Specialty Papers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Posted May 4, 2021 by statzyreports

The specialty papers market is expected to register a CAGR of 6.8% over the forecast period 2021 to 2026.

Specialty paper provides enhanced moisture retention, pH levels, and hygiene which makes it suitable as a packaging material in sectors such as food and beverage, lifestyle, and cosmetics. Also, rising disposable incomes have increased the demand for high-quality packaging material, thereby boosting the market growth.

- Apart from this, busy lifestyles have increased the consumption of instant tea premix sachets which are made from specialty paper. Further, specialty paper is used in the production of masking tapes which are used to mask off walls and doorframes. Growth in the construction industry, especially in the emerging regions, has also stimulated the demand for masking tape, in turn, driving the market growth.

- Sustainable improvement in specialty paper such as water-based barrier coating and lightweight and special performance coating is on the rise due to constant research and development in the enhancement of specialty paper. Likewise, high-performance composites, biodegradability, and nano-materials are poised to give rise to new markets in the foreseeable future and will continue to boost global market growth.

- The market is gaining traction owing to its rising applications in the e-commerce activities such as packaging, storing, and transportation. Other basic applications of specialty papers other than packaging high-end products include printing invitations and decoration purposes. These products are either produced individually or converted into specialty form by applying pulp chemicals and are expected to grow over the forecast period.

- The growing usage of latest design, colors, and materials in home decor is driving the demand for new and advanced décor papers. Owing to its convenience, strength, and less impact on the environment, kraft paper is witnessing growing demand for wrapping, sacks, and pouches to handle goods.

- Moreover, the availability of customizable speciality paper products with specific properties according to end-user preference is an advantage driving the global speciality paper market. However, carbon emissions resulting from the paper manufacturing processes, coupled with deforestation, is projected to be a strong disadvantage of specialty papers, in turn hindering their market growth.

- With the recent outbreak of COVID-19, the speciality papers manufacturer are facing supply chain disruption along with decreasing manufacturing at the site in many parts of the world. However , Governments across the globe have deemed food-related businesses essential, owing to which the demand for packaging from specialty papers is expected to be steady during the period .

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Key Market Trends

Food Service Industry is Expected to hold Significant Share

- With the increasing disposable income and hectic lifestyles of the urban population, the demand for packaged food products is increasing significantly. As specialty paper is extensively used in the foodservice segment for packaging takeout products, the increasing consumption of packaged food products is driving the demand for specialty paper. For instance, Just Eat PLC in the United Kingdom reported that the household expenditure on takeaways is expected to reach GBP 11.2 billion by 2021.

- In Foodservice industry specialty papers are increasingly being used for carryout boxes, carryout bags, paper tubes, paper plates, and cups, and more as they provide good barrier performance, high wet strength, excellent flexibility, print-ability, and increases the shelf life of a product and also enables seamless transportation handling.

- Also, packaging and labeling have become differentiating factors for potential customers in the industry. Therefore, manufacturers and marketers are constantly innovating and improving their packaging and labeling solutions to attract potential buyers. This is further expected to boost the market growth for specialty papers in the foodservice industry.

- Moreover, the rising need for food safety and providing convenience to the consumers, are influencing players in the industry to come up with product developments that enable them to cater to the rising need.

- For instance, in July 2019, Ahlstrom-Munksjö launched ParaFree Wax Alternative Papers that are paraffin wax-free, reducing the dependency on petroleum-based ingredients. With the reduction of the wax, the basic weight of the end-use product is reduced, decreasing overall material use and having a positive environmental impact on the supply chain footprint.

North America is Expected to hold the Largest Share

- The North America specialty paper market reached a volume of 9.24 Million Metric Tons in 2019 and is expected to hold the largest market share.

- The rising trend for on-the-go eating coupled with the rise of the foodservice industry in the region is some of the prominent factors that are expected to fuel the adoption of specialty papers in the region over the forecast period. According to Home Chef, Americans spend an incredible USD 70,000 on takeout and delivery in their lifetime.

- The market players are also witnessing strategic acquisitions as a lucrative opportunity to expand its market presence in the region. In February 2020, Pixelle Specialty Solutions completed its acquisition of specialty papers mills from Verso Corporation. In a move that allowed the company to extend its production capacity to one million tons annually.

- The region also is witnessing an increased output from the quick-service restaurant (QSR). This is expected to fuel market growth over the forecast period. For instance, according to the International Franchise Association, the Output of the quick-service restaurant (QSR) franchise industry in the United States reached USD 255.53 billion.

- Such instances are indicative of the fact that the market in the region is poised to grow over the forecast period.

Competitive Landscape

The specialty papers market is highly competitive in nature. The players in the specialty papers market are focusing on recyclability and sustainability to widen their consumer base. Product differentiation along with quality enhancement is a key focus area of key players in the specialty papers market. Some of the key developments in the market are:

- In April 2020 - Nippon Paper Industries and its wholly-owned subsidiary, Paper Australia Pty Ltd, announced the completion of the purchase of Orora Limited's paperboard and fiber-based packaging business in Australia/New Zealand. Through the acquisition of the Business, Nippon Paper Group will be entering the integrated corrugated paperboard manufacturing business in the Oceania region.

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Issued By Statzy Market Research
Country India
Categories Miscellaneous
Tags Specialty Papers Market , Specialty Papers Market share , Specialty Papers Market size , Specialty Papers Market forecast
Last Updated May 4, 2021