Bulk & Specialty Chemicals
Polystyrene (PS) and Expanded Polystyrene (EPS) Market to generate appreciable valuation from packaging applications, global valuation to exceed the 50-billion-dollar frontier by 2024
Videolar-Innova, one of the most renowned players in polystyrene and expanded polystyrene market, has recently expanded its monomer manufacturing capacity in Rio Grande do Sul state, Brazil. Reportedly, the company has increased its production capacity from 260,000 tons to 420,000 tons on an annual basis, given the rising demand for PS & EPS products worldwide, and further plans to become operational from 2019. Videolar-Innova’s expansion can be aptly construed as a dynamic move by the company to consolidate its position in PS & EPS market. Similar moves by companies to upgrade their operational efficiencies and cater to a rather enormous product demand across the construction, packaging, and electronics sectors are slated to generate lucrative avenues for polystyrene and expanded polystyrene industry players. The robust demand for these polymers in the construction sector, owing to their excellent water resistance and thermal insulation properties have further led PS & EPS industry to accrue remarkable gains in the ensuing years. In fact, reports depict the polystyrene and expanded polystyrene market size to be valued at USD 34 billion in 2016, pertaining to the massive number of infrastructure development projects across the globe.
Europe polystyrene & EPS market size, by product, 2013 – 2024 (USD Million)
The non-biodegradability quotient of polymers has been one of the most major concerns pertaining to the limitation of polystyrene and expanded polystyrene industry expansion. Nowadays, people are more aware about the hazardous impact of any synthetic product on the environment. In response to this fact, several governmental & private entities are organizing awareness programs to educate people about the impact of polymers on environment and the benefits of using renewable alternatives over synthetic products, which would considerably impact PS and EPS market. These factors have compelled several PS and EPS industry players to look out for options that are environmentally viable. The fact that these polystyrenes are 100% recyclable have led several companies to focus on upgrading their recycling facilities to lower the impact of PS & EPS products on the environment. For instance, the Polystyrene Association of South Africa has collaborated with Wildlands to recycle products manufactured from polystyrene. Given that EPS products witness tremendous demand across supermarkets, restaurants, and canteens for packaging applications across the South African turf, subject to their superior insulation properties, this agreement would have quite an impact on the regional polystyrene and expanded polystyrene industry share. Speaking about the products’ insulation properties, it is noteworthy to mention that these characteristics, in particular, have helped meet the massive demand for these products from the food packaging sector, which as per estimates accounted for 40% of the overall polystyrene and expanded polystyrene industry share in 2016.
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In order to maintain the much-needed balance between the ecology and product demand for several applications, renowned PS & EPS industry players are investing heavily in designing new systems for the pretreatment, collection, and recycling of EPS (expanded polystyrene). For instance, the Spain based processor and producer of plastics, COEXPAN has recently tied up with firms such as ANAPE, Total Petrochemicals Iberica, and El Corte Inglés for the creation of a seamless value chain with respect to the recycling, generation, and transformation of plastic materials. That said, it is prudent to mention that apart from industry behemoths, various NGOs have been undertaking noteworthy initiatives to reduce the plastic waste generation by reusing all types of plastic waste materials, which would have a rather appreciable impact on polystyrene and expanded polystyrene (EPS) market trends.
In order to increase the overall production capability through chemically recycled PS and EPS, joint ventures are a common strategy undertaken by companies. For instance, Agilyx Corp. has partnered with the styrenics provider, Ineos Styrolution to manufacture products on a large scale from its pyrolysis plant. Speaking of which, some of the key participants in polystyrene (PS) and expanded polystyrene (EPS) industry are BASF SE, Dow Chemical Company, Synthos, ACH Foam Technologies Inc., Total S.A, Synbra Holding BV, Flint Hills Resources, LLC, Kaneka Corporation, Kumho Petrochemical, and SABIC
Taking into account the usability of these polymers, PS and EPS market players are focusing on development of cost effective and environment friendly products. Shifting trends toward the usage of biodegradable and renewable products are also expected to favor the industry growth in the ensuing years. The extensive product demand from end-use sectors such as food service and hospitality, in tandem with the global requirement of environmental safety, will certainly fuel PS and EPS market size over the years ahead.
