ALBANY, New York, October 24, 2018 /PRNewswire/ --
The global sack kraft paper market is anticipated to demonstrate a healthy rise over the coming years, as reported by a recent Transparency Market Research (TMR) study. Currently, the global market features a highly fragmented landscape, with the presence of a substantial vendor pool. Vendors in the market are seen focusing on investment into research and development of novel packaging solutions. Their focus on providing and innovative product portfolio. For instance, a key market player, Mondi plc introduced 'iFoodbags', which are created from a composite material based on paper. The product is designed to maintain the temperature of frozen products for an entire day.
Several regional and local capitalizing on the opportunities in the global sack kraft paper market, as the industry has low entry barriers in terms of both availability of raw materials, and technology.
Established vendors are seen retaining their supremacy in the market, on the basis of their financial might.
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Some other leading players operating in the global sack kraft paper market are Nordic Paper Holding AB, KapStone Paper and Packaging Corporation, BillerudKorsnas AB, Canfor Corporation, and Tolko Industries Ltd.
As reported by TMR, the global sack kraft paper market is prognosticated to grow at a 2.6% CAGR over the forecast duration 2016 to 2024. The market was estimated to be worth US$8.4 bn in 2015, and is predicted to rise to US$10.5 bn by 2024.
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Demand for Sustainable Packaging Options to Boost Growth
The expanding usage of economical packaging alongside eco-accommodating and biodegradable materials is probably going to trigger an enormous interest and prerequisite for the worldwide sack kraft paper in present years. The interest and necessity for this sort of paper are foreseen to develop in the coming future as this material is probably going to demonstrate quality equivalent to plastic or engineered materials.
Moreover, this paper is likewise perceived to introduce remarkable high elastic energy assimilation (TEA) and consequently is being used for modern purposes. The expanding worries among earthy people and governments about the risks of utilizing plastic are expected to drive them to concentrate more on greener substitutes. The demand for sack kraft paper are likewise liable to be impelled by the prohibition on the generation and conveyance of plastics across several regions.
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Introduction of New Regulations with Offer Rich Opportunity
At first, customer packaging materials were focused on attributable to the size of packaging squanders created; nonetheless, government and packaging associations have begun tending to the ecological impacts happening by the utilization of other packaging material also. Thus, the organizations are moving towards biodegradable packaging material to give speedier and finish common corruption. Legislatures of different nations in the locale have forced directions to guarantee cleanliness and nourishment wellbeing of consumable items. As indicated by European Commission, Regulation (EC) 852/2004 on cleanliness was forced to guarantee security of food products, is one of such directives. This is predicted to additionally fuel demand for sack kraft paper, offering novel opportunities for market vendors.
However, steep prices of raw materials, for example, soft wood may act as a limitation over a more prominent benefit of this market. In any case, as consumers over the world are likewise understanding the natural effect of waste materials and are moving towards the utilization of biodegradable packaging paper. This may help overcome market restraints over the coming years.
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This review is based on TMR's report titled, "Sack Kraft Paper Market (Grade - White and Brown; Packaging Type - Valve Sack and Open Mouth Sack; End Users - Cement and Building Materials, Chemicals, Animal Feed, Pet Food, and Food) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
The market is segmented along the following lines:
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