Specialty Papers Market was expected to project at a volume of USD 15,825.40 million by 2030 and at a CAGR value of 5.40% during the period of 2023-2030, which is the assessment period.
Top Drivers and Primary Barriers
Specialty papers are in great demand across multiple industries, given the benefits they offer, including lower weight, high resistance to contamination, better performance, boosting the shelf life of the product and facilitating seamless handling during transportation. An expansive application range such as bags, pouches, paper based flexible packaging and wrapping is considered to be a chief growth booster in the specialty papers market. The market is concentrated with established companies and observes the introduction of the latest technologies, which helps it grow significantly across the globe. However, the recent outbreak of COVID-19 has led to economic downfall, proving to be worrisome for the leading participants in the specialty papers market. Therefore, a number of players are vying to explore areas that can work in their favor and also help them curb revenue loss, with one of them being the effective strategy of mergers and acquisitions.
The rising use of electronic labels such as NFC technology and QR code for facilitating security and anti-counterfeit by authentication is also pushing the uptake of specialty papers. These types of applications are gaining favor among brand owners as well as merchants, as the need to protect against counterfeit goods is quite high. Also, with the rising utilization of mobile applications, consumers are able to take a quick scan of the label to identify genuine goods. These labels are made out of specialty paper, which works in favor of the global market.
The growing prevalence of online shopping across developed and emerging regions can also induce prominent market growth in the years ahead. Moreover, the soaring demand for specialty paper in the food beverages industry can also positively influence the market during the evaluation period.
The specialty papers industry has been dissected on the basis of segments like application, raw material, and type.
The application-wise segmentation of the market comprises industrial, building construction, printing writing, packaging labeling, and others.
The raw materials outlined in the market study are pulp, fillers binders, additives, and others.
The types of specialty papers are release liner paper, flexible packaging papers, décor paper, printing paper, masking tape, and others.
The regional segregation of the market for specialty papers consists of North America, Asia Pacific or APAC, Europe, and the rest of the world or RoW.
Europe has taken the lead in the global market for specialty papers, largely owing to the thriving food beverages sector in the region. The region is a significant contributor to the worldwide market revenue, dominated by countries like Germany, France, the United Kingdom (UK), and Spain. The top trend prevalent in the regional market is the growing focus on sustainable development of specialty paper like lightweight and special performance coating and water-based barrier coating. More and more companies in the region are into research and development activities to enhance the quality of specialty paper, which helps draw in higher number of consumers.
Over the next few years, the APAC market can likely attain the fastest growth pace, with the lead taken by countries such as India, Japan and China. The flourishing online shopping industry along with the strong presence of paper processing framework benefits the regional market. The rapidly prospering economy of several countries within the region also induces market growth.
The North American market is a strong contender, given the well-established industrial sector and the presence of highly developed nations like the United States of America (USA) as well as Canada. The busy lifestyles of the people and the expanding aging population help boost the demand for specialty paper in packaging, medical and food service applications. In addition, the favorable financial conditions in the region also work wonders for the specialty papers market in the region.
Leading market players identified in the market study are Robert Wilson Paper Corporation (USA), Domtar Corporation (Canada), Nippon Paper Group, Inc. (Japan), Kanzaki Specialty Papers Inc. (USA), Griff Paper and Film (USA), Sappi Limited (South Africa), Munksjo Corporation (Sweden), Mondi Plc (Austria), International Paper Company (USA), Stora Enso Oyj (Finland), to name a few.
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