Author Name : Sunil Hebbalkar
Aerospace Composites Market to accrue substantial gains from commercial aircrafts, North America to majorly drive the regional landscape
Powered by the improving economic stability and heavy government investments in improving the aircraft infrastructure, global aerospace composites market has witnessed a rather commendable growth over the recent years. The perpetually rising demand for commercial & military aircrafts has massively propelled the use of composites in the aircrafts, both in the interior as well as the exterior applications. Moreover, the growing preferences toward cost effective, lightweight, and sturdy components with exceptional processing efficiency have further enhanced the scalability of composites in aerospace applications – a trend that is phenomenally driving the commercialization matrix of aerospace composites industry. As per a report by Global Market Insights, Inc., in 2016, aerospace composites market size was estimated to be worth USD 2.5 billion and is further projected to cross a valuation of USD 5 billion by 2024.
U.S. Aerospace Composites Market, By Aircraft, 2016 & 2024, (USD Million)
Aerospace composites market share is slated to extensively proliferate in the commercial sector, given the extensive use of carbon fibers in these aircrafts. As per estimates, aerospace composites market share from commercial aircrafts generated revenue over USD 1.4 billion in 2016, and is further projected to dominate the industry landscape, holding 52% of the overall share in the coming seven years. The increasing demand for commercial aircrafts due to rise in passenger traffic travelling by air, especially across the Asia Pacific belt have carved a lucrative roadmap for the regional aerospace composite industry. In addition, the robust urbanization & industrialization trends across the continent, along with increase in income levels of mass population have further led to considerable upsurge in the APAC aerospace composites market demand. Besides commercial projects, the regional government & private entities are also witnessed making huge investments in the defense and civil aerospace sector for upgradation. Backing with an instance, the military aviation sector of India is likely to capitalize USD 35 billion in the timespan of next twenty years, to refurbish the aircrafts with technical requirements, quality control, and safety features. This is set to generate huge demand for aerospace composites for renovating or manufacturing interior & exteriors of aircrafts. With India, China, and Japan at the forefront, Asia Pacific aerospace composites industry is expected to register an annual growth rate of 8.5% over 2017-2024.
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While Asia Pacific is undoubtedly one of the most profitable growth grounds for aerospace composites industry, the globally developed continent, North America, also stands to serve remarkable avenues for the market expansion. The region, as per statistics, has been forecast to contribute to over 40% of the overall revenue share and surpass a valuation of USD 2 billion by 2024. The extensive product penetration can be credited to the high demand for lightweight and fuel-efficient aircrafts in the region. The continent is omnipotent as far as developments & technological advancements in the composites business is concerned. Moreover, the fact that the region is home for most of the prominent players in aerospace composites industry, makes it quite overt for the regional trends to have a substantial impact on the global aerospace composites industry outlook.
Speaking of prominent players, Scaled Composites, one of the renowned names in aerospace composites market, is currently developing Stratolaunch – the world’s largest aircraft by wingspan. As per sources, the entire aircraft structure is developed with carbon composites components, to enable the aircraft to be of high strength, yet lightweight. In 2016, the company also launched its all-carbon composite rocket plane know as SpaceShipTwo or VSS Unity. Recently, the company was also in news for having unveiled & flown its first of two new experimental aircrafts called Model 401. Allegedly, with reference to this project, the company demonstrated advanced and low-cost manufacturing techniques to other industry partners as well the US government.
Speaking along similar lines, such innovations and advancements in aerospace materials are anticipated to be the chief parameters underlining the strategic landscape of aerospace composites market in the coming years. In terms of volume, industry experts claim global aerospace composites industry size to exceed 70.5 kilo tons by 2024.
