The growth of the global synthetic paper market is directly related to the strict government regulation against deforestation which results in high demand for conventional resources. For over more four decades, the global demand for paper has increased by 400%, with harvested trees accounting for 35% of all paper produced. The environmentally friendly manufacturing and recyclable nature of synthetic paper will help it gain market share in the forecasted period. The increasing population and urbanization in different world regions are the major determinants of the global synthetic paper market growth. The rise of China as a global manufacturing powerhouse has increased the demand for synthetic paper globally.
The global synthetic paper market size is estimated at USD 766 million in 2021 and is projected to reach USD 1,286 million by 2027, at a CAGR of 9.2%, between 2022 and 2027. Growth in the synthetic paper market can primarily be attributed to the growing involvement of synthetic paper in the industries such as pharmaceuticals, transportation and food & beverage among others.
Synthetic paper is manufactured with synthetic resins derived from petroleum (primary material). Resin selection plays a major role in the attributes exhibited by different synthetic papers. It is preferred over conventional paper due to its excellent chemical, tear, oil, and moisture resistance, printability, heat sealability, durability, and high strength. Synthetic paper is usually made up of BOPP, HDPE, and others (polystyrene, polyamide, polyethylene, and polyvinyl chloride) and are used by various end-use industries, such as food & beverages, cosmetics, transportation, pharmaceuticals, chemical, and advertising.
“BOPP is the largest raw material segment of the synthetic paper market”
Based on raw materials, the synthetic paper market includes BOPP, HDPE, PET, and PVC. The BOPP raw material segment led the application segment of the market in terms of both value and volume. BOPP is extensively used in applications that require heat stabilities, water and fatigue resistance, high tensile strength, and ease of printing. Due to the ability to be manufactured into a thin transparent substrate, BOPP can be used for labels and printing applications. BOPP can be environmentally friendly and low in toxicity, making this synthetic paper used to pack food items and beverages.
“Printing is the largest application segment of the synthetic paper market”
Based on applications, the synthetic paper market is divides into printing, labels & tags, packaging, and others. Printing is the largest application of synthetic paper. It has micropores on the surface, enabling better affinity for ink holding and providing a high-quality finish. Its properties such as durability, tear resistance, water resistance, scratch resistance, and abrasion resistance make it an important substrate against conventional papers. The synthetic paper has a lower static surface, which prevents double feeding and eases the printing process, making synthetic papers suitable with various printers for several printing applications. These printing applications include menus, personalized marketing materials, point of purchase displays, wrist bands, cards/envelopes, tickets/passes, and labels for various end-use industries.
“Industrial is the largest end-use industry segment of the synthetic paper market”
Based on end-use industry, the synthetic paper market is divides into industrial, institutional, and commercial/retail. The industrial end-use industry segment is the largest end-user of synthetic paper. Synthetic paper is used in industrial product identification tags, Industrial labels. Outdoor applications for synthetic paper include billboards, horticulture ID tags, and bus shelter displays. It is resistant to moisture and chemicals and maintains print color consistency in the face of UV exposure and various weather conditions. Furthermore, the non-tearable paper has superior strength and excellent printability with various printing techniques.
“Asia Pacific is the largest market for synthetic paper market”
The Asia Pacific region is projected to be the largest market, in terms of value. Asia Pacific is expected to grow at a CAGR of 9.4% during the forecast period. The growth of Asia-Pacific region can be attributed to the high economic growth rate and various eating habits, packaging & printing preferences of people across different countries of the region. Also, the multiplying population of the region presents a huge customer base for fast-moving consumer goods (FMCG) products and packaged food & beverages, which is expected to lead to the growth of the synthetic paper market during the forecast period. Asia Pacific is the largest and the most promising synthetic paper market and is expected to continue during the forecast period. Rising population, growth in disposable income, rapid industrialization, and increased urbanization are driving the synthetic paper market in Asia Pacific. The market in the region is mainly driven by various end-use industries, such as foods & beverages, cosmetics, pharmaceuticals, chemicals, and manufacturings.
The breakdown of primary interviews is given below:
- By Department: Sales/Export/Marketing – 60%, Production – 25%, and R&D –15%
- By Designation: Managers – 50%, CXOs – 30%, and Executives – 20%
- By Region: APAC – 42%, North America – 18%, Europe – 14%, Middle East & Africa – 22%, and South America – 4%
The key players in the synthetic paper market are PPG Industries, Inc. (US), Seiko Epson Corporation (Japan), Agfa-Gevaert Group (Belgium), Yupo Corporation (Japan), and Arjobex SAS (France).
The synthetic paper market has been segmented based on application, end-use industry, and region. This report covers the synthetic paper market and forecasts its market size until 2027. It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the synthetic paper market. The report also provides insights into the drivers and restraints in the synthetic paper market along with opportunities and challenges. The report also includes profiles of top manufacturers in the synthetic paper market.
Reasons To Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
- This report segments the synthetic paper market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
- This report is expected to help stakeholders understand the pulse of the synthetic paper market and provide information on key market drivers, restraints, challenges, and opportunities influencing the market growth.
- This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the synthetic paper market and gain insights to improve the position of their businesses.
- The competitive landscape section includes detailed information on strategies, such as merger & acquisitions, new product developments, expansions, and collaborations.