According to a research report by Future Markets Insights Inc., the paper recycling market is slated to have a valuation of US$ 7.5 billion in 2024. In contrast, the 2023 value was marked at US$ 7.1 billion. The progress of the market is anticipated to be sturdy over the period from 2024 to 2034, with a CAGR of 5.7%. The 2034 valuation of the paper recycling market is forecasted to be US$ 13.1 billion.
The packaging industry is undergoing a sustainability makeover in light of government regulation and consumer pressure. Thus, an environmentally sound solution like recycled paper is finding increasing acceptance in the packaging of diverse industries like food & beverage, pharmaceutical, and healthcare. The growing recycling trend among consumers is also positively impacting the market.
Paper recycling happens at all scales, and thus, there are numerous applications for recycled paper. The DIY culture has prompted a significant chunk of the population to recycle paper at home for various diverse purposes, such as gift wrapping and homemade bags. Aside from industrial usage, recycled paper is also being used in the publishing sector for magazines, books, and more.
The demand in the paper recycling market is limited by the amount of paper available at manufacturers’ disposal. A lack of awareness of the importance of recycling leads to wastage of high-quality paper. Stringent government regulations regarding the import and export of waste paper can potentially hamper market growth further.
“Manufacturers in the market are looking to streamline the process of paper collecting and recycling. Suppliers are making use of technology to make the process more efficient. Robotics, AI, and sensors are some examples of technology being used in various stages of the recycling process. Thus, technology is set to play a big part in the future of the paper recycling market,” says Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Paper Recycling Market
- The paper recycling market is expected to be US$ 7.5 billion in size in 2024.
- Molded pulp fiber is the common type of material used. For 2024, molded pulp fiber is expected to contribute to 53.1% of the market share by material.
- The popular recycling process is the open loop one. For 2024, open loop recycling is expected to account for 72.4% of the market share.
- China is expected to be one of the leading countries in paper recycling. The market in China is forecast to have a CAGR of 7.2% from 2024 to 2034.
- India and South Korea are other Asian countries with potential for the market. For the forecast period, the CAGR for India and South Korea is marked to 6.7% and 6.1% respectively.
- The market is expected to progress at a CAGR of 5.1% in the United Kingdom.
Recent Developments in the Paper Recycling Market
- In November 2023, AusWaste Recycling teamed up with the government in Australia to launch a paper recycling plant in Brendale, Australia.
- In May 2023, Mars started a trial run for its chocolate bars with recycled paper packaging in the United Kingdom.
- In January 2023, Essity announced its intentions to improve its paper recycling facility in Northumberland, United Kingdom.
Click here to Request Sample Report.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.