Author Name : Ojaswita Kutepatil
APAC printed cartons market to witness remarkable developments over 2017-2024, food & beverage applications to drive the regional demand
Amcor’s yesteryear acquisition of Alusa to expand its business profile in South America is an apt instance depicting consolidation of printed cartons market which is indeed claimed as an integral vertical of flexible packaging business sphere. Reportedly, Amcor’s acquisition of South America based flexible packaging corporation, Alusa, for USD 435 million in June 2016, provided a substantial boost to the former not only in terms of regional expansion but also in the enhancement of its product and customer base. With this transaction, Amcor has successfully catered an expanded customer base in South America market, spanning across Chile, Columbia, Argentina, and Peru, along with its existing leadership in North America and Asia Pacific. The deal, as claimed by the company, has left unmatched impact on Amcor’s profitability portfolio in the Flexible packaging industry, in extension strengthening its position in the printed cartons market. Some of the renowned contenders in printed cartons market include Lithoflex Inc., Tetra Pak International S.A WestRock Company, and Winston Packaging.
U.S. Printed Cartons market size, by end-user, 2013 – 2024 (USD Million)
Speaking of the geographical aspects, North America is touted to be one of the major growth avenues in the global printed cartons market, augmented by the thriving demand from electronics and hardware sector. Substantial investment in research activities which has led to immense advancements in electronic devices is presumed to be the prime factor driving the regional industry outlook. Statistics further validates the fact- North America printed cartons market has marked a valuation of USD 30 billion in the year 2016. Fierce competitive mindset among the leading giants to standout from their existing contemporaries has ultimately resulted in an increased adoption of innovative packaging solutions, making a significant contribution toward the overall industry share.
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Recently, AMBER university researchers have launched a 2D nanomaterials based printed transistor model, which is claimed to be a breakthrough for potential applications such as food packaging. Endorsed with unique electronic properties, this two-dimensional nanomaterial, is reported to be incorporated with a digital countdown that would warn the consumers with regards to food spoiling. The incessant efforts undertaken by the giants partaking in the printed cartons market with regards to path breaking innovations in food packaging solutions has undoubtedly enhanced the profitability quotient of this industry. In fact, estimates claim, printed cartons industry share from food and beverage applications is expected to witness a y-o-y growth of 5.5% over 2017-2024.
Acquiring an appreciable revenue of USD 40 billion in 2016, APAC turned out to be another profitable belt for printed cartons market investors. Increasing demand for expedient packaging solutions in terms of cost, transport, storage, as well as customer viewpoint has provided a significant impetus to the regional market. In addition to this, the demographic chart of 2016 depicts that APAC belt is home for nearly 60% of the world population – a factor that has stimulated a range of socio economic aspects propelling several end-use sectors such as electronics, healthcare, and food & beverage, in turn proliferating printed cartons market size. As per estimates, APAC printed cartons industry share is slated to experience a y-o-y growth of 6% over 2017-2024.
Despite the threat to the market growth by the cost issue associated with digital printing techniques, printed cartons industry is set to attain remarkable gains in the forecast spell, subject to its wide array of applications in domains including electronics& hardware, food & beverage, cosmetics, healthcare, and residential. A recent report put forth by Global Market Insights Inc., forecasts printed cartons industry to exceed a valuation of USD 188 billion by 2024, with an estimated CAGR of 5.3% over 2017-2024.
Author Name : Satarupa De
Water Soluble Polymer Market to accrue a considerable proportion of its revenue via water treatment applications over 2017-2024
Tagged as one of the most iconic breakthroughs water soluble polymer market has witnessed this year, the launch of Butenediol Vinyl Alcohol Co-polymer (BVOH), a high-performance water-soluble support material can be attributed to the efforts of the R&D association at Verbatim – one of prominent subsidiaries of Mitsubishi Chemical Holdings Group. The firm’s commitment toward developing material for 3D printing has inadvertently caused a stir in the product landscape of water soluble polymer industry. According to Verbatim, BVOH enables successful printing of complex objects with 3D printers and is endowed with dual extrusion and quick dissolve time as well. Verbatim views BVOH as a major disruption in the 3D printing arena that would enable designers to swiftly realize 3D models, which would, by extension, increase the demand for BVOH. In effect, this would have a perpetual impact on the commercialization scope of water soluble polymer market in the years to come.
