Global Specialty Paper Market to Reach 42.8 Million Metric Tons by 2024, Impelled by Flourishing Food and Beverage Industry – IMARC GroupThe global specialty paper market is driven by the thriving food and beverage industry, along with the extensive utilization of specialty paper in the construction, and packaging and labeling sectors.According to the latest report by IMARC Group, titled “Specialty Paper Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global specialty paper market size reached 31.9 Million Metric Tons in 2018. Specialty papers are superior quality papers that are manufactured using nano-based materials, composites and fibers. Various kinds of pulp including wood pulp, wood chips, cotton fiber and recycled paper are also utilized in their production. These papers are designed for specific applications as they possess numerous beneficial properties like dimensional stability, density, porosity, smoothness, and absorptivity. As a result, they are extensively employed across diverse industries such as retail, healthcare, construction, packaging and labeling, and laundry care.
Global Specialty Market Trends:
Owing to their unique properties like enhanced moisture retention, pH levels and hygiene, specialty papers are apt to be used as a packaging material across the food and beverage industry. Significant growth in the industry on account of changing lifestyle and inflating disposable income levels is driving the demand for these papers. Furthermore, escalating sales of on-the-go food products, coupled with the increasing popularity of single-serve instant beverage mix sachets, is also positively influencing the sales of these papers. Moreover, they are widely used in the e-commerce sector for labeling and packaging applications. Apart from this, increasing regulations on the use of plastic bags on a global level due to a rise in environmental concerns have led users to make a shift towards specialty paper alternatives. These papers are also utilized for safeguarding a wide range of merchandise during transportation. Also, specialty papers are widely utilized for the production of masking tapes used in the construction industry. On account of the aforementioned factors, the market volume is anticipated to reach 42.8 Million Metric Tons by 2024, growing at a CAGR of around 5.1% during 2019-2024.
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Market Summary:
- On the basis of the product type, the market has been divided into label and release papers, printing papers, flexible packaging papers, rolling papers, décor papers, banknotes and security papers, and others. Amongst these, label and release papers account for the biggest market segment.
- Based on the raw material, pulp represents the most common raw material. Other major segments include fillers and binders, additives, coatings and others.
- On the basis of the application, the market has been segregated into packaging and labeling, printing and writing, industrial use, building and construction, and food service. At present, the packaging and labeling segment exhibits a clear dominance in the market.
- On the geographical front, the market has been classified into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Currently, Asia Pacific holds the leading position in the market.
- The competitive landscape of the market has also been analyzed. Some of the key players operating in the market include Stora Enso, International Paper Company, ITC Ltd., Sappi Ltd., Mondi PLC., Nippon Paper Group, Inc, Glatfelter, Domtar Corporation, Munksjo Group and Fedrigoni.
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