Paper Recycling Market Recorded Remarkable Growth in Recent Years

SEATTLE (Scrap Monster): The most recent research report published by Future Market Insights suggests tremendous growth to paper recycling market over the past few years, mainly on account of rising concerns over depleting environmental resources. The developing countries have reported CAGR growth of 7-8% in demand for recycled paper.

According to the report, recycling has become a norm, mainly due to scarcity or non-availability of raw material. In addition to savings in manufacturing expenses, recovered paper also results in saving of precious natural resources. As per estimates, more than one-third of the raw material demand in countries such as India and China are fulfilled by recovered paper. The deficient waste paper collection system in India has resulted in the country importing large quantities of recovered paper, the report notes.

The shift in preference from plastic to paper and other sustainable packaging solutions by consumers is likely to boost demand for paper and paperboard industry. Paper and paperboard packaging has found numerous applications especially due to its fully bio-degradable nature. The surging literacy rates in developing countries and widespread urbanization may result in huge demand for paper products such as writing paper and newsprint.

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Region-wise, the paper recycling market is segmented into seven- North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific, Middle East & Africa, and Japan. Among them, Asia Pacific and Latin American markets have the highest growth potential, mainly due to the currently low recycling rates and the low penetration of paper recycling companies in the region. The government sponsored schemes to protect natural resources will lead to surge in paper recycling rates in India and China. The proposed ban on plastic packaging products by the UAE and Saudi Arabia will boost the demand for paper packaging products, the report says.

The report identifies Hanna Paper Recycling, Inc., International Paper Company, DS Smith Recycling Holding B.V., Waste Management Inc., WestRock Company, WM Recycle America, LLC, Sonoco Recycling LLC, Caraustar Industries, Inc., Pratt Industries, Inc., Saica Group, Ricova Recycling as the key players in the paper recycling market.