Europe Water Soluble Polymer Market Size, by Product, 2013 – 2024 (USD Billion)
One of the most eminent factors contributing toward the growth of water soluble polymer industry size is the increased number of regulations mandated by authoritative bodies, especially in emerging economies, with respect to water purity maintenance and waste discharge from manufacturing sites. With the rising amount of waste disposal leading to water pollution, the demand for waste water treatment will continue to surge, which would lead to the genesis of a lucrative growth avenue for water soluble polymer market. As per statistics, more than 12.5 million people die annually as a result of air pollutant borne disease, water contamination, and other hygiene related ailments brought forth by carcinogenic pollutants released by pharma, mineral processing, oil & gas, and paper companies. In a bid to fight against wastewater generation and elimination, water soluble polymer industry players have been striving to brainstorm innovative products by the day and promote sanitization in lesser developed areas. One of the many precedents validating the aforementioned statement is Dow’s commendable efforts in providing affordable hygiene solutions to economically backward geographies. The company’s launch of POLYOX™ water soluble polymers that help produce an upgraded soap formulation endowed with the characteristics of a longer life, improved sensory feel, and enhanced value demonstrates its commitment toward wastewater borne disease prevention. Be that as it may, the water soluble polymer market player’s POLYOX water soluble polymers are also harnessed by other companies to be used in their soap formulations. Consequently, Dow’s superior product has successfully strengthened its stance in water soluble polymer industry while helping to improve sanitization in some of the debilitated parts of the globe.
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It is quite vivid that the wastewater treatment segment accounts for a major proportion of water soluble polymer market share. In fact, in 2016, as per estimates, water treatment dominated the application spectrum of water soluble polymer industry, covering close to 25% of the overall revenue share, driven by the stringent enforcement of regulations pertaining to water safety. The rising demand for water treatment processes due to effluents released by manufacturing companies is certain to further augment this end-use domain, slated to grow at a CAGR of around 6% over 2017-2024.
Speaking along the same lines, it is noteworthy to mention that the rising number of plastic and aluminum sachets have had a rather hazardous impact on the environment. As per estimates, between 500 billion to 1 trillion plastic bags are consumed across the globe, and merely a few minutes later, most of them end up in the dumpster. Pertaining to the same, three undergrads from the Indian Institute of Technology, Chennai, have brainstormed a printable three thin-layered sachet encompassing starch, PVA, cellophane, and a water-soluble synthetic polymer that is being touted as the best biodegradable solution to plastic. If and when these eco-friendly sachets are sponsored and commercialized, they are likely to have a commendable impact on water soluble polymer market trends.
Besides water treatment, the application spectrum of water soluble polymer industry is inclusive of papermaking, detergents & household products, and petroleum. Numerous companies have been undertaking appreciable efforts to ensure the development of a unique, flexible product portfolio that would have a massive impact on the revenue graph of this business vertical in addition to supporting environmental causes. Endorsed by a favorable regulatory landscape, water soluble polymer market size is likely to be pegged at a valuation exceeding USD 38 billion by the end of the year 2024.
Author Name : Saipriya Iyer
Glass Packaging Market to witness a renewed focus over 2017-2024, product innovations to drive the competitive landscape
Glass Packaging Market has been undergoing a plethora of changes over the recent years with regards to innovations, enhanced branding, and unconventional packaging formats. Glass being 100% recyclable, is one of the most trusted and proven packaging solutions related to health, taste, and sustainability. In fact, statistics claim that glass is the only extensively used food packaging material that have been granted with the highest standard certification, ‘GRAS’ (as a recognized safe material) by the Food and Drug Administration. The impermeable and chemically unreactive characteristics of glass materials is further enhancing the application scope of glass material packaging industry across various domains, pharmaceutical and alcoholic beverages being at the pinnacle. As per a recent market speculation put forward by Global Market Insights, Inc., global glass packaging industry will surpass a valuation of USD 65 billion by the end of 2024, with an estimated CAGR of 4.5% over 2017-2024.
