The United States kraft paper market is expected to grow at a compound annual growth rate of 1.96% to reach a market size of US$438.160 million by 2024 from US$370.075 million in 2018. Kraft paper is a cardboard or paper produced from the pulp. Kraft paper is suitable for packaging of products which demand strength and durability. The demand for the Kraft paper is growing due to the changing preference of the people for biodegradable and sustainable packaging material. The growing environmental concerns coupled with increasing preference for biodegradable packaging is expected to drive the market for Kraft paper. The U.S. is the largest region in North America which is having Kraft paper market due to the initiatives taken by the government for the safety of the environment. Furthermore, the increase in the awareness among the people about the sustainable packaging is going to impact the Kraft paper market, the vendors are also recommending eco-friendly biodegradable and sustainable packaging which will drive the growth of kraft paper market.
DRIVERS
Growing preference for eco-friendly packaging.
Rising demand for cardboard and corrugated boxes.
RESTRAINTS
Government rules and regulations regarding deforestation.
INDUSTRY UPDATE
In November 2018, WestRock Company a leading provider of differentiated paper and packaging solutions acquired KapStone Paper and Packaging Corporation with an aim to broaden their portfolio of paper and packaging solutions.
The major players profiled in the US Kraft paper market are WestRock Company, Graphic Packaging International, Inc., International Paper Company, KapStone Paper and Packaging Corporation, and CTI Paper USA.
Segmentation
The US kraft paper market has been analyzed through the following segments:
By Type
Natural Kraft Paper
Bleached Kraft Paper
Printed Kraft Paper
Recycled Kraft Paper
Others
By Application
Corrugated Boxes
Shopping Bags
Cartons
Envelopes
Others
By End-User
Food & Beverage
Electronics
Pharmaceuticals
Cosmetics
Construction
Others