A new research report published by Transparency Market Research expects the global sack kraft paper market to achieve considerable growth in the next few years. In recent years, the applications of sack kraft papers in different industries has increased. Most prominent example of this is the increasing use of sack kraft paper in the food and beverages industry for cutting down the use of non-biodegradable or disposable products such as plastic. Such developments are thus expected to give a solid impetus to the development of the global sack kraft paper market.
The research report expects the global sack kraft paper market to exhibit a moderate CAGR of 2.6% during the course of the given forecast period of 2016 to 2024. With this rate of growth, the global market is expected to reach a valuation worth US$10.5 bn by the end of 2024. Initially, the global sack kraft paper market was valued at US$8.4 bn in 2015. The market is thus expected to jump in valuation of US$2.1 bn in the given forecast period.
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Product Development is Key for Leading Market Players
The competitive landscape of the global sack kraft paper market is highly fragmented. The fragmentation of the global market is because of the presence several leading players operating in the marketspace. In addition to this, there are several opportunities available for the new companies to enter the market. This is further expected to intensify the competition in the global sack kraft paper market. However, the market is currently dominated by only a handful of the leading companies. These companies are expected to opt for aggressive strategies such as mergers, joint ventures, and acquisitions in order to stay ahead of the competitive curve.
For instance, in June 2018, Mondi announced itself in the global sack kraft paper market with the launch of its new and innovative packaging for the e-commerce sector. The product is called MailerBAG is produced with the help of sack kraft paper and have massively helped in replacing the conventional non-recyclable plastic packaging bags. The product was awarded with the Eurosac Grand Prix award at the Euro Science Congress in 2018, held in Malta.
Some of the leading companies in the global sack kraft paper market include names such as Horizon Pulp & Paper Ltd., Tolko Industries Ltd., Natron-Hayat d.o.o., Gascogne SA, Kapstone Paper and Packaging Corporation, BillerudKorsnas AB, Segezha Group, Nordic Paper Holding AB, the Mondi Group Plc., and Canfor Corporation among others.
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Europe to Emerge as Leading Regional Segment
In terms of geographical segmentation, the global market for sack kraft paper is currently dominated by the regional segment Europe. Growing demand from the food and beverages industry is one of the key driving factors for the development of the regional segment. Asia Pacific market is expected to witness a promising growth in the coming years of the forecast period.