March 2, 2024

Paper Cone Market Is Estimated To Be Driven By Rising Demand From Packaging Industry

Paper cones are widely used for numerous packaging applications across various end-use industries such as food, beverage, cosmetics, pharmaceuticals, chemicals, textiles, and construction. Their advantages such as being recyclable, sustainable, versatile, lightweight, and cost-effective have made them an indispensable packaging solution worldwide. Packaging industries are increasingly utilizing paper cones for applications like winding thin films, foils, paper, textiles and plastic sheets that require winding and unwinding. The need for eco-friendly packaging has risen significantly in recent years, creating high demand for paper cones which are derived from renewable biomass resources and bio-degradable.

The global paper cone market is estimated to be valued at US$ 8.05 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends shaping the paper cone market is the growing adoption of sustainable packaging solutions and bio-degradable materials across industries. Stringent regulations have been implemented on the use of single-use plastics in many countries to curb pollution and tackle the climate crisis. This has driven packaging manufacturers to seek sustainable alternatives like paper cones which biodegrade naturally without harming the environment. Their recyclable properties allow repeated use, further reducing carbon footprint. This increasing focus on green packaging is anticipated to propel the paper cone market during the forecast period.

Porter’s Analysis:
Threat of new entrants: The paper cone market has moderate threat of new entrants due to high initial capital requirement and established presence of existing players.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to presence of numerous players offering paper cones.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability ofsubstitute raw materials.
Threat of new substitutes: Threat from substitutes is low as paper cones offer advantages like recyclability and sustainability overalternative packaging solutions.
Competitive rivalry: The global paper cone market is fragmented in nature with presence of numerous regional and local players competition is expected to be high.

Key Takeaways:

The global Paper Cone Market Size is expected to reach US$ 13.88 Bn by 2030, expanding at a CAGR of 7.3% during the forecast period. Rising demand from food & beverage industry and growing popularity of paper cones over plastic cones is expected to drive the market.

Regional analysis:
Asia Pacific is expected to dominate the paper cone market during the forecast period. Countries like China, India are major consumers as well as producers of paper cones. Growth in fast food chains and increasing disposable incomes in the region is expected to propel the demand.

Key players:
Key players operating in the paper cone market are Huhtamaki Oyj, Conitex Sonoco, Tubettificio Senese S.r.l., A.C.M.I. S.p.A., PTM Packaging Pvt. Ltd., Sonoco Products Company, Paper Machinery Corporation, Raeed Company, SUNRISE PAPER INDUSTRY CO., LTD., Fujian Minqing Technology Co.,Ltd, Fulistar New Material Technology Co., Ltd., Xinhe Paper Cone Making Machinery Co., Ltd., Global Sources, Jaiding Paper Products Co., Limited, Ace Paper Products Company, Dongguan City Leyu Paper Products Co., Ltd., Jiangyin Golden Bridge Printing & Packaging Machinery Co., Ltd, Shenyang Beizhi Paper Machinery Co., Ltd., KU Sodalamuthu And Co. Pvt Ltd, National Paper Products.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it