Major companies in the converted paper product market include Georgia-Pacific Corporation; International Paper Company; Kimberly Clark Corporation; Tetra Laval Group and Svenska Cellulosa Aktiebolaget.
New York, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Converted Paper Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009728/?utm_source=GNW
The global converted paper products market is expected to grow from $483.92 billion in 2020 to $510.37 billion in 2021 at a compound annual growth rate (CAGR) of 5.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $632.43 billion in 2025 at a CAGR of 6%.
The converted paper product market consists of sales of converted paper products by entities (organizations, sole traders and partnerships) that produce converted paper products from other paper and paper board products. The converted paper products include paperboard and corrugated boxes, paper bags, stationery, sanitary paper products, and other products (crepe paper, die-cut paper for non-office use, and molded pulp products). The converted paper product market is segmented into paperboard containers; paper bag and coated and treated paper; sanitary paper products; stationery products and all other converted paper products.
Asia Pacific was the largest region in the global converted paper products market, accounting for 34% of the market in 2020. North America was the second largest region accounting for 27% of the global converted paper products market. Africa was the smallest region in the global converted paper products market.
The paper industry has been shifting from labour intensive manufacturing processes to automated production facilities. Automation has enabled converted paper product companies to enhance productivity and reduce production costs. These technologies are also saving energy cost. Control systems such as integrated drive systems (IDS) are improving plant efficiency by minimizing energy consumption and simplifying service and maintenance processes. For instance, Swedish company Stora Enso partnered with Siemens to automate its Skoghall facility.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the converted paper products manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the converted paper products manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy
Increasing demand for online shopping is expected to help the converted paper products manufacturing market grow. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the converted paper products manufacturing market. In countries such as India, for instance, e-commerce portals have boosted the sales of paper products manufacturers by giving larger exposure to producers who were confined to one geography where their respective community was located.
Read the full report: https://www.reportlinker.com/p06009728/?utm_source=GNW
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