A recent report by Transparency Market Research on global Sack Kraft paper market states that the market is expected to witness a consistent growth during 2016 to 2024. Moreover rising application of Sack Kraft papers in industries such as food and beverages to reduce the use of non-biodegradable products such as plastic is also expected to propel growth of the global Sack Kraft paper market. Further, booming cement industry in Asia Pacific and Middle East and Africa has also augmented the demand for Sack Kraft paper.
- Market is Expected to Generate the US$ 10.5 Bn
According to the report, the global Sack Kraft paper market is expected to grow at 2.6% CAGR during the forecast period. This growth of the market is attributed to demand for Sack Kraft papers in various industrial verticals which are providing lucrative openings to the players.
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Analyzing the opportunities, the experts at Transparency Market Research predicts that the market is expected to generate the revenue of US$ 10.5 Bn during the forecast period. Also, the historical analysis of the global Sack Kraft paper market by the experts states that the market stood at US$ 8.4 Bn during 2015. This implies that the market has an incremental potential of US$ 2.1 Bn during the forecast period.
- New Players with innovative Products to Kindle Stiff Competition
The global Sack Kraft paper market has a highly competitive scenario. This is because there are various players that are currently operating in the market. Above that as a result of lucrative opportunities, new players are entering into the market which is further intensifying the competition.
However, there are only handful of players that dominate market. This makes the global Sack Kraft paper market moderately consolidated.. These players are implementing various strategies such as mergers and partnerships that can help maintain their dominance in the market by providing them the leverage over their rivals.
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For instance, in June 2018 Mondi got recognition in global Sack Kraft paper market as a result of its innovative packaging for e-commerce. The company’s MailerBAG is made from Sack Kraft paper and has replaced the traditional non-recyclable plastic bags. The packaging received Eurosac Grand Prix at the 2018 Euro Science Congress in Malta.
- Europe to Exhibit Maximum Growth Potential
In terms of region, Europe is expected to exhibit maximum growth potential for the players of global Sack Kraft paper market owing to the rising demand in food and beverages industry. Moreover, various initiatives in countries like Germany to produce more eco-friendly packaging materials, European region is expected to dominate the global Sack Kraft paper market during the forecast period of 2016 to 2024.