The global packaging industry has witnessed spectacular gains in recent years, with numerous innovations and technological advancements acquiring precedence. Specific emphasis is laid on sustainability and ensuring the prevalence of a circular economy. Credible gains have been accrued with respect to reducing municipal solid waste generation.
As per an OECD report, total share of landfilled municipal solid waste has reduced from 61% in 1995 to 42% in 2017. Most of this was generated as a consequence of heightened paper consumption across the packaging industry. Thus, market players are emphasizing on incorporating recycled paper packaging solutions to aid in the circular economy endeavor.
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Future Market Insights provides an exhaustive yet unbiased analysis of the global paper cores market in its recently published research report, incorporating historical analysis from 2015-2019 and future assessment for the decade 2020-2030.
- Recycled paperboard to generate lucrative opportunities, reaching US$ 1.4 Bn by 2020-end
- High uptake likely across the paper & polyester segment, reaching almost 2,100 Mn unit sales by 2025
- By diameter, 230 mm & above paper cores to remain the lynchpin through 2030
- Hygiene & tissue paper applications to surge in the short-run, owing to high demand for hygiene products due to the pandemic crisis
- Global paper cores market likely to expand at a value CAGR worth 4.9% through 2030
- East Asia to emerge as the most lucrative paper cores market, with China pivoting growth
“Manufacturers are increasingly foraying into emerging economies, attributed to increasing purchasing power amongst consumers which as heightened e-commerce prospects, leading to high need for robust packaging solutions,” comments the FMI analyst.
COVID-19 Impact Analysis
As the world nears the closure of 2020, industry leaders are optimistic about a post-pandemic recovery scenario. With the initiation of inoculation procedures across the UK by pharmaceutical giant Pfizer, analysts are hopeful of the vaccine being available on a large-scale basis in upcoming months.
With up to 4 million administrations expected by the end of December 2020, healthcare experts anticipate robust antibody protection which would permit people to people contact without the risk of being infected. All these developments are a welcome news for the global packaging industry.
Already, the packaging industry is witnessing a resurgence, with consumers relying on virtual platforms to make purchases of essential goods, particularly healthcare and hygiene products. Sustained demand for instant foods and beverages is also likely to stimulate need for paper core packaging solutions, allowing the market to embark on a consistent growth path.
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The global paper cores market is highly fragmented, with Tier-3 players accounting for 75% of the global market share. Some of the players profiled include Advanced Paper Tube, Inc., YAZOO MILLS Inc., Smurfit Kappa Group, Sonoco Products Company and CPPC Public Co. Ltd. among others.
Owing to the highly competitive nature of the landscape, market players are relying on multiple expansion strategies to consolidate their foothold. Some of the strategies include capacity expansion, strategic collaborations with other players and research institutions and technological developments to further innovative product launches.