Phthalate-free Stone Paper Identified as New Trend across Regions, Reveals Fact.MR
Published : 13 Jul 2021 Industry: Chemical & Materials
According to a recently published report by Fact.MR, market research and competitive intelligence provider, the stone paper market is anticipated to reach a valuation of US$ 757 Mn in 2021, and expand at an impressive CAGR of around 6% over the forecast period of 2021 to 2031.
The market is in the growth phase of its lifecycle, registering an annual growth of 4.1% during 2016 - 2020. Fact.MR anticipates significant potential in the market, owing to factors such as economic feasibility of stone paper over other categories and growing demand for phthalate-free stone paper owing to myriad benefits.
The stone paper industry is observing the penetration of technology on a regular basis. Manufacturers are investing in ideas and innovation on how to make products more lucrative and per the needs of the tech-savvy millennial population. For instance, phthalate-free stone paper is seeing a significant surge in demand due to its eco-friendly properties. Additionally, phthalate-free stone paper is gaining popularity in the production of calendars, maps, and product labels.
Key Takeaways from Market Study
- Worldwide stone paper business was valued at around US$ 718 Mn in 2020.
- The stone paper market is anticipated to grow 1.8X by 2031.
- Phthalate-free stone paper is gaining prominence across geographies.
- The printing industry is anticipated to create an incremental opportunity of US$ 15 Mn by 2031.
- The Asia Pacific region is set to dominate sales revenue in 2021, and is expected to dominate stone paper demand by 2031.
- Stone paper sales in North America are expected to rise significantly over the next ten years.
- Due to the COVID-19 crisis, demand for stone paper was hit in 2020, which saw a decline, but with the manufacturing sector back on track, demand is set to be normalized.
“High investments in R&D for the development of green products will aid market growth over the coming years,” says a Fact.MR analyst.
Manufacturing companies are opting for more sustainable processes keeping in mind the needs of present consumers. Moreover, market players are investing heavily in R&D and innovative solutions to come up with more efficient green products.
In some parts of the world, use of phthalate is regulated due to its harmful effect on the body. For instance, phthalate approvals are mandated by several food safety regulatory agencies, including the European Food Safety Authority and the U.S. Food and Drug Administration in Europe and U.S. Due to these factors, companies are opting to focus on phthalate-free stone paper production.
Moreover, government-mandated policies coupled with an increase in eco-conscious consumers are driving demand for phthalate-free stone paper.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global stone paper market, presenting historical demand data (2016-2020) and forecast statistics between 2021 and 2031. The study reveals essential insights on the basis of application (packaging & decoration, industrial, printing, marketing & advertising, and others [including poster display and metro advertising]), across five major regions of the world (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
Fact.MR’s Domain Knowledge in Chemicals and Materials Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Chemicals and Materials