U.S. glass packaging market size, by application, 2013 – 2024 (USD Million)
Worldwide, glass packaging industry is fragmented with leading six companies representing only 30% of the revenue share. In this competitive scenario, it has been observed that industry biggies are adopting mergers and acquisitions and strategic collaborations to sustain their geographical presence. Companies are continuously trying to expand their production capacities by incorporating innovative products that are highly customized. Some of the renowned names in glass packaging market are Saint-Gobain, Owens-Illinois Inc, Gerresheimer AG, Vetropack Holding AG, Hindustan National Glass (HNG), Ardagh Group S.A., Piramal, Stölzle-Oberglas GmbH and Nihon Yamamura Glass Co., Ltd.
Glass packaging market Trends | Pharmaceutical sector
Pharmaceutical sector is one of the most outpacing domains actively driving glass packaging industry commercialization. The prime factor that can be credited for the market proliferation is the unprecedented rate of innovations outlining the business landscape. One such breakthrough is Corning’s revolutionary pharmaceutical glass packaging solution, Valor Glass. As it is proclaimed, Valor Glass offers superior strength, enhanced chemical durability, chemical resistance, assuring better protection of the drugs. Recently Corning and Stevanato Group have entered a strategic partnership focusing on merchandizing Corning’s Valor Glass to the glass packaging market. Another instance of such collaborations which is expected to be a potential boost for the overall industry dynamics from pharmaceutical applications is the business alliance between Merck, Corning, and Pfizer over Valor Glass packaging. Keeping into consideration the chain of positive disruptive trends, it is certain that pharmaceutical sector will contribute a significant portion toward the global glass packaging industry in the coming years, with a projected CAGR of over 4% over 2017-2024.
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Glass packaging market trends | Alcoholic beverage & beer sector
Having acquired a major portion of the glass packaging market share in past years, alcoholic beverage and beer sector emerged to be another profitable domain thriving the business landscape. The rising consumption of beer especially across APAC belt can be primarily attributed for the market revenue. In this regard, it is prudent to note that Asia Pacific almost represented 40% of the glass packaging industry in 2016. Increasing disposable incomes, a significant influence of the westernized lifestyles, and reduced cost of beers across some of the regions have acted in favor of the market growth. In fact, as per statistics, consumption of beer in Mexico and Vietnam have experienced an increase of around 6.5% and 7.5% respectively over the period of 2014-2015. Glass packaging is widely adopted for alcoholic beverages and beers, subject to its sustainability, non-permeability, and negligible chemical reaction rate which allows it to be best fit for long term preservation.
The industry is faced by several challenges, the prime being the rising popularity of plastic packaging which has observed rapid advancements in recent years. The linear growth curve of plastic packaging market can be attributed to some of its adhered benefits like easy transportation, cost effectiveness, durability, and aesthetic features. However, with increasing consumer preference for sustainable packaging materials having a high grade environmental viability, glass packing market is forecast to witness an appreciable growth in the years ahead.
Author Name : Satarupa De
APAC synthetic & bio-based aniline market to carve out a profitable growth path over 2017-2024, China to be a lucrative business avenue
One of the latest trends making inroads in Synthetic & Bio-Based Aniline Market is that of manufacturing biologically derived anilines, pertaining to the ongoing furor regarding environmental safety. Anilines, traditionally manufactured from nitrobenzene, are utilized to develop rubber processing chemicals, dyes & pigments, agrochemicals, and MDI, which are further used in a slew of end-use domains such as the rubber, transportation, automotive, construction, textiles, packaging, consumer goods, agriculture, and adhesive & sealant sectors. Encompassing such a widespread end-use spectrum demands extensive aniline production, which would perceivably result in the growth of synthetic & bio-based aniline market. Riding along the prospective path of sustainability, major companies partaking in synthetic & bio-based aniline market share have been attempting to develop anilines from natural material instead of traditional benzene. One of the key companies that has made it to the headlines for the same is Covestro.
