Synthetic Paper Market to Reach 7.1% CAGR, $1.3 Billion by 2024

According to a new report by Million Insights, Felton Calif., USA, the global synthetic paper market size is anticipated to value at $1.3 billion by 2024. The market is subject to substantial growth due to the growing environmental concerns and numerous initiatives taken by local governments coupled with a rising need for packaging and labeling in packaged food and beverages. 

Numerous benefits offered by the use of synthetic paper include recycling and reduction in byproducts during manufacturing processes. Synthetic paper allows reusability over a period of time, while conventional paper cannot be recycled more than two to three times.

Additionally, essential properties associated with synthetic paper include 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 a CAGR of 7.1% in the forecast period, providing numerous opportunity for market players to invest for research and development in the synthetic paper industry.

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

A rise in activities such as deforestation by regional governments and environment protection organizations are some of the major factors behind the 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.

 

A growing preference towards carton packaging and blister packaging is expected to drive the synthetic paper industry in coming years. Synthetic paper is a perfect blend of premium quality associated with the high-cost papers and strength of plastic films coupled with a smooth surface It 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 plastic film. Synthetic paper is produced to exhibit properties of regular while exhibiting properties of plastic, such as durability and resilience. Synthetic paper has the feel of regular paper.

Synthetic paper is majorly categorized into two kinds of paper 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. The Asia-Pacific region is predicted to hold major market share in the synthetic paper industry with massive growth during the forecast period. Countries such as India, China, and Singapore are leading the Asia-Pacific market with the blooming packaging industry due to a substantial rise in the consummation of 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 conventional cellulosic due to high import duty on the latter, low cost associated with use of synthetic paper, and the presence of well-established industry players. 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.