Global sack kraft paper market is projected to reach a valuation of US$10.5 bn by the end of 2024 as compared to US$8.4 bn in 2015; the global market is expected to expand at a CAGR of 2.6%.
Albany, NY -- (SBWIRE) -- 08/28/2017 -- Global Sack Kraft Paper Market: Overview
The growing adoption of sustainable packaging with biodegradable and eco-friendly materials has triggered a huge demand for sack kraft paper in recent times. The demand for this type of paper is expected soar in the coming years as this material shows strength equal to synthetic or plastic materials. The global sack kraft paper is expected to be worth US$10.5 bn by the end of 2024 as compared to US$8.4 bn in 2015. The researchers estimate that the global market will expand at a CAGR of 2.6% during the forecast period of 2016 and 2024. Some of the factors that are expected to fuel the demand for sack kraft paper are features such as porosity, extensibility, printability, durability. Furthermore, this paper is also known to offer an exceptional high Tensile Energy Absorption (TEA) index of 3.8 J/g and is thus being used for industrial purposes.
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Salient Features of Sack Kraft Paper Boost its Uptake
The booming cement industry in the developing economies of East Asia, Africa, and the Middle East have augmented the demand for sack kraft paper. The continued growth of the construction industry across the globe as the overall economy recovers from the recent slowdown is expected to boost the uptake of sack kraft paper as well. Builders are expected to use sack kraft paper in lieu of cement to build multiwall paper sacks for packaging, which is also projected to have a positive impact on the revenue of the global market. This material is known to act as a filter, which allows quick de-aeration and a high filling speed. Thus it has earned the status of being an excellent substitute for plastics that are regularly used in industrial packaging.
The growing concerns amongst governments and environmentalists about the hazards of using plastic is forcing them to focus on greener alternatives. The demand for sack kraft paper is also being fueled by the steady ban on the distribution and production of plastics in several countries of the world. The ongoing technological advancements that have made sack kraft paper noticeably moisture resistant are also projected to fuel the demand for this material.
Strengthening Construction Industry in Asia Pacific Promises Lucrative Opportunities
In terms of geography, the global sack kraft paper market is segmented into Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa. The analysts state that the global market is being led by the Middle East and Africa and Asia Pacific. Collectively, the sack kraft paper market in these regions is expected to register a CAGR of 3.4% during the forecast period of 2016 and 2024 in terms of revenue. The rise in construction activities and the growing demand for cement and other materials for building purposes is expected to lend a serious impetus to the growth of the overall sack kraft paper market.
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Additionally, the relentless demand for pet food and animal feed is also playing a crucial role in the growing demand for sack kraft paper in these regions. Currently, China holds a share of 55.9% in the Asia Pacific sack kraft paper market and is expected to offer lucrative opportunities to the overall market. On the other hand, North America and Europe will show sluggish demand during the forecast period as the markets are reaching a saturation point.
Some of the leading players operating in the global sack kraft paper market are Canfor Corporation, The Mondi Group plc, Nordic Paper Holding AB, Segezha Group, BillerudKorsnas AB, KapStone Paper and Packaging Corporation, Gascogne SA, Natron-Hayat d.o.o., Tolko Industries Ltd., and Horizon Pulp & Paper Ltd.