Rise in focus on sustainability and high demand for eco-friendly packaging across the globe are prominent factors that are fuelling the sales of speciality papers. Also, factors such as rise in disposable income, significant investments in product innovation and development, growing availability of novel specialty paper products are anticipated to boost market growth.
Transformations in packaging and equipment mechanisms along with high growth of packaging market is expected to boost the adoption of speciality papers. Also, the demand for packaging and labelling of delivery goods has drastically improved in the last few years, thus propelling the surge in home delivery services and rapid adoption of specialty papers for takeaway products. Also, the surge in consumption of packaged food products is also expected to further boost the demand for speciality papers.
Rise in urbanization in Asia Pacific countries is expected to support the growth of specialty papers market
Rising infrastructure development activity in various countries in Asia Pacific are expected to contribute to the growth of the market. Also, changing standard of living and rising per capita disposable income has led to rise in higher spending on interiors and luxury furniture in many Asian countries. Matte specialty papers and white specialty papers are projected to witness high demand in the APAC region through 2033.
Also, surge in the growth of building and construction industry in developed and developing countries have also boosted the adoption of speciality papers in the market. For instance, masking tapes are widely used for marking, designing, painting form a crucial part of the vital construction supplies, which are made using specialty papers.
Fluctuating raw material process and high costs of finished products are expected to act as a restraint to the market growth
Market is restricted due to high availability of low-cost plastic alternatives. Moreover, manufacturers are also shifting towards toward low-cost recycled fibre to produce affordable products that have a demand in various industries. Besides this, fluctuating raw material prices are also expected to act as a restraint to the growth of the market.
Significant presence of speciality paper suppliers in Europe are expected to offer lucrative opportunities
Strong presence of prime specialty paper suppliers in Europe are expected to offer lucrative opportunity. For instance, Germany is the topmost country that leads speciality paper demand in the region and is expected to offer a lucrative opportunity in coming years. Also, another common trend driving the growth of the market high demand for specialty papers in the building and construction industry is expected to boost investments in interior decoration.
Décor and Kraft Paper expected to account for a substantial share of the market
Rise in popularity of DIY (Do it yourself) trends and high adoption of décor and kraft papers in home interiors to enhance the looks of furniture, wall, lamps is expected to boost the adoption of décor and kraft paper. Other factors such as rise in consumer awareness about the bad environmental impact of paints are the factors anticipated to boost the popularity of the products in the market.
Key market players are focusing on R&D to innovate diverse variants of specialty papers. These ongoing innovations are expected to offer lucrative growth opportunities for the specialty paper market during the forecast period. For instance:
- Recently, The Paperboards and Speciality Papers Business of ITC had implemented various projects across key business areas and is expected to leverage industry 4.0 technologies to enhance productivity and achieve cost efficiencies.
- In May 2021, UPM Specialty Paper had announced that it has expanded its sustainable and recyclable packaging papers portfolio with launch of UPM Asendo Pro, an advanced fibre-based barrier paper.
- The product is a cost-effective, safe to use, and durable recyclable barrier paper that caters to the growing packaging requirements and supports companies to reach their sustainability goals while simultaneously complying with the regulatory demands.