Rising demand for eco-friendly products and rapid expansion of global pharmaceutical industry are key factors driving market revenue growth
The global synthetic paper market size is expected to reach USD 1,016.7 Million in 2028 and register a revenue CAGR of 8.8% during the forecast period, according to a latest report by Reports and Data. Rising demand for eco-friendly products and increasing initiatives by governments of various countries across the globe in order to increase adoption of synthetic paper in several industries are factors expected to drive market revenue growth during the forecast period, as synthetic paper is recyclable and eco-friendly. Rapid deforestation and concerns regarding water conservation resulted in introduction and development of synthetic paper. Increasing need for eco-friendly packaging and labeling in packaged food & beverages is leading to high demand for synthetic paper in various end-use industries. It is increasingly being adopted in the printing and packaging industry as it has evolved technically and is now printable with most of the prevalent printing technologies.
Synthetic paper has become an ideal choice across various end-use industries such as pharmaceuticals and packaging, owing to good durability and tear and wear resistance provided by this type of paper, which, in turn, is boosting revenue growth of the market. Packaging by synthetic paper is an ideal choice for pharmaceuticals as the industry requires high durability. Increasing number of medical applications of synthetic paper including labels or patient wristbands where it is paramount to have moisture, as well as tear resistance is expected to boost market revenue growth. Usage of RFID labels is constantly increasing in the packaging industry as brand owners are adding functionality and embedded electronics into labels for capabilities such as brand authentication. Tags made from synthetic paper protect high-value items by making it more resistant to tearing and also protect integrity of RFID inlay.
Major companies profiled in the market report are PPG Industries, Inc., Seiko Epson Corporation, Agfa-Gevaert N.V., Yupo Corporation, NAN YA PLASTICS CORPORATION, Polyart (Arjobex), Profol Americas, Inc., Cosmo Films Limited, Neenah Inc., and Toyobo Co., Ltd.
Some Key Highlights From the Report
- In August 2020, YUPO Corporation announced the launch of “SUPERYUPO Double” grade for oil-based offset printing suitable for double-sided printing using oil-based ink for paper. SUPERYUPO Double is an innovative synthetic paper that retains YUPO’s core characteristics of outstanding durability, water resistance, and suitability for printing, while allowing double-sided printing using oil-based ink for paper without having to use special synthetic paper ink. The product is a part of the YUPO GREEN series that is blended partially with plant-derived biomass resin, which helps in reduction of CO2 SUPERYUPO Double applies novel technology relating to the penetration of ink, which reduces pictures showing through to the other side.
- Biaxially Oriented Polypropylene (BOPP) films segment is expected to register rapid revenue growth rate over the forecast period. Applications requiring water resistance, ease of printing, high tensile strength, fatigue resistance, and heat stabilities are increasingly utilizing BOPP films. Excellent transparency in clear BOPP film provides high level of aesthetic appeal to product packaging, which is boosting its usage.
- Printing segment is expected to account for steady revenue share over the forecast period. Synthetic paper has ease of printability along with other superior performance properties such as tear-resistance, chemical resistance, water-resistance, and higher durability which increases its application in the printing segment.
- Film synthetic paper segment revenue is expected to expand at a significantly high rate over the forecast period. Manufacturers of synthetic paper with micro-voids are increasingly producing synthetic paper by the biaxial stretching film method, which is resulting in high popularity of film synthetic paper manufacturing process.
- Packaging segment is expected to account for a steady revenue share in the global synthetic paper market during the forecast period. High demand for eco-friendly packaging in different industries such as food and beverages, consumer products, and pharmaceutical industries, owing to increasing concern regarding environmental degradation is boosting demand for synthetic paper as it is eco-friendly and recyclable.
- The market in Asia Pacific is expected to register significantly high revenue CAGR over the forecast period. Expansion of the chemicals, textile, cosmetics, and food and beverages industries in developing countries such as China and India is resulting in growing demand for synthetic paper in the region.
For the purpose of this report, Reports and Data has segmented the global synthetic paper market based on product type, applications, manufacturing process, end-use, and region:
- Product Type Outlook (Revenue, USD Million; 2018-2028)
- Biaxially Oriented Polypropylene (BOPP) Films
- High Density Polythene (HDPE)
- Polyvinyl Chloride (PVC)
- Applications Outlook (Revenue, USD Million; 2018-2028)
- Paper Bag Making
- Manufacturing Process Outlook (Revenue, USD Million; 2018-2028)
- Film Synthetic Paper
- Film Laminate
- End-use Outlook (Revenue, USD Million; 2018-2028)
- Cosmetics and Personal Care
- Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
To Identify The Key Trends In The Industry, Research Study At: https://www.reportsanddata.com/report-detail/synthetic-paper-market