Increasing Demands From End-Use Applications – Influence The Synthetic Paper Market Globally
NEW YORK, UNITED STATES, April 5, 2022 /EINPresswire.com/ — The “Global Synthetic Paper Market to 2027 – Analysis and Forecasts by Analysis and Forecasts by Product (BOPP, HDPE, Others); Application (Label, Non-Label), and Geography” The scope of the study involves understanding on the factors for this growth of synthetic paper market along with the estimates and forecasts of the revenue and market share analysis and also the significant synthetic paper players in the market and their key developments.
The global synthetic paper market accounted for $630.0 Mn in 2018 and is expected to grow at a CAGR of 8.1% during the forecast period 2019-2027, to account to $1,244.5 Mn by 2027.
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Synthetic paper is generally used for printing, labeling, packaging and other applications. The high performance of synthetic paper, such as high tear, water and grease resistance, UV resistance, extended shelf-life, chemical and oil resistance have gained increasing popularity as a material of choice in various end-use industries. As compared to conventional papers, synthetic papers have superior characteristics and are more reliable to support high-performance printing processes. Added benefits of synthetic paper, like laminated, coated, perforated, die-cut embossed and stitched have contributed to the increasing requirements in some of the value-added applications. Synthetic papers are also used in advertising display materials, passes and tickets, envelopes and cards, household product and food labeling, restaurant menus, passport and ID cards, and many others. The supreme print quality, strength, functionality, versatility, and durability are estimated to be a contributing factor to the rise and expansion of the synthetic paper market in the coming years. The rising demand for synthetic paper to be used as paper-bags in end-use industries like pharmaceuticals, food and beverages, chemicals and cosmetics are estimated to fuel the synthetic paper market globally in the next few years.
The APAC region has held the largest share in the synthetic paper market globally. Japan and China are the leading countries in the production and consumption of synthetic paper. Several factors like the strict regulations to promote sustainable packaging and a growing rate of population and advancements made by the cosmetic industries have been the factors that have influenced the synthetic paper market in the APAC region. The governments of the APAC region have taken up several initiatives to boost their respectable country’s sustainable packaging solutions. One such example is that in India, the packaging of food materials and other edibles is inspected by the Ministry of Health and Family Welfare as per the Prevention of Food Adulteration Act, 1954. The act clearly states that the material that is being used for packaging must fulfill the requirements of the Bureau of Indian Standards. The cosmetic industry is one of the most dynamic and diverse industry in the world. The expansion of this industry has been estimated to create a direct impact on the synthetic paper market as synthetic paper proves to be an eco-friendly option for the packaging of cosmetic products. The advancements in the printing and packaging technology are predicted to create a massive impact on the expansion and growth of the synthetic paper market globally.
Synthetic Paper Market: Competitive Landscape
The key players in the synthetic paper market include Agfa-Gevaert Group, American Profol Inc., Arjobex SAS, Cosmo Films Limited, Hop Industries Corporation, Nan Ya Plastics Corporation, PPG Industries, Inc. Toyobo Co., Ltd., Transcendia, Inc. and Yupo Corporation among others.
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In 2018, the non-label application segment contributed to the largest market share in the global synthetic paper market. The growth of the non-label application segment is mainly attributed to the increase in demand of synthetic paper for various non-label applications including maps, charts, banners, graphics, lifeguarding manuals, boating books, children’s books graphics among others. Moreover, awareness increased among the people in the developing region such as the Asia Pacific has stimulated the use of synthetic paper due to its recyclability and environment friendliness and has favored the synthetic paper market globally. There is a significant growth in the demand by a non-label application for printing pamphlets and banners for various promotional activities, which is also boosting the growth of the synthetic paper market. Synthetic paper meets out the environmental requirements and does lead to pollution. Therefore, they are adopted by companies offering sustainable solutions.
Synthetic Paper Market by Raw Materials
Based on raw materials, the synthetic paper market is categorized into BOPP, HDPE and others. The BOPP segment dominated the global synthetic paper market. Moreover, the HDPE segment is anticipated to grow at a faster pace over the projected period. The growth of the BOPP segment is mainly attributed due to its good printing effect, non-aging benefits and high tensile strength. Moreover, BOPP synthetic paper has a wide range of applications such as in commercial packaging, the printing of calendars, posters, business cards and many others. The growing applications of the synthetic paper in various end-use is projected to drive the BOPP market during the forecast period.
The governments in the Asia Pacific region are taking initiatives to boost sustainable packaging solutions. For instance, in India, the packaging of food materials and other edibles are administered by the Ministry of Health and Family Welfare under the Prevention of Food Adulteration Act, 1954. The act states that the materials used for packaging must conform to the requirements of the Bureau of Indian Standards.
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