by Paper cones are widely used in the packaging industry for winding up materials like films, paper rolls, and adhesive tapes. They serve varied applications across industries such as textiles, food & beverages, cosmetics, and others. Paper cones find extensive utilization in the wrapping and core winding of packaging tapes made from paper, plastic, or foil. They provide protection, prevent slackening of materials, and allow for easy transportation and storage. The global packaging sector is booming, owing to factors such as increasing e-commerce activities, emergence of innovative packaging formats, and thriving food and beverage industry. This growing demand for superior packaging solutions is expected to propel the utilization of paper cones during the forecast period.
The global paper cone market is estimated to be valued at US$ 8.05 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
One of the key drivers fueling the paper cone market growth is the rising demand from the packaging industry. As discussed above, paper cones find widespread applications in wrapping, core winding, and packaging of materials across industries. The thriving packaging sector has significantly increased the uptake of paper cones globally for sophisticated and protective packaging solutions. Furthermore, paper cones provide an affordable and sustainable packaging option compared to plastic or aluminum packaging formats. Their decomposition properties and recyclability have augmented their preference among end-use industries. The rising emphasis on environment protection and sustainability is further propelling the replacement of plastic packaging with paper cones. Lastly, the emergence of bio-based and biodegradable paper cones presents a lucrative opportunity for market players in the coming years.
Segment Analysis
The global paper cone market can be segmented based on product type, end use industry and region. By product type, the market is dominated by single wall paper cones sub segment which holds around 60% market share. This is because single wall paper cones are cheaper and widely used for packaging of various products. The other sub segments are double wall and multiwall paper cones.
PEST Analysis
Political: There are no major political factors affecting the paper cone market globally. However, environmental regulations in some countries regarding usage of plastics can boost the paper cone market.
Economic: The steady growth of end use industries such as food and beverages, cosmetics and personal care is fueling the demand for paper cones for packaging applications. Rising middle class population and disposable income in developing nations also supports the market growth.
Social: Growing environmental concerns among consumers have increased the demand for eco-friendly and sustainable packaging solutions made from paper. This favors the paper cone market.
Technological: Advancements in paper cone making machinery allow mass production of customized paper cones of various sizes and shapes as per end user requirements more efficiently. This helps optimize production costs.
Key Takeaways
The global Paper Cone Market Size is expected to witness high growth during the forecast period of 2023 to 2030 supported by rising demand from various end use industries. Regional analysis indicates that Asia Pacific currently dominates the market and is expected to maintain its leading position through 2030. The region is estimated to account for over 40% of the global market share by 2030 driven by populations gains and rapid industrialization in major economies like China and India.
Regional analysis
The Asia Pacific region is estimated to dominate the global paper cone market during the forecast period. This can be attributed to factors such as strong growth of end use industries especially food and beverages, availability of low cost raw materials and labor, and presence of major players in the region. China is projected to remain the key paper cone producer globally accounting for over 30% of the global volume share by 2030. India is also one of the fastest growing markets in the Asia Pacific region supported by government focus on boosting manufacturing sector.
Key players
Key players operating in the paper cone market are Huhtamaki Oyj, Conitex Sonoco, Tubettificio Senese S.r.l., A.C.M.I. S.p.A., PTM Packaging Pvt. Ltd., Sonoco Products Company, Paper Machinery Corporation, Raeed Company, SUNRISE PAPER INDUSTRY CO., LTD., Fujian Minqing Technology Co.,Ltd, Fulistar New Material Technology Co., Ltd., Xinhe Paper Cone Making Machinery Co., Ltd., Global Sources, Jaiding Paper Products Co., Limited, Ace Paper Products Company, Dongguan City Leyu Paper Products Co., Ltd., Jiangyin Golden Bridge Printing & Packaging Machinery Co., Ltd, Shenyang Beizhi Paper Machinery Co., Ltd., KU Sodalamuthu And Co. Pvt Ltd, National Paper Products
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
