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According to a new report from Transparency Market Research, the global paper packaging market has been growing at a 4.4 percent CAGR since 2013 and will reach $344.43 billion by 2019. The report sees that plastic bag bans and increasing awareness of sustainability will drive the demand for paper packaging.
According to the report, paper is the largest material type in the packaging market. In recent years, the paper packaging market has suffered due to factors such as raw material prices, energy costs and a slow global economy. However, more companies have been attempting to circumvent these issues by developing sustainable materials that can be recycled and/or reused.
The report notes that the economic and eco-friendly paper packaging material industry segment is growing due to consumer awareness of ecological issues, as well as growing demand for paper-based flexible packaging materials. The report lists several uses for this specific type of material, including bracing, cushioning and blocking in certain product categories, including health and beauty, food and beverage, pharmaceuticals and pet food.
The report divides paper packaging into product segments, including liquid packaging cartons, folding boxes and corrugated cases. Although the report states liquid packaging cartons held over 40 percent of the market share in 2012, it expects the corrugated cases segment to catch up by 2019. The report also expects carton and folding box segments to see significant growth as the demand for decorative bulk packaging grows.