According to a report published by Grand View Research, Inc.; the global synthetic paper market is anticipated to reach a valuation of around USD 1.3 billion by 2024. Growing environmental concerns and demand from packaging and label industries due to product’s better physical characteristics of synthetic paper can fuel the market growth during the forecast period (2013 to 2024).
Increasing deforestation and concerns regarding the same among environment protection organizations are expected to encourage use of synthetic paper as an alternative to conventional paper. It can be recycled multiple times and is durable and resistant to water, heat, tear, and dust. The product is also suitable for a wide range of packaging applications. Growing demand for sustainable as well as blister packaging from pharmaceutical sector is one of the key trends fueling the market growth.
However, the market for synthetic paper is price sensitive. Volatile prices of polypropylene and High-density Polyethylene (HDPE) may hinder the market expansion over the forecast period. In addition, unstable prices of crude oil can reflect on profit margins of manufacturers in this market. To overcome this unitability, manufacturers are increasingly focusing on bio-based products.
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The worldwide synthetic paper market can be segmented on the basis of product, application, and region. Based on product, the market can be classified into Biaxially Oriented Polypropylene (BOPP), HDPE, and others. In 2016, the BOPP segment captured 61.0% of the overall market share in terms of volume. It is expected to remain dominant over the forecast period due to application in flexible packaging. BOPP has greater strength remarkable moisture barrier properties and is cost-effective. It is used as a packaging material for fruits, vegetables, fast food, and confectionery owing to east of lamination, printing, and coating on this material.
In terms of revenue, the HDPE is anticipated to register a 7.7% CAGR over the forecast period. The HDPE is increasingly used in packaging of frozen food, cheese, powder, and electronic parts. Low price and widespread application scope are projected to augment application scope of HDPE in developing countries such as India, Russia, China, and Brazil.
As per application, the market can be split into label and non-label. In terms of revenue, the non-label segment accounted for market share of 61.0% in 2016. These are incorporated in creation of graphic arts, banners, maps, and charts. In terms of revenue, the label segment is anticipated to expand with a CAGR of 7.5% during the forecast period due to rising utilization in flexible packaging.
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Geographically, the market can be divided into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. In 2016, Asia Pacific led the market with a volume share of 40.6%. Thriving packaging industry in developing countries such as India and China due to rising consumption of packaged food and beverage can propel regional growth. In terms of volume, the region is expected to expand at a CAGR of 7.6% due to increasing demand from China.
Growing emphasize on use of environment-friendly products, especially, in tag and label application can further boost the market for synthetic paper in Asia Pacific during the forecast period. The product is being widely accepted in cosmetics, food and beverages, and chemical industries. This is anticipated to support the demand in the forthcoming years. Growing investment by leading players due to the presence of low cost of labor in the region is expected to further fuel the regional growth.
North America is anticipated to grow on account of increasing use of wrap-around labels in beverage packaging such as fruit juices and other functional drinks. The U.S. Food and Drug Administration (FDA) has recommended the use of Radio-frequency Identification (RFID) labels in pharmaceutical packaging. This is also expected to boost the regional growth over the forecast period. On the other hand, low cost of synthetic paper is anticipated to bode well for market growth in Latin America.
Some of the prominent companies operating in the synthetic paper market include PPG Industries, Inc.; American Profol Inc.; Relyco Sales, Inc.; MDV Papier- Und Kunststoffveredelung GmbH; and Transilwrap Company, Inc.
Grand View Research has segmented the global synthetic paper market report on the basis of product, application, and region:
Synthetic Paper Product Outlook (Volume, Kilo tons; Revenue, USD Million, 2013 – 2024)
BOPP
HDPE
Others
Synthetic Paper Application Outlook (Volume, Kilo tons; Revenue, USD Million, 2013 