market is gaining traction owing to its rising applications in the e-commerce activities such as packaging, storing, and transportation. Other basic applications of specialty papers other than high-end packaging include printing invitations and decoration. Additionally, the growing usage of the latest design, colors, and materials in home decor drives new and advanced décor papers. Owing to its convenience, strength, and less environmental impact, kraft paper is witnessing growing demand for wrapping, sacks, and pouches to handle goods.
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Market Players:
International Paper, ITC Ltd., Stora Enso, Nippon Paper Group, Mondi Plc., Sappi Ltd., Glatfelter, Fedrigoni, Robert Wilson Paper Corporation, Griff Paper and Film, and others.
These specialty papers are not only used in printing & writing but have a wide scope in various applications such as packaging, building & construction, and commercial. Most of its demand comes from the packaging industry due to propelling demand for packaging materials by industries. Demand for specialty paper is projected to witness a positive slope along with increasing use in various other end-use applications.
Use of paper for packaging was common but introduction of specialty paper which offers various benefits such as non-reactant, temperature resistance, waterproof, attractive, colorful, and lightweight nature attracts the packaging industry.
Growing trend of decorative interiors would also propel specialty paper market share as it comes with a special grade, which is suitable for the building & construction industry. Overall, with changing preference in various industries and rising demand for safe & attractive products, demand for specialty paper is growing in the packaging, as well as other industries.
The rising demand for specialty packaging papers coupled with the thriving packaging industry is expected to drive market growth. Additionally, rising home decoration trends are further driving the demand for the specialty kraft papers. Besides this, growing residential and commercial housing infrastructural facilities is likely to excel in the consumption rate of the specialty papers among the people, which thereby favor market growth. According to the data presented by the U.S. Department of Housing and Urban Development, in 2018, nearly 6 million new and existing houses were sold in the United States.
The largest share of the European region is attributed to the large production capacity of the paper & paperboard products in the countries such as the U.K., Germany, and Italy which is likely to support the market growth of specialty paper products in the region. According to the data presented by the German Pulp and Paper Association, in 2019, packaging paper and board production volume in Germany reached 12,102 tonnes. Additionally, the rapid urbanization and globalization rate of the population is further driving the market growth in the region.
Asia Pacific region is expected to grow at a faster rate for the global specialty paper market owing to the rising infrastructural facilities related to the pharmacy stores in the countries such as India and China which is likely to drive the consumption rate of the medical purpose specialty papers in the region. According to the data presented by the Pharmatutor Organisation, in 2019, the number of pharmacy retail stores in India reached 850,000. Additionally, rising home decoration trends are driving the demand for specialty kraft papers in the region.
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Specialty paper Market News
• November 2022: Sappi North America announced the investment of USD 418 million in paper machine rebuilds at its Somerset Mill in Skowhegan. With this investment, the company is focusing on increasing Paper Machine No. 2's capacity to produce solid bleached sulfate board products, a sustainable alternative to plastic packaging. This move of the company indicates its long-term Thrive25 strategy, which focuses on growing its portfolio in packaging and speciality papers, pulp, and biomaterials.
• September 2022: Sappi Europe, a packaging and speciality paper manufacturer, is set to extend its capacity at its mill in Gratkorn, Austria, enabling the mill to manufacture wet-strength label papers. The double-digit million-euro investment in a state-of-the-art technical infrastructure will drive the site's expansion and establish Sappi as a leader in the label sector for the long term.
• August 2022: Arttek Solutions in Bengaluru, India, collaborates with BillerudKorsnäs to replace plastic straws in India. Arttek Solutions has collaborated with BillerudKorsnäs to drive innovation, selecting BillerudKorsnäs ConFlex Glaze as its straw material. A 100% recyclable and sustainable high-quality MG specialty paper made from FSC-certified Scandinavian forests.
• July 2022: Mill Rock Packaging Partners, a portfolio company of private investment firm Mill Rock Capital, has acquired US-based specialty packaging and printing company Impressions.
Key Market Segments: Specialty Paper Market
Specialty Paper Market by Type, 2020-2029, (USD Billion) (Kilotons)
• Decor Paper
• Release Liner Paper
• Packaging Paper
• Printing Paper
Specialty Paper Market by Application, 2022-2029, (USD Billion) (Kilotons)
• Building & Construction
• Industrial
• Packaging & Labeling
• Printing & Writing
Specialty Paper Market by Raw Material, 2022-2029, (USD Billion) (Kilotons)
• Pulp
• Fillers & Binders
• Additives
• Coatings
Specialty Paper Market by Region, 2022-2029, (USD Billion) (Kilotons)
• North America
• Europe
• Asia Pacific
• South America
• Middle East And Africa
Important Countries In All Regions Are Covered
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Key Benefits for Industry Participants & Stakeholders:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Cosmetic Packaging Market
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