The market is gaining fast-paced growth owing to the rising demand for sustainable packaging from food & beverage, cosmetic, pharmaceutical, and other industries. The rising adoption of synthetic paper owing to eco-friendly alternatives over conventional paper is generating robust demand from end-user industries. Also, synthetic paper posses excellent physical and chemical properties such as better durability, excellent printability, high strength, and chemically inert and resistant to oil, water, and moisture are again expanding its application across various industries. Moreover, ongoing industrialization resulting in high demand for printing, labeling, and packaging is another factor propelling the market growth.
The latest report by Value Market Research expects the Global Synthetic Paper Market to reach USD 4.76 BN by 2030. It was valued at USD 2.9 BN in 2022. The report foresees a 7% CAGR from 2022 to 2030.
BOPP LED THE PRODUCT SEGMENT
By product, BOPP dominated the segment by accounting major market share in 2022. BOPP offers excellent clarity, stiffness, and superior barrier characteristics that have generated huge demand in packaging. Growing demand from the food & beverage industry especially processed, frozen, and ready-to-eat food products has again pushed the market growth uphill. Additionally, BOPP offers high stability over a wide range of temperatures and environmental conditions and has widened its application areas.
NON-LABEL APPLICATION HAS DOMINATED THE SEGMENT
In 2022, non-label emerged as the leading application segment. The rising usage of synthetic paper in maps, banners, charts, graphs, and other graphics arts owing to its excellent durability is driving the segment's growth. Substantial demand from a non-label application for printing pamphlets and banners for various promotional and marketing activities is again boosting segment growth.
ASIA PACIFIC EMERGED AS THE LEADING REGIONAL MARKET
Regionally, Asia Pacific dominated the regional market in 2022. The booming packaging industry on account of the rising need for efficient packaging materials from food & beverage, chemical, a pharmaceutical sectors especially in emerging economies such as China and India is driving the market growth. The rising adoption of eco-friendly packaging and labeling solutions is another factor pushing the market growth in Asia Pacific. Also, the growing middle-class population, rise in disposable income and a shift in consumption pattern towards processed and ready-to-eat food products is again pushing the regional market growth upwards.
MAJOR PLAYERS OF THE MARKET
Some of the prominent players in the market are Agfa-Gevaert N.V., American Profol Inc., Arjobex Sas, Hop Industries Corporation, Nan Ya Plastics Corporation, Ppg Industries, Inc, Seiko Epson Corporation, and Yupo Corporation.
As per this study the Global Synthetic Paper Market was valued USD 2.9 BN (by revenue) in 2022 and is anticipated to reach USD 4.76 BN by 2030 with a CAGR of 6.4%. Regarding volume, the market was calculated XX Million Square Meters in 2022 and forecast to touch XX Million Square Meters by 2030 with a CAGR of XX% during 2023-2030.
Synthetic paper is a white colored, opaque resin-based paper that posse's properties of both paper and films. Synthetic paper is an ecofriendly alternative to regular paper as it is produced from synthetic resin. It posses excellent properties such as grease resistant, tear-resistant, waterproof and durability hence is used across pharmaceutical, chemical, cosmetic and food and beverage sector for printing, packaging and labeling.
Market Dynamics
Rising concern regarding deforestation along with shifting demand for ecofriendly & recyclable products is driving the demand for synthetic paper. Increasing adoption of synthetic paper across food & beverage, cosmetic and pharmaceutical sector owing to its superior properties is again fueling the market growth. However, fluctuation in petroleum prices may hinder the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of synthetic paper.
Market Segmentation
The broad synthetic paper market has been sub-grouped into product and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Product
By Application
- Label (Hand Tags, Medical Tags, Others)
- Non-Label (Packaging, Documents, Others)
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for synthetic paper in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Synthetic Paper Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the Synthetic Paper market include Formosa Plastics Group, SIHL Group, B & F Plastics Inc., Jindal Poly Films Ltd., Cosmo Films Ltd., Granwell Products Inc., Transcendia Inc., Valéron Strength Films, Toyobo Co. Ltd., TechNova. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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