Paper Processing Resins Market Trends

Growth Drivers

• Growing Education Industry - The education sector is rapidly expanding to cater to the needs of the urban as well as the rural population who wish to empower themselves to compete in the global arena. Despite digitization, paper is projected to be the backbone of learning during the forecast period and beyond. According to the statistics by the U.S. Bureau of Labor Statistics (BLS), the number of private establishments in educational services in the United States grew from 137483 numbers in the 1^st quarter of 2021 to 144803 numbers in the 4^th quarter of 2021.

• Rising Environmental Awareness - There is a greater urgency to replace plastic bags and other packaging materials with paper to protect the environment, which is predicted to drive market growth. According to the United Nations Environment Program (UNEP), USD 1 Million plastic bottles are purchased every minute globally, and around USD 5 Trillion plastic bags are used every year worldwide.

• Demand for Aesthetic Paper in Construction Industry - Lately there has been a trend in the use of wallpapers for decorative purposes in homes worldwide, which is predicted to continue over the forecast period with the booming construction industry. On average, the construction industry in the United States witnessed an annual expenditure of about USD 1200 Billion.

• Growing Population - The increasing global population, which is projected to touch nearly USD 10 Billion by the end of 2028, calls for the use of good quality paper across multiple areas, thereby driving the market for paper processing resins.

• Rise in Disposable Income of a Growing Middle-Class Population - This along with greater awareness about hygiene is anticipated to propel the paper processing resins market. According to the statistics by the Organization for Economic Co-operation and Development (OECD), the household disposable income in the United States and European Union grew from USD 50333/per capita and USD 30306/per capita in the year 2017 to USD 58308/per capita and USD 32956/capita in the year 2020.

Challenges

• Rise in Digitization Across Various Industries - Easy availability of digital magazines, e-books, and e-news on social media platforms has become the major challenge for this market.
• Lack of Skilled Labor
• Lack of Infrastructure in Some Developing Nations for Large-scale Production