Paper Core Industry to Face a Setback in 2020 Due to the Coronavirus Outbreak, Long-term Perspective Remains Positive
Posted On October 17, 2020
With the advancement of digitization, while many believed the forest and paper-products to be disappearing, these products have been filling the space left by the decrease in the consumption of plastic by the packaging industry, thereby providing significant scope for growth. Paper tapes, paperboard jars, paper bags, and the paper band have prominent parts to play in the future of packaging, with the paper core being one of them. Furthermore, industries and companies functioning in paper packaging are building up considerable muscles for further growth and structural actions. However, in the present scenario, COVID-19 has taken a toll on the market. The potential supply chain effect of this pandemic is immense and unpredictable.
All about the Global Paper Core Market and its Expected Growth or Downfall
Today, forecast statistics and traditional assumptions of the paper core industry are presented irrelevant. Manufacturers are thus persistently assessing their capacities and capabilities to meet the highly fluctuating demand amid coronavirus outbreak. Additionally, leading companies have been warning their shareholders that the 2020 revenue would be much lower than predicted amid the coronavirus outbreak, indicating a negative impact on the global paper core market. Furthermore, companies having huge supply chains in China are hugely affected. With the COVID-19 rapidly spreading across all major countries, businesses have been facing a similar impact worldwide.
The paper core market is expected to grow in 2020, at a much slower rate than before, predominantly assisted by the constant development of the e-commerce industry, increasing scope of advancements in digital printing technology, and wrapping applications.
The worldwide sales of paper core will be spurred by the latest consumer trends, including high demand for sustainability and convenience and demographic shifts. A sudden increase in demand for FMCG or fast-moving consumer goods because of panic buying and widespread usage of paper core in FMCG packaging and retail is expected to enhance market growth. The subsequent increase in demand for customized, multi-functionary paper core for beverage packaging and textiles due to the recent trend of customization will also remain significant to the market growth.
While it is too fast to precisely envisage the impact of COVID-19 on the global paper core market, investors are likely to devote the required efforts to feedbacks focused on the future aspects of the market.