According to coating type, the coated paper wraps segment is anticipated to dominate the paper wraps market. It is anticipated to expand at a CAGR of 4.6%. Due to the coating’s qualities, which are becoming more and more popular in the market, coated paper wraps provide the product with additional protection. Due to its advantages such as durability, lightweight, barrier resistance, cost-effectiveness, and others, the plastic rigid packaging containers segment by the material is anticipated to hold the majority of the worldwide rigid packaging containers market. The global paper wraps market is anticipated to reach a valuation of US$ 7.6 Billion in 2022, according to FMI Research’s projection.
The global paper wraps market is expected to have a positive growth outlook throughout the projection period from 2022 to 2032. The global market is set to enjoy a market valuation of US$ 7.7 Billion in 2022 and reach US$ 12.4 Billion by 2032. The paper wraps market is anticipated to propel the most within the top 3 countries which are projected to hold around 25-30% of the global paper wraps market by the end of 2022.
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The Key Players Are:
- WINPAK LTD.
- adapa Group
- Scientex Berhad
- BPM Inc.
- Palmer Packaging, Inc.
- Constantia Flexibles Group
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.
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- 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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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
- Others (Automotive, etc.)