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| Global Converting Paper Market Size |
Converting paper is a specialty paper widely used in flexible packaging
applications such as pouches, bags, labels, and other similar products. It
finds usage in food packaging for dried fruits, candies, snacks, and other
fast-moving consumer goods. The paper is coated or treated to achieve required
properties like grease resistance, high strength, moisture retention etc.
making it suitable for direct contact with food items.
The global
converting paper market is estimated to be valued at US$ 498.41 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market Dynamics:
One of the key drivers for the growth of converting paper market is the rising
demand from the packaging industry. The packaging industry has been witnessing
high growth owing to factors such as increased consumption of consumer goods,
changing lifestyles and preferences of people. As converting paper finds major
application in flexible packaging of various food items, cosmetics and other products,
the demand from packaging industry is estimated to increase significantly. It
is projected that the flexible packaging sales will rise at over 5% annually
till 2026. Also, converting paper provides advantages like printability,
moisture retention and grease resistance making it a preferred choice for food
packaging applications. This growing demand from packaging sector is expected
to support the market growth of converting paper over the forecast period.
SWOT Analysis
Strength: The converting paper market has strong growth potential due to rising
demand for paper-based packaging solutions from various end-use industries such
as food and beverages. Converting paper products are sustainable and
biodegradable in nature. There is a growing preference for eco-friendly
packaging among consumers.
Weakness: Fluctuations in raw material prices can increase the overall
production costs for converting paper. Growing environmental concerns related
to deforestation for paper production.
Opportunity: Developing regions of Asia Pacific and Latin America offer
lucrative growth opportunities owing to rising industrialization. Growing
e-commerce sector stimulates demand for effective packaging solutions.
Threats: Shift towards digital mediums pose a major threat for printing paper.
Stringent government regulations to curb carbon emissions and reduce
deforestation.
Key Takeaways
Global
Converting Paper Market Size is expected to witness high growth over
the forecast period of 2024 to 2031. Rapid industrialization and expanding
packaging industry are key factors that will drive the demand for converting
paper products. Growth in various end-use industries such as food and
beverages, healthcare, and personal care and cosmetics will augment the market
expansion. Rising urbanization and changing lifestyles and consumption patterns
are also prompting the need for effective packaging solutions. The global
converting paper market is estimated to be valued at US$ 498.41 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period
2024 to 2031.
Regional analysis related content comprises
The Asia Pacific region currently dominates the global converting paper market
and the trend is expected to continue during the forecast period. This can be
attributed to strong growth of industries such as food and beverages,
chemicals, pharmaceuticals, and consumer goods in developing countries of Asia
Pacific. China, India, Japan, and Indonesia contribute significantly to the
regional market share. North America and Europe follow Asia Pacific in terms of
market size owing to well-established industries.
Key players related content comprises
Key players operating in the converting paper market are GlaxoSmithKline,
Novartis, Merck, Abbott, Boehringer Ingelheim, AstraZeneca, F. Hoffmann-La
Roche, Johnson & Johnson, Eli Lilly and Company, Novo Nordisk, Sanofi,
Pfizer, Amgen and Gilead Sciences. These players are focused on new product
launches and strategic collaborations to strengthen their market position.
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