Paper is an important product in our day to day life. With the increase in number of educational institutions and industries worldwide, the demand and consumption of paper and paper products is also increasing globally. The primary raw material used for manufacturing paper is wood and bamboo. Thus, increase in demand for paper is leading to rise in deforestation, posing an environmental threat.
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Thus, strict environmental rules are being employed by the concerned policy makers in various regions to reduce deforestation, and even the paper and paper product manufacturers are employing sustainable waste management practices, which in turn is boosting growth of the global market for waste paper management. To counter the environmental regulations, more and more paper and paper product manufacturing companies are implementing go-green initiatives through recycling activities, thereby having a positive impact on the waste paper management market. Apart from the above mentioned factors, growing consumer awareness about waste management is also contributing toward the growth of the waste paper management market.
Waste Paper Management Services & Equipment Market: Drivers & Restraints
The global waste paper management market is expected to expand at a single digit CAGR over the forecast period, and the key driving factor responsible for the growth of waste paper management market is the stringent laws implemented by the government to protect the environment, thus propelling the paper and paper product manufacturers to opt for waste paper management. With the increase in literacy rate and growth of the education sector and population across the globe, the consumption of paper is also increasing, which in turn is leading to the generation of huge amount of waste paper that needs to be recycled in order to make its optimum use.
This factor is also expected to boost growth of the waste paper management market over the forecast period. However, the waste paper availability from domestic source and the loss of fiber value due to the reuse of waste paper internally are factors that might pose as restraints for growth of the waste paper management market over the forecast period.
Waste Paper Management Services & Equipment Market: Region-wise Outlook
By geography, the global waste paper management market has been segmented into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and the Middle East & Africa. Currently, APEJ holds the largest share of the waste paper management market among the aforementioned regions. With the industrial development in APEJ, the waste management market in the developing economies of this region (such as China and India is likely to prosper.
The dominance of the paper industry in the North American region is more compared to other regions as North America is the largest producer, consumer, and exporter of pulp and waste paper. Also, positive growth opportunities for waste paper management market are expected to be created in North America in view of the availability of advanced technology for waste paper recycling in the region. The European market for waste paper management is also expected to witness growth over the forecast period in view of the strict regulations enforced by the government in the region to reduce deforestation. Overall, the global waste paper management market is expected to expand at a decent growth rate over the forecast period.
Waste Paper Management Services & Equipment Market: Key Players
Some of the major players identified in the global waste Paper Management Services & Equipment market include: Allied Waste Industries Inc., Veolia Environment S.A., Sappi, Cascades Recovery Inc., DS Smith, International Paper Company, and Westrock Company.