The global paper products market is expected to decline from $896.6 billion in 2019 to $868.8 billion in 2020 at a compound annual growth rate (CAGR) of -3.1%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $1030.7 billion in 2023.
Asia-Pacific was the largest region in the global paper products market, accounting for 35% of the market in 2019. North America was the second largest region accounting for 26% of the global paper products market. Africa was the smallest region in the global paper products market.
The growing awareness on the impact of deforestation to the environment has led to paper manufacturing companies opting for alternative sources for paper production. Paper manufacturing companies are recycling paper products to save costs on raw material that in turn is helping companies in their environment conservation efforts. Also, biomass produced as a byproduct from paper industry is enabling companies to generate electricity for manufacturing activities. For instance, Austrian based Mondi Containerboard launched ecofriendly paper grades for packaging that can be recycled for producing wide range of paper products.
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