The paper cone is a truncated cone of a paperboard or paper utilized as a part of different businesses for holding, storing, and moving items. Paper cones are largely utilized as a part of the packaging business for bundling and conveying items like textiles, papers, wires, aluminum foils, and items. The global paper cone market growth is driven by the expanding packaging industry attributable to the rising purchaser use patterns combined with the need to ensure items during transportation. Paper cones are chosen by packaging producers inferable from their natural friendliness, recyclability, and lightweight properties which diminish transportation costs.
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 10.% 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 witnessed in the global paper cone market is the rising demand for sustainable packaging solutions from various end-use industries. Paper cones have an advantage as they are made from renewable raw materials and are recycled. Moreover, paper cones are lightweight and help reduce transportation costs for packaged products. Owing to strict government regulations regarding the use of plastics, packaging manufacturers are shifting their focus on adopting eco-friendly paper-based packaging alternatives such as paper cones. This growing focus towards sustainable packaging is expected to drive the growth of the global paper cone market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the paper cone market is low as it requires high initial investments and customers have long term contracts with existing suppliers.
Bargaining power of buyers: The bargaining power of buyers in the paper cone market is moderate as buyers have options to substitute paper cones with cone protectors and spools.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers like wood pulp, clay and chemicals have presence of few large suppliers globally.
Threat of new substitutes: The threat of substitutes like cone protectors and spools is moderate as they provide partial functionality of cones for underwater pipeline installations.
Competitive rivalry: The competitive rivalry in the paper cone market is high due to presence of numerous global and regional players competing on basis of product quality, pricing and innovation.
Key Takeaways
The Global Paper Cone Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region is the fastest growing market for paper cones. Countries like China, India and Australia are investing heavily in development of offshore oil & gas reserves and subsea pipelines which is propelling the demand for paper cones in this region.
Key players: Key players operating in the paper cone market are Prysmian Group, Aker Solutions, TechnipFMC plc, SUBSEA 7, Saipem S.p.A., McDermott International, Ltd., DeepOcean Group Holding BV Schlumberger, Halliburton, NOV Inc., Vallourec, Oceaneering International, and Siemens.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it