The global Synthetic Paper Market size is anticipated to value at USD 1.3 billion by 2024. The market is subject to witness a substantial growth due to the growing environmental concerns and numerous initiatives taken by local governments coupled with rising need for packaging and labeling in packaged food & beverages. Numerous benefits offered by the use of synthetic paper include recycling and reduction in byproducts during manufacturing processes, are some of the key factors driving growth of the market in the present times. The adoption of the synthetic paper allows reusability over period of the time, while adoption of conventional paper cannot be recycled more than two to three times.

Additionally, essential properties associated with synthetic paper includes water resistant, dust resistance, stress resistant, and heat resistant, thus fueling growth of the market in recent times. Globally, the synthetic paper market is predicted to grow at CAGR of 7.1% in forecast period, providing numerous opportunity for market players to invest for research and development in the synthetic paper industry.

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The synthetic paper offers excellent physical properties such as resilience and high stress resistance coupled with along suitable chemical properties for various labeling services, thus boosting growth of the synthetic paper market in near future. Application of synthetic paper varies from packaging industry to chemicals industry. Increasing cost associated with crude oil is likely to hamper cost of PP and PE, leading to the rising in constraint for market growth. Additionally, increase in applications of synthetic paper and availability of raw materials are key factors restraining growth of the market.

Rise in activities such as deforestation by regional governments and environment protection organizations are some of the major factors for rise in adoption of synthetic papers. The regular use of synthetic paper promotes conservation of the environmental resources. Consistent growth of the packaging and labeling industry across the globe is subject to increase market value of synthetic paper during the forecast period.

Growing preference towards carton packaging and blister packaging is expected to drive the synthetic paper industry in coming years. Synthetic paper is perfect blend of premium quality associated with the high-cost papers and strength of plastic films coupled with a smooth surface, makes an ideal choice for present and future applications. The use of synthetic paper allows integration of miniature electronic devices such as RFID tags, which are mainly used in passports to provide durability, security, and high-performance

Synthetic paper is produced from synthetic resin which is derived from crude oil, and considered as a base ingredient during the production of synthetic paper. Synthetic paper constitutes characteristics similar to that of the plastic film. Synthetic paper is produced to inhabit properties of regular while exhibiting properties of plastic like durability and resilience. Synthetic paper gives out feel of regular paper.

Synthetic paper majorly categorized into two kinds on the basis of processes implemented during their manufacturing such as fiber synthetic paper and film synthetic paper. Film synthetic paper constitutes a larger portion of the market due to numerous benefits associated with use over fiber synthetic paper.

The synthetic paper market is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. Asia-Pacific region is predicted to hold major market share in the synthetic paper industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with blooming packaging industry due to substantial rise in the consummation of the packaged food and soft drinks.

North America has shown major growth in recent years owing to the easy availability of synthetic paper in comparison with the conventional cellulosic due to high import duty on the latter, low cost associated with use of synthetic paper and presence of well-established industry players. The key players in the synthetic paper industry are PPG Industries, Arjobex Co., DuPont, American Profol Inc., Hop Industries Co., Taghleef Industries, Nan Ya Co., and Neenah Papers.

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Market Segment:

Synthetic Paper Product Outlook (Volume, Kilo tons; Revenue, USD Million, 2013 - 2024)
    • BOPP
    • HDPE
    • Others

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The Synthetic Paper Market is estimated at USD 587 million in 2019, and is projected to reach USD 873 million by 2024, at a CAGR of 8.3% from 2019 to 2024.

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Increasing applications in labels, printing, and paper bags are leading to the demand for synthetic paper from end-use industries. Synthetic papers are used owing to properties, such as water resistance, tear resistance, chemical resistance, and dimensional stability, among others. Major end-use industries of synthetic paper include paper, packaging, and others.

Major companies operating in the synthetic paper market include Nan Ya Plastics Corporation(Taiwan), PPG Industries (US), Agfa-Gevaert Group (Belgium), Yupo Corporation (Japan), Arjobex SAS (France), American Profol (US), HOP Industries Corporation(US), Relyco Sales (US), Transilwrap Company, Inc. (US), Cosmo Films (India), Neenah Inc. (US), and Toyobo Co., Ltd (Japan), among others.

Nan Ya Plastics Corporation (Taiwan), PPG Industries (US), Agfa-Gevaert Group (Belgium), Yupo Corporation (Japan), Arjobex SAS (France) are the key players holding a significant share in the synthetic paper market. Among these, Yupo Corporation (Japan) is one of the leading manufacturing companies in terms of number of developments and has a number of distributors of synthetic paper in North America, Asia Pacific, the Middle East & Africa, and Europe.

The company is also focusing on new product launches for products, such as Yupo Green, a biodegradable synthetic paper to enhance its product portfolio. This YUPO Green synthetic paper is made from sugarcane bagasse which is a substitute for conventional crude oil-based paper. This development was an initiative from Yupo Corporation, and was undertaken with reference to the goal of sustainable development of the organization and to produce environment-friendly products.

Agfa-Gevaert Group (Belgium) is a major company providing synthetic paper in 40 countries and has its network of agents and representatives where it does not have its own sales organization. The company develops, produces, and distributes wide-ranging analog & digital imaging systems and IT solutions, for the printing industry, healthcare sector, and for specific industrial applications. It operates 3 business segments, namely, Agfa Graphics, Agfa HealthCare, and Agfa Specialty Products.

The Agfa-Gevaert Group offers a diverse product portfolio satisfying the needs of consumers across various market segments. The company has been expanding its business in various segments through a balanced strategic approach, such as agreements and acquisitions. For instance, the company entered into an agreement with Fujittex to expand its distribution network.

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The Asia Pacific region is estimated to lead the market in 2019 and is also projected to grow at a high CAGR during the forecast period, owing to the increasing demand for synthetic paper from China, Japan, and India. High demand from end-use industries, such as paper, packaging, food & beverages, cosmetics, pharmaceuticals, chemicals, and manufacturing is driving the growth of the synthetic paper products market in these countries. Continuous industrialization and innovation in paper technology, and awareness regarding the printability of synthetic paper is leading to the increasing consumption of synthetic paper.

Reference: https://www.marketsandmarkets.com/Market-Reports/synthetic-paper-market-141930359.html

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