A new report from Transparency Market Research (TMR) says the global stone paper market is foreseen to develop at a growth rate of 6% CAGR over the forecast timeframe, from 2020 to 2030. Numerous factors may influence the global stone paper market, including the rise in demand for environment friendly items in the packaging industry and measures to prevent deforestation. In addition to that, the market is expected to grow rapidly in the near future due to several advantages linked with stone paper.
Key Findings of Market Report
Demand for Environment Friendly Products to Boost Market Growth
As a result of the adverse effects of climate change, green products have become increasingly common in stone paper companies. Taiwan-based Lung Meng Advanced Composite Materials Co., for example, has invested $49.8 million in research and development activities to come up with green products such as shopping bags, notebooks and cups. Stone paper manufacturers are attempting to follow environmentally friendly practices. To fight climate change, they are supporting the development of high-performance environment friendly items. As a result, waste marble is ground into a fine powder, which is then formed into pellets and then it is stretched and cut constantly. Stone paper products are presenting a significant threat to the sale of pulp-based products. These products are also attracting the attention of stakeholders in the decoration, marketing and packaging industries owing to their low cost of production. All these factors are likely to boost growth of the global stone paper market in the years to come.
Multiple Benefits of Stone Paper to Accelerate its Adoption in Packaging Industry
Stone paper is readily accepted by the expanding flexible packaging industry in FMCG and food and beverage packaging applications. Food producers choose stone paper because of its long-term sustainability and aesthetic qualities. To diversify their revenue sources, stone paper manufacturers are widening their supply chains so as to include side gussets, stand-up pouches and heavy-duty containers. Stone paper's sustainable and environmental friendly qualities aid in lessening manufacturing waste while also improving consumer satisfaction. Stone paper box pouches with digital printing are being utilized to help brands achieve market exposure. Such multiple uses are likely to work in favor of the global stone paper market over the analysis timeline, from 2020 to 2030.
Stone Paper Market: Growth Drivers
- Stone paper is mostly made up of recycled materials with a polyethylene binder. As such, it is a substance that is less harmful to the environment. Stone paper also comes with several other advantages, including high durability and resistance to flame.
- Stone paper is gaining rapid traction in paper and packaging applications owing to its special formulation, which provides outstanding oil resistance, water resistance and tear resistance.
- In Europe, increased political pressure and rising customer consciousness about environment friendly good and services have resulted in the substitution of single-use plastic-based items with paper-based alternatives.
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