In its new market study, Future Market Insights (FMI) estimates micro flute paper market to grow at 5.1% CAGR (value) through 2030.
The report attributes the growth of the market to increasing demand for shelf-ready packaging (SRP) at retail stores, hypermarkets supermarkets, and other sales and distribution outlets, coupled with the advanced physical properties of micro flute paper. Similarly, the study has identified the growing preference for lightweight and robust packaging solutions as a crucial growth driver.
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The analysts at FMI also remark that an increasing number of regulations against the usage of plastic packaging solutions are asserting market players to seek biodegradable packaging solutions, thus giving a boost to the adoption of micro flute paper owing to its minimal carbon composition.
However, the report opines that the COVID-19 pandemic will adversely impact the demand for micro flute paper owing to pandemic-related difficulties such as supply chain disruptions and termination of production across food & beverage and personal care industries.
- E flute paper will remain the most popular variant, capturing more than 50% of global market value, owing to high strength.
- 175 – 250 GSM segment will account for over 3/5th of total market value.
- Recycled material will remain the most sought-after type, accounting for more than 4/5th of market value.
- Based on end-use, micro flute paper finds the majority of applications in the food & beverage industry.
- Europe is expected to remain at the forefront of the regional landscape, capturing nearly 30% of market value.
- North America and East Asia will collectively account for more than 2/5th of global value.
“Market players are focusing on overcoming the limitations of the products such as vulnerability to extreme physical conditions, and are opting for R&D to achieve the same,” remarks FMI analyst.
The outbreak of COVID-19 has created uncertainty in the global packaging industry and micro flute paper is no different. Owing to its reliance on F&B and personal care sectors, the demand for micro flute paper is likely to experience a downtrend during the pandemic as operations in the aforementioned sectors came to a curt halt.
Moreover, other COVID-19 related perils such as unavailability of raw materials, shortage of workforce, and contraction of production are acting as major challenges on the supply side of the micro flute pape market. However, the socioeconomic situation is realigning to normality in several parts of Europe and East Asia, and this is likely to aid in the revamp of the market from the dawn of 2021.
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Who is Winning?
Players in the micro flute paper market are increasing their investment in research & development activities to develop products that are resistant to extreme physical conditions such as heat and cold.
On these lines, DS Smith offers N and F type micro flute papers with high moisture barrier properties to cater to requirements in the frozen food packaging segment.
FMI’s report includes profiles of some of the most prominent names in the market including DS Smith Plc, Smurfit Kappa Group Plc, Novolex Holdings, Inc, Acme Corrugated Box Co. Inc, Cascades Sonoco, Inc, Stora Enso Oyj, WestRock Company, Mayr-Melnhof Packaging, KRPA Holding CZ, a.s., and Braepac Packaging, among others.