by Paper cones are a sustainable and environment-friendly packaging solution used for winding paper, plastic films, metal foils, photographic films, adhesive tapes, textiles and more. Paper cones provide protection, withstand heavy weights and prevent product slippage and creasing. They also help reduce costs associated with transportation and warehousing.
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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The paper cone market is poised for significant growth owing to the increasing focus on sustainable manufacturing practices. Manufacturers are increasingly adopting sustainable production techniques and using recyclable or reusable materials like paper to minimize environmental footprint. Paper cones are 100% recyclable and decompose quickly without harming the environment. The growing emphasis on reducing plastic waste and transitioning to eco-friendly packaging solutions is propelling the demand for paper cones across various end-use industries. Rapid growth in e-commerce is another key factor driving the need for effective packaging for transportation and storage of products, thus supplementing the market growth.
SWOT Analysis
Strength: Paper cones have high strength and durability hence they are widely used for offshore oil and gas pipeline installations. Their flexibility allows easy handling and transportation.
Weakness: The raw materials used for paper cones like paper pulp are prone to moisture damage. Paper cones have relatively lower strength compared to plastic or composite cones.
Opportunity: Growth in deepwater and ultra-deepwater E&I projects are expected to drive demand for paper cones. Rising investments in offshore oil and gas development also creates opportunities.
Threats: Stringent environmental norms regarding plastic waste disposal pose challenges. Alternatives like plastic and composite cones threaten paper cone market share due to their superior characteristics.
Key Takeaways
The Global Paper Cone Market Size is expected to witness high growth on account of rising offshore E&I spending driven by increasing oil and gas exploration and production activities.
Regional Analysis: Asia Pacific region currently dominates the market and is expected to maintain its leading position during the forecast period aided by high deepwater projects in countries like India and Southeast Asia.
Key players operating in the paper cone market are Prysmian Group, Aker Solutions, TechnipFMC plc, SUBSEA 7, Saipem S.p.A., McDermott International, Ltd., DeepOcean Group Holding BV, Schlumberger, Halliburton, NOV Inc., Vallourec, Oceaneering International, and Siemens. These companies are focusing on material and technology advancements to manufacture durable and flexible paper cones suitable for deepwater installations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
