Throughout the forecasted period of 2022 to 2032, the global paper wraps market is anticipated to have significant growth. The market is anticipated to be valued at US$ 7.7 billion in 2022 and US$ 12.4 billion in 2032. The top 3 nations, which are estimated to account for about 25–30% of the worldwide paper wraps market by the end of 2022, are where the market for paper wraps is expected to grow the fastest.
The historical analysis estimates that the worldwide paper wraps market will generate about US$7.3 billion in sales in 2021. Several end-use sectors’ increasing demand throughout the course of the forecast period is blamed for the market’s expansion. According to a recent FMI assessment, sales of paper wraps would rise between 2022 and 2032, creating a lucrative incremental growth opportunity of US$ 4.7 billion.
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Due to the global pandemic, a drastic change within the packaging industry was experienced which resulted in higher demand for paper wraps, hence, boosting the market growth over the projection period. The paper wraps market is predicted to expand 1.6 times the current market value throughout the forecast period. The paper wraps market is expected to experience a positive growth outlook over the forecast period due to its benefits such as durability, lightweight, barrier resistance, cost-effectiveness, and others.
Paper wraps are known as the best-suited alternative to plastic wraps, which have been drastically avoided by the end-use industries as well as by consumers due to their harmful effects on the environment. Several consumer products are wrapped in the paper during their transportation in order to protect the product from getting damaged by other external factors.
Paper wraps help in reducing the plastic waste from the packaging by over 33%. Several end-use industries utilize paper wraps such as food & beverage, electrical & electronics, cosmetics & personal care, home care, and others. The ever-expanding e-commerce sector is a prominent factor in augmenting the sales of paper wraps.
Key Takeaways
- Wrapping material made with plastic is difficult to decompose and causes environmental pollution. Therefore, wholesalers, retailers, and suppliers are more attracted to paper packaging solutions such as paper wraps made from compostable raw materials and eco-friendly products.
- According to the reports by American Forest & Paper Association (AF&PA), the paper recycling rate was around 68%, and recovered more than 50 million tons of paper in 2021. The paper-based packaging is recycled more as compared to another packaging.
- Paper packaging emerged as an economical and eco-friendly form of packaging in comparison with other materials such as plastics and aluminum. The surging restrictions on the usage of plastic products and the ban on single-use plastics are increasing the demand for sustainable paper packaging solutions such as paper wraps. The growing demand for sustainable packaging is a significant factor responsible for driving the paper wraps market growth.
- The expansion of the e-commerce sector has augmented the sales of paper wraps as brands and companies are focusing on sustainable packaging solutions fueling the demand for paper wraps. Overall, the paper wraps market is projected to bolster at a faster pace during the forecast period.
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Competitive Landscape
The key market players are focusing on mergers and acquisition strategies in order to expand their resources. Such prominent companies are also focusing on developing new products to meet customer needs and the key players are focusing on upgrading their facilities to cater to the demand.
More Insights into the Paper Wraps Market
India’s paper wraps market is anticipated to surge at a robust CAGR of 5.4% throughout the forecast period. Papers are extensively used within the packaging sector as they have excellent properties such as lightweight, flexibility, durability, and cost-effectiveness. The utilization of paper wraps in the packaging industry can be found in multiple sectors such as food & beverage, pharmaceuticals, household, and electronics.
China is expected to lead the global paper wraps market as it is expected to reach around US$ 1.5 Bn by the end of 2032. China is known as the leading producer of paper in the entire world due to which it is anticipated to top the global paper wraps market. China is one of the largest manufacturers of paper wraps. Easy availability of paper boosts the manufacturing process and through which big players can also supply their products according to the demand available.
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Paper Wraps Market by Category
By Coating Type, Paper Wraps Market is Segmented as:
- Coated Paper Wraps
- Uncoated Paper Wraps
By Thickness, Paper Wraps Market is Segmented as:
- Up to 25 Microns
- 26-40 Microns
- 41-60 Microns
- Above 60 Microns
By End Use, Paper Wraps Market is Segmented as:
- Food & Beverage
- Electrical & Electronics
- Cosmetics & Personal Care
- Homecare
- Pharmaceuticals
- Others (Automotive, etc.)
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