U.S. synthetic & bio-based aniline market size, by application, 2013 – 2024 (USD Million)
Covestro has been deploying aniline as a feedstock for a considerably long while now for manufacturing rigid polyurethane foams that find applications across numerous end-use sectors. Currently, Covestro, following the lines of its contemporaries, has been manufacturing aniline from benzene, however, the synthetic & bio-based aniline industry giant has derived a new aniline development process that uses industrial sugar manufactured from an organic source that does not compete with food. If and when commercialized, this product is likely to bring about a revolution in synthetic & bio-based aniline market. Mobilized by sustainability trends, synthetic and bio-based aniline industry size, it is forecast, will exceed USD 19 billion by 2024.
Consequential instances depicting the magnitude of M&As in synthetic & bio-based aniline industry
- In 2016, the chemical cosmos was ablaze with the news of Chemours Co. selling its aniline facility to Dow. Having been initiated in the last quarter of 2015, The Dow Chemical Company signed a definitive agreement with the well-known synthetic & bio-based aniline market participant, Chemours Co. to purchase its aniline production facility at Beaumont, Texas, for a valuation of approximately USD 140 million. Apparently, the Wilmington-based company had sold the plant as a part of its strategy to divest USD 350 million from its budget by 2017.
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As per the terms of the deal, Chemours is also expected to meet Dow’s additional requirement for aniline by supplying the precursor from its facility at Pascagoula, Mississippi. Selling its Texas plan to Dow has been touted to be a rather well-thought out tactic by the synthetic & bio-based aniline industry giant, since Dow has been Chemours’ biggest aniline customer since decades.
- China has been touted to be the next epicenter for the growth of synthetic & bio-based aniline market. The year 2016 witnessed the China synthetic & bio-based aniline market player, Jilin Connell Chemical Industry Co. selecting Honeywell UOP’s Advanced MTO (methanol-to-olefins) process for deploying coal resources to manufacture propylene and ethylene for plastics. Given the extensive demand for plastics in the packaging sector, it goes without saying that Connell’s collaboration with Honeywell will accelerate the demand for plastic from the packaging sector, which in a way, will indirectly have a marginal effect on synthetic & bio-based aniline industry.
- In 2014, renowned firms partaking in synthetic & bio-based aniline market share including the likes of BASF SE, Shanghai Huayi, Huntsman Corp., SINOPEC, and the Shanghai Chlor-Alkali Chemical Co., Ltd., had planned to construct a new plant that would manufacture close to 240,000 MT (metric tons) of crude diphenylmethane diisocyanate (MDI) on an annual basis at Shanghai Lianheng Isocyanate Co. Ltd., located in Caojing, China. The new plant was expected to commence in the year 2017 and has been designed with an aim to double the capacity of MDI production to 480,000 metric tons/year. This has undeniably propelled synthetic & bio-based aniline industry, given that aniline is extensively used in manufacturing MDI.
One of the key factors that has been forecast to propel synthetic & bio-based aniline market is the establishment of new aniline facilities across myriad geographies. The Ministry of Chemicals and Petrochemicals, for instance, in 2014, had taken Hindustan Organic Chemicals Ltd. (HOCL) under its wing, on a top priority basis, as a part of its public-sector restructuring program. A valuation of close to INR 500 crore had been spent by the government for the same, and a vital part of the project was inclusive of the Rasayani plant that manufactures aniline, nitric acid, and other chemicals. Endowed with government grants and a broad end-use array, synthetic and bio-based aniline industry size has been forecast to depict a CAGR of 6.5% over 2017-2024.
