The global sack kraft paper market depicts the presence of a highly competitive and dispersed vendor landscape, says Transparency Market Research on the basis of a newly published report. Such an intense level of competition mainly exists due to a high number of players present in the global sack kraft paper market, fighting for occupying the maximum shares. When it comes to competitive strategies, developing paper materials than can resist external degrading forces is a key path taken by most players in the global sack kraft paper market. This is mainly due to the fact that sack kraft papers are mainly used in the form of packaging solutions.
As sack kraft papers can be made with ease using existing technologies, even smaller players get the opportunity to showcase expansion in due time. Some of the prominent players operating in the global sack kraft paper market are Smurfit Kappa, Mondi Group, KapStone Paper, and Nordic Paper, among several others. With increasing number of players in the global sack kraft market, the competition is expected to highly intensify in the near future.
According to expert analysts, the global sack kraft paper market is expected to gain revenue worth US$10.5 bn until 2024. Initially, the market was worth US$8.4 bn in 2015. This growth is expected to occur at a steady CAGR of 2.6% during the forecast period ranging from 2015 to 2024.
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The sack kraft paper market is divided into various domains under different parameters such as type, grade, end use industry, and region. Experts have pointed out that under end-use industry, animal feed and pet food segments have held large shares in the global sack kraft paper market. This is mainly due to the fact that sack kraft paper has specific characteristics that makes it suitable for use to pack animal and pet food products. Region-wise, Asia Pacific depicts highest usage of sack kraft paper, mainly due to high availability of low-cost raw materials needed to make the products.
Sack kraft papers are majorly used in the packaging sector, mainly to pack foods and other perishable products. With the demand for such products rapidly increasing thanks to an explosion in population all over the world, the global sack kraft paper market showcases a rapid growth in recent times. Moreover, with rising demand for eco-friendly packaging materials due to increasing concerns regarding effects of non-biodegradable waste on the environment, the utilization of kraft paper is rampantly increasing. This is mainly due to the fact that a surge in deployment of biodegradable sack kraft paper is occurring since the past few years. This is significantly contributing towards the global sack kraft paper market’s growth.