Albany, NY, United States -- (SBWIRE) -- 07/19/2018 -- The meagre market share of 15.7% held by the leading three players in 2015 account for the striking fragmentation of the global sack kraft paper market, finds Transparency Market Research (TMR). The top three players are BillerudKorsnas AB, KapStone Paper and Packaging, and Mondi plc who are focusing on developing high-quality products for consumer and industrial markets to gain a stronghold in the market. The leading companies are likely to consolidate their product portfolio with a vast array of eco-friendly products, in order to meet the variety of needs of major end-use industries

The global sack kraft paper market stood at US$8.4 billion in 2015 and is estimated to reach a value of US$10.5 bn by the 2024 end. The market is projected to rise at 2.6% CAGR during 2016–2024.

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The various end-use industries for the uptake of sack kraft paper are chemicals, cement and building materials, pet food, food, and animal feed. Of these, the cement and building materials segment is expected to witness widespread use of sack kraft paper for packaging cement and other building materials. The growth of the segment is fueled by the extensively rising demand for eco-friendly building materials in a number of developing and developed nations.

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The global sack kraft paper market is driven primarily by the rising need for environment-friendly, bio-degradable, and cost-effective packaging materials in a number of end-use industries, including cement and building industry, chemicals, animal feed, and food. Several factors account for the attractiveness of this type of packaging materials.

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The use of kraft paper sacks lends porosity, striking extensibility, excellent stiffness, and remarkable runability. In addition, the packaging materials when used for food products enables retaining the originality and appearance.