The saturating kraft paper market is expected to witness a steady growth in the upcoming years, owing to the consistent demand from household and industrial sectors. While the sales of ready to assemble furniture continue to grow worldwide, the construction sector, particularly in developed regions, including the Asia Pacific, are projected to grow at an impressive pace in the forthcoming years, as governments continue to invest resources in infrastructural development programs and projects. In addition, the retail and e-Commerce sectors over the past decade have flourished over the past decade, which, in turn, is likely to augment the saturating kraft paper market during the forecast period.
The consumer demand for improved product quality in the furniture sector is a major factor that is expected to propel the growth of the saturating kraft paper market. In addition, the soaring demand for the asphalt-saturated kraft papers for siding applications, and application in the construction sector is another factor that is likely to propel the saturating kraft paper market. While asphalt-grade saturating kraft papers are used in the construction sector, resin-saturated kraft papers are increasingly being used in the furniture sector. At the back of these factors and widening applications of saturated kraft paper in various industries, the global saturating kraft paper market is expected to attain a market value of ~US$ 2 Bn by the end of 2027.
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Market Growth Hinges on Demand from Furniture and Retail Sectors
The demand for saturating kraft paper is on the rise, particularly from the ready-to-assemble furniture and the construction sector. Moreover, as the demand continues to ascend, players in the saturating kraft paper market are primarily focusing on improving the quality and functional properties of their products. In recent years, water-repellent saturating kraft papers have gained a great amount of popularity due to the anti-moisture properties. Water-repellent saturating kraft papers have emerged as an ideal solution for lining maritime creates made from wood and wrapping different export-grade components, including automobile parts, engines, and industrial machined parts.
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Market players are primarily focusing on improving the humidity barrier of their products to enhance export packaging. While the demand for resistant saturating kraft paper from the packaging industry is increasing, the growing consumer affinity toward ready-to-assemble furniture is expected to propel the demand for saturated kraft paper during the assessment period. Companies in the saturating kraft paper market players are expected to focus on improving the tear-resistance capabilities of their products and introduce innovative products to gain a competitive edge. The growth of the retail sector, particularly in the developing nations, including India, China, Mexico, and Indonesia offers promising prospects to the growth of the global saturating kraft papers market. The rise in the middle-class population, focus on urbanization, and the booming e-Commerce sector are expected to provide an impetus for growth of the saturating kraft paper market.
Market players are likely to focus on improving the operating efficiency and increasing manufacturing capacity to gain an advantage in the current market landscape.
Demand Likely to Decline amidst COVID-19 Pandemic, Product Diversification Holds Key
The spread of the novel COVID-19 pandemic is expected to impact the growth of the saturating kraft paper market, particularly in 2023 and the first half of 2023. While the market is likely to recover by the end of 2023, the effects of the COVID-19 pandemic are anticipated to be felt during the first half of the assessment period. Soaring prices of raw materials coupled with trade restrictions imposed by governments across the world are some of the factors that are expected to cause bottlenecks in the supply chain. Manufacturers in the current market landscape should focus on tapping into potential opportunities amidst the COVID-19 pandemic and possibly tie-up with personal protective equipment companies to ensure safe packaging and logistics.
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The global saturating kraft paper market is projected to grow at a CAGR of ~4% during the forecast period. The market growth can be primarily attributed to a host of factors, including rising demand from packaging, furniture, and retail sectors. Manufacturers operating in the current market landscape are expected to focus on the production of saturation kraft papers with greater tear-resistant properties. In addition, market players are also estimated to expand their product portfolio and align operations with current packaging trends. The market growth will hinge its hopes on the demand from developing regions and fast-paced innovations.
Saturating Kraft Paper Market: Overview
- According to Transparency Market Research’s latest report on the global saturating kraft paper market for the historical period of 2014-2019 and forecast period of 2020-2027, the market is anticipated to be driven by the growing demand of artistic ready to assemble furniture and rising support from government for construction industries. The global saturating kraft paper market is expected to clock a CAGR of ~4% during the forecast period. Development of retail industries further boosting growth of saturating kraft paper market across the globe.
Growing Demand for Ready-to-Assemble (RTA) Furniture to Boost Market Growth
- RTA furniture is available in semi-finished and unfinished formats. With more focus on quality lifestyle, consumers are demanding saturated kraft paper laminated countertops, flooring, and other furniture. Furthermore, the demand for RTA and saturating kraft paper laminates are increasing in several regions attributed to superior tear resistance quality and continuous design and decoration innovations.
- As per TMR analysis, the RTA furniture market in North America and Europe is projected to increase at potential growth rates during 2020 – 2027. Following to these regions, the increasing demand for RTA furniture in the Asia Pacific is offering growth opportunities for saturated kraft paper laminates.
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