Growing focus on sustainability and rising demand for eco-friendly packaging across the world are prominent prospects that are propelling sales of specialty papers. The growing e-commerce industry, increasing disposable income, rising investments in product innovation and development, flourishing food service businesses, bans on the use of plastic products, and the growing availability of novel specialty paper products are other factors that are anticipated to bolster market growth in the future.
“Growing Investments in Packaging Industry to Drive Specialty Paper Demand”
The world is riding the sustainability trend and the U.S. has also jumped onto the bandwagon as the government in the country takes initiatives to reduce plastic waste and pollution. Bans on plastic use for packaging have led to heightened demand for paper packaging solutions and this is expected to be a prominent driver for market growth in the United States over the coming years.
Competitive Landscape
Key specialty paper manufacturers are focusing on launching new specialty papers for several applications in hopes of increasing their sales potential and business scope.
- In June 2022, UPM Specialty Papers, a leading provider of specialty papers announced the launch of its new specialty paper. UPM Solide Lucent is a compostable and recyclable high-barrier, fiber-based kraft paper that is apt to be used as lamination for manufacturing bags, wraps, and single-packs along with being used as a coating base as well.
- In March 2022, LINTEC, a renowned producer of paper and adhesive products announced the launch of its newly developed writable specialty paper. The new paper is writable with a soft texture to create an excellent writing touch and is slightly transparent in nature as well.
- In January 2021, Sona Papers, a private company based in India announced the launch of a new range of specialty papers that consisted of around 72 products. The new range was launched in collaboration with Neenah, a company based in the U.S., and focused on changing the premium paper market.
The presence of major packaging companies, high consumer spending potential, supportive initiatives by the government to promote paper packaging, the presence of key food manufacturing facilities, and the rising availability of specialty papers are other prospects that alter the demand for specialty papers in the country. Sales of specialty papers in the U.S. are projected to account for more than 80% share in the North American region by the end of 2033.
These insights are based on a report on Specialty Papers Market by Fact.MR.