Converting paper refers to paper or paperboard sheets used for different conversion processes such as packaging or label manufacturing. Paper converting involves cutting, folding and packaging papers delivered by the paper mill. Paper converters transform paper reams or jumbo rolls of paper into various items like folding cartons, food packaging boxes, labels and more. Converting paper helps extend the product shelf life and provides tamper evidence features. These papers also enhance the brand appeal and curb product counterfeiting.
Market key trends:
Sustainable packaging is one of the major trends in the converting paper market. Customers are increasingly concerned about the environment and prefer eco-friendly packaging. Paper being a renewable resource and easily recyclable satisfies the sustainability criteria. Paper converters are focusing on manufacturing lightweight papers that require less material for production and transportation which further reduces energy consumption and carbon footprint. They are also incorporating recycled content in papers to support circular economy. Major brands are partnering with paper converters to replace plastics with sustainable paper-based packaging solutions. This shift towards sustainable materials is expected to drive substantial growth in the converting paper market over the forecast period.
Segment Analysis
The global converting paper market is dominated by the graphic paper segment. Graphic paper accounts for over 60% of total market share owing to high demand from print media sector. Newsprint accounts for another 15% share due to its use in newspapers printing industry. The demand for graphic paper and newsprint is expected to remain high during the forecast period due to growth in print media industry across developing economies of Asia Pacific and Latin America.
Key Takeaways
Global Converting Paper Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global converting paper market is estimated to be valued at US$ 498.41 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
Regional analysis suggests that Asia Pacific region currently dominates the market with over 35% share driven by growth in publishing and print media industry in China and India. The region is projected to maintain its dominance during the forecast period on back of rapid urbanization, increasing literacy rate and economic growth in countries like India and Indonesia.
Key players operating in the converting paper market are GlaxoSmithKline, Novartis, Merck, Pfizer, Sanofi, Eli Lilly, Roche, AstraZeneca, Takeda and AbbVie. Increasing collaborations between pharmaceutical companies and research organizations for developing new and advanced treatment therapies will further aid market growth during the forecast period.
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