Author Name : Saipriya Iyer
Paperboard Packaging Market to witness substantial gains from cosmetics applications, green packaging trends to drive the future growth prospects
Innovation and technology have been profoundly underlining the paperboard packaging market over the recent years. Lately, paperboard has emerged as the packaging substrate of choice, right from consumers to retailers & supply chain managers to even designers and marketers. Making use of paperboard as a medium of packaging has brought unique graphical and structural design opportunities that stand out in the retail sector. Moreover, the sustainability quotient attached to the paperboard packaging, owing to its recyclability properties, has provided a significant push to the growth of paperboard packaging industry share. As per a report by Global Market Insights, Inc., the global paperboard packaging market is already a massive business with a registered valuation of over USD 130 billion in 2016. The industry analysts further estimate this industry to surpass USD 240 billion by 2024 at a CAGR of 7.5% over the period of 2017-2024.
U.S. Paperboard Packaging Market Size, by Product, 2013 – 2024 (USD Million)
The report also identifies the growth of plastic flexible packaging solutions as one of the major shortcomings faced by the paperboard packaging industry. Plastic is a widely-used packaging option that is highly cost-effective, durable, and easily available. Moreover, the fact that plastics are inherently water resistant and prevent moisture damage further adds to the growth of plastic packaging solutions, in turn impeding the paperboard packaging industry demand. However, stringent regulating norms pertaining to plastic usage and its non-biodegradability are certain to fuel the demand for paperboard packaging in the ensuing years. Increasing consumer awareness regarding the environmental concerns over the use of non-biodegradable materials have further prompted them to opt for environment friendly packaging solutions. Rising consumer preference for sustainable packaging techniques and recyclability of paper and paperboard packaging can be listed as the key elements fueling the growth of paperboard packaging industry.
Speaking of the growing focus on sustainability and convenience, paperboard packaging market players are developing flexible options designed to meet the consumer needs, particularly in the cosmetics, food & beverages, and pharmaceutical industries. Paperboard has majorly replaced plastic packing in the cosmetics industry with branding strategy playing a vital role in product sales. Of late, packaging for products like cosmetics, mobile phones, online goods are all about enhancing customer experience, establishing a solid interaction between the product, brand, and the consumers. Attractive paperboard designs and stylish packaging with biodegradable materials have thus prompted various industry manufacturers to adopt these products in implementation of marketing strategies, indeed propelling paperboard packaging industry share.
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Sustainable packaging trend to majorly drive paperboard packaging industry growth
The pressing need for higher productivity in packaging industry coupled with the growing consumer base demanding eco-friendly and biodegradable products are prominently impacting paperboard packaging market dynamics. A significant rise in the purchase parity of consumers is also a major factor supporting the go-green notion. In fact, a sizable proportion of the consumers are willing to pay a premium for sustainable products. In the mature markets, many consumer brands have approached this trend by redesigning their products in order to reduce the proportion of packaging materials. For instance, Kleenex reduced its tissue boxes packaging material by 30%, while Kimberley-Clark reduced their corrugated board packaging usage by 55% for some product lines.
Coca-Cola, a leading beverage industry player, has further launched a prototype called PlantBottle that is manufactured from 100% bio-based raw material. In addition to this, taking part into this sustainability move, McDonald’s has recently announced that its packaging for the European region is 100% from sustainable sources such as paper, paperboards, and wood fiber. These developments are overt to carve out a rather lucrative roadmap for paperboard packaging market in the coming years.
Several paperboard packaging industry players along with paper mills have also responded to the lightweight paperboard trend. Advancements in packaging technology have encouraged these product manufacturers to achieve comparable compression strength and printability at lower grammage. This is likely to reduce the higher costs of paperboard as light weight means less shipping and storage costs. This trend will indeed escalate the product demand, enhancing the overall profitability quotient of this industry. Some of the renowned players defining the competitive hierarchy of paperboard packaging market include Southern Champion Tray, International Paper Company, Outlook Group LLC, Rock-Tenn Company, Nippon Paper Industries, and Shandong Bohui Paper Industry Co Ltd.
Author Name : Ojaswita Kutepatil