Commercial forces are expected to cause the expansion of the global specialty paper market at a 5.7% CAGR during the forecast period (2017 to 2023), reveals Market Research Future (MRFR). The “Specialty Papers Market” report, suggests that owing to the increase in demand for packaging, labeling, and promotional activities among others are expected to cause the worldwide specialty paper market to value at USD 28.73 billion by 2023. The growing need for sustainable packaging and an increase in support from governments across the globe for the adoption of specialty paper for sustainable packs are factors that are anticipated to spur the global market growth. The on-going trend of plastic-to-paper for packaging is boosting the need for specialty papers that is likely to promote the worldwide specialty paper market growth.
The global market of specialty papers is assessed by a segmentation study to identify growth scopes of the market. The market is assessed by raw material, application, and type. The application-based segments of the specialty paper market are; industrial, building & construction, printing & writing, packaging & labeling, and others. The expansion of the global population base and fast-growing industries are responsible for the growing need for building construction. Hence, the building & construction segment, followed by the industrial segment is expected to contribute to the health of the market. Raw materials-based market segments are; fillers & binders, additives, pulp, and others. The ease of procuring raw materials and the availability of necessary equipment for the fabrication of specialty papers are factors that can cause the market to gain momentum in the near future. The type-based segments of the market are; flexible packaging papers, décor paper, printing paper, release liner paper, masking tape, and others. Growing demand for a luxurious living space is gaining traction for décor paper. This is expected to spur the global specialty paper market.
The growing need for specialty papers in the food and beverage industry is identified as a major factor for the specialty paper market in Europe to surge. Europe is expected to mint high revenue in years to come because specialty paper in the F&B industry in Europe is used as a brilliant method for improving the packaging of food to attract customers and in promotion and advertisements. In Asia Pacific, the fast-growing food and beverage, and construction industry are surging the need for specialty papers. It is expected to boost the regional market growth in the review period. In North America, an increase in packaging and labeling requirements is increasing the need for specialty papers, which is anticipated to impel the North America market.
MRFR listed prominent specialty papers suppliers. They are; Domtar Corporation (Canada), Nippon Paper Group, Inc. (Japan), Sappi Limited. (South Africa), Mondi Plc (Austria), Munksjo Corporation (Sweden), Stora Enso Oyj (Finland), International Paper Company (U.S.), Kanzaki Specialty Papers Inc. (U.S.), Griff Paper and Film (U.S.)., and Griff Paper and Film (U.S.). Key players are making strategic moves to generate high turnover for the market. Their adoption of rational growth plans is expected to favor the global specialty paper market.
Key players are making efforts to enhance their product portfolio and improve its customer service. This is likely to benefit the global specialty papers market. Feldmuehle, a Germany-based coated paper specialist, appointed Peter Čechal as a new member of its sales team. Peter Čechal, having 25 years of solid experience in the label and specialty paper industry could significantly contribute to the company, as Feldmuehle aims to launch new and recycled products and process requests of customers faster.