DUBAI, U.A.E/PRNewswire/ -- Increasing demand for sustainable packaging solution within food & beverage industry is bolstering the demand of composite paper cans, opines ESOMAR-certified consulting firm Future Market Insights. The global composite paper cans market is forecast to exhibit growth at over 4.8% CAGR during 2021-2031.
Increasing investment by leading manufacturers in research & development activities to curb the plastic usage is fueling the growth of composite paper cans market. Also, preference for bio-degradable materials among end-users have furthered the adoption of composite paper cans.
Rising application of composite paper cans in diverse end-use applications such as retail packaging, beverage packaging, and in aerospace products is improving the demand. Benefits such as durability, longer shelf life and recyclable paper fibers are fostering the sales.
Implementation of stringent regulatory policies across various countries on the use of plastic is acting as a major driver of the demand. This trend is visible in countries such as India, the U.S., Germany, and China. Stringent regulations aimed at curbing plastic use in these countries will encourage composite paper cans sales.
Also, expansion of food & beverage industry through online platforms has enabled the production of composite paper cans across the U.S., India, and the U.K. Surging demand for takeaway food, frozen items, and on-the-go beverages have bolstered the demand of composite paper cans.
"Growing concerns regarding environmental damage have pushed consumers towards adoption of eco-friendly packaging solutions. Hence, manufacturers have increased the production of composite paper cans to keep pace with evolving consumer preferences," says the FMI analyst.
Key Takeaways from FMI's Composite paper cans Market Study
Over 54% of composite paper cans sales concentrates in food & beverage industry
In terms of closure type, caps are anticipated to be the leading segment, exhibiting a CAGR of over 4.7% through 2031
Lids segment is anticipated to emerge as a lucrative segment after caps, on the back of surging demand within food & beverage industry
Spiral winding is the most preferred production type and is estimated to register over 46% of composite paper cans sales
Composite paper cans with a diameter of 50 mm to 100 mm is mostly preferred among the end-users
Germany will spearhead the Europe's composite paper cans market, accounting for a share of 15% by 2031-end
China's composite paper cans market to exhibit stellar growth on the back of rising sales in the food & beverage industry
The U.S. will lead the composite paper cans market, registering over 60% sales in North America
Sustainability concerns in India have compelled the manufacturers to increase composite paper cans production, widening growth opportunities for market players
Increasing focus on providing sustainable solutions to meet the consumer demand have increased the production of composite paper cans, facilitating the manufacturers with remunerative growth opportunities over the coming years.
In March 2019, A&R Carton, a key market player, announced the launch of small sized sustainable boardio composite cans to meet the requirements of the customers and curb the use of plastic.
Some of the key players operating in composite paper cans market profiled by Future Market Insights include:
Smurfit Kappa Group Plc
Mondi Group Plc
Sonoco Products Company
Ace Paper Tube Corp
Irwin Packaging Pty Ltd
Paper Tubes And Sales(PTS) Manufacturing
Canfab Packaging Inc.
Bharath Paper Conversions
More Insights on the Global Composite Paper Cans Market
In its latest report, FMI provides a detailed segmentation on the global composite paper cans market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
Less than 50 mm
50 mm to 100 mm
Above 100 mm
Food and beverages
Personal & Cosmetics
Middle East and Africa (MEA)
Key Questions Covered in the Report
Source : ZAWYA
How will the market for composite paper cans expand through 2031?
Which top manufacturing companies are leading the global composite paper cans market?
What are the key drivers and trends that will stimulate the composite paper cans sales?
What are the challenges that will affect the sales of composite paper cans market?
Which region will remain the most lucrative throughout the forecast period?
What is the impact of Covid-19 on composite paper cans market?
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