February 21, 2024
Converting Paper Market

Converting Paper Market Estimated to Reach US$ 498.41 Mn by 2024 Propelled by Growth in Packaging Industry

Converting paper is a kind of specialty paper that is commonly used for flexible packaging applications like pouches, bags, labels, and wrapping paper. It offers advantages like excellent printability, foldability and resilience at affordable costs. The growth in food and beverage packaging along with e-commerce fulfillment needs have increased the demand for converting paper worldwide.

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, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growth in Packaging Industry
The packaging industry has seen significant growth with the boom in the e-commerce sector demanding more converting paper for secondary packaging of products. Expanding middle-class in emerging nations has also augmented consumption of packaged food and beverages using flexible paper packaging. Various converting paper producers are leveraging this key trend by developing sustainable paper packaging solutions to capture the opportunities in the packaging marketplace.

SWOT Analysis
Strength: Converting paper offers enhanced print ability and has good strength which makes it suitable for packaging and labeling applications. It provides good surface finish for printing.
Weakness: Preference for digital media over paper-based media can hamper the demand. Converting paper has limited recyclability which is an environmental concern.
Opportunity: Growing e-commerce industry is expected to drive the packaging paper market which will benefit the converting paper market. Increase in infrastructure development activities will augment the demand for converting paper in construction industry.
Threats: Stringent environmental regulations around paper production can increase the production cost. Availability of substitute materials like plastics for packaging pose competition to converting paper.

Key Takeaways

Global Converting Paper Market Size is expected to witness high growth over the forecast period supported by strong demand from end use industries. Packaging and labeling application segments dominate the 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.

Regional analysis –

Asia Pacific dominates the global converting paper market currently and is expected to remain the fastest growing region during the forecast period. This can be attributed to presence of manufacturing bases and growing e-commerce industry in countries like China and India.

Key players –

Key players operating in the converting paper market are GlaxoSmithKline, Novartis, Merck, AbbVie, Sanofi, Pfizer, Roche, Eli Lilly. These players focus on innovation and capacity expansion to gain a competitive edge in the market. For instance, GSK launched a new range of greener packaging materials made from recycled paper for select products.

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