April 24, 2024
Converting paper Market

Converting paper market witnessing strong growth through renewable trends

Converting paper is used to manufacture a variety of paper products including cardboard, notebooks, stationary items, gift wrapping paper and others. The lightweight, durable and renewable nature of converting paper makes it preferable for various paper packaging and stationery applications. The demand for e-commerce and home delivery services has contributed significantly to the growth of converting paper market. Growth in packaging, stationary and paperboard industries along with rising environmental concerns are major drivers for converting paper market.

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.

Key Takeaways
Key players operating in the converting paper market are GlaxoSmithKline plc, Pfizer Inc., Merck & Co. Inc., Sanofi Pasteur SA, Johnson & Johnson, Serum Institute of India Pvt. Ltd., Bharat Biotech International Limited, Biological E. Limited, Astellas Pharma Inc., Seqirus (CSL Limited), Mitsubishi Tanabe Pharma Corporation, Novavax Inc., Bavarian Nordic, Emergent BioSolutions Inc., Valneva SE.

The growing demand for converting paper from packaging industry is a major growth driver for this market. Higher demand for paper packaging from food & beverages, personal care, pharmaceutical and other industries is fueling the growth of converting paper market. Rapid growth of e-commerce is also contributing to increased demand for paper packaging.

Geographically, the global Converting Paper Market size is expanding with major paper producing regions tapping into opportunities across new markets. Leading players are focusing on capacity expansion plans and global partnerships to strengthen their international presence. South East Asia, Middle East, and Africa are emerging as high growth regions for converting paper market.

Market key trends
Renewable and eco-friendly nature of converting paper makes it preferable for various industries looking to replace plastic with sustainable packaging solutions. Strict regulations banning single use plastics are expected to further boost the demand for converting paper products over the forecast period. Manufacturers are focusing on development of customized products made from recycled and FSC certified papers to capitalize on sustainability trends in the packaging industry.

Porter’s Analysis
Threat of new entrants: Low economies of scale and high capital costs discourage new players from entering the market.

Bargaining power of buyers: Buyers have low bargaining power as products are differentiated and industry is consolidated.

Bargaining power of suppliers: Suppliers have moderate power as inputs like paper pulp and chemicals are commoditized but relationship-based.

Threat of new substitutes: Competition from digital media is a threat but paper still enjoys loyal demand in certain applications.

Competitive rivalry: Intense competition owing to large number of regional and multinational firms vying for market share.

Geographical Regions
North America dominates the converting paper market in terms of value owing to large paper packaging and printing industry in the US and Canada.

Asia Pacific is the fastest growing region for converting paper market driven by growth in e-commerce, packaging and printing industries in China, India and Southeast Asian countries amid rising income levels and population.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it