Report : Asia Pacific Medical Grade Paper Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Kraft Paper and Sack Paper), Application (Steam Sterilization, Ethylene Oxide Sterilization, Formaldehyde Sterilization, and Irradiation Sterilization), and End User (Hospital, Diagnostic and Research Center, Pharmaceutical Industry, and Other)
At 4.4% CAGR, the APAC Medical Grade Paper Market is speculated to be worth US$ 1522.55 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC medical grade paper market was valued at US$ 1172.85 million in 2022 and is expected to reach US$ 1522.55 million by 2028, registering an annual growth rate of 4.4% from 2022 to 2028. growth in demand for sustainable packaging solutions and growing scales of production of single-use medical devices are the critical factors attributed to the market expansion.
Sustainability—particularly regulatory and public concerns around single-use packaging waste—is combined with other influential trends to drive significant changes in the packaging operations. With the growing focus of regulators on sustainability, healthcare, and medical device companies, as well as retailers, are proactively making bold commitments to make their packaging operations sustainable by fundamentally revisiting these operations. However, for packaging converters, the main focus and innovation capabilities is on the new landscape which could offer significant growth and new partnership opportunities to support customers in revising their packaging portfolios. As consumer demand increases and regulatory requirements multiply, converters will have to proactively embrace sustainability issues in the future. Manufacturers are concerned about the environmental effects of their products and are capitalizing on “reduce, reuse, and recycle.” Growing energy and resin costs may make these eco-friendly steps particularly appealing. Further, maintaining a balance between more demanding production schedules, and product & package sustainability is a major challenge to the packaging industry. To overcome this hurdle, healthcare product manufacturers must implement packaging solutions that minimize the environmental impact of expanding product lines, introduce sustainability practices into new delivery systems, seek utility savings in new automation strategies, and leverage serialization. Combining pharmaceutical products with medical device delivery systems can make the final product simpler and more convenient, ultimately requiring less packaging. As an example, pharmaceutical and medical device manufacturers are creating implantable devices that also deliver drugs. Moreover, to ensure sustainability, manufacturers are making investments in the creation of more inventive packaging solutions and using materials such as paper, paperboard, and polymers. To preserve qualities that are essential for sterile barrier performance, along with sustainable packaging, medical packaging firms are investing in research and development operations for launching next-generation polymers. Thus, the growing focus on the aspect of sustainability is providing significant opportunities to the medical grade paper market players.
On the contrary, availability of alternative products secret hurdles the growth of APAC medical grade paper market.
Based on product, the APAC medical grade paper market is segmented into kraft paper and sack paper. The kraft paper segment held 69.3% market share in 2022, amassing US$ 813.03 million. It is projected to garner US$ 1,075.32 million by 2028 to expand at 4.8% CAGR during 2022–2028.
Based on application, the APAC medical grade paper market is segmented into steam sterilization, ethylene oxide sterilization, formaldehyde sterilization, and irradiation sterilization. The ethylene oxide sterilization segment held 30.4% market share in 2022, amassing US$ 356.75 million. It is projected to garner US$ 482.30 million by 2028 to expand at 5.2% CAGR during 2022–2028.
Based on end user, the APAC medical grade paper market is segmented into hospitals, diagnostic and research centers, pharmaceutical industry, and others. The pharmaceutical industry segment held 35.0% market share in 2022, amassing US$ 410.67 million. It is projected to garner US$ 554.91 million by 2028 to expand at 5.1% CAGR during 2022–2028.
Based on country, the APAC medical grade paper market is segmented into China, Japan, India, South Korea, Australia, and Rest of APAC. Our regional analysis states that China captured 26.7% market share in 2022. It was assessed at US$ 312.68 million in 2022 and is likely to hit US$ 431.19 million by 2028, exhibiting a CAGR of 5.5% during the forecast period.
Key players dominating the APAC medical grade paper market are Amcor plc; Anquing Tianrun Paper Packaging Co, Ltd.; Arctic Paper SA; BillerudKorsnäs AB; Nelipak Corporation; PMS APAC GMBH among others.
- In Nov 20, Artic Paper SA has introduced new range of Munken Kraft Paper in different sizes and color shades, these are available in reels and sheets. The paper has polymer coated and is ideal for packaging applications such as packages, shopping bags, and for use by the food and non-food industries.
- In Apr 2022, Amcor, a global leader in developing and manufacturing responsible packaging solutions, announced the launch of Amcor Lift-Off, an open-call initiative to support start-ups in the seed Phase focusing on innovations in packaging solutions and related technologies. Amcor Lift-Off offers these startups the opportunity to secure a $250,000 investment and operational guidance to take their ideas to the next level. Amcor is looking to partner with innovative market leaders who are working to develop more sustainable packaging solutions, new packaging technologies or have developed a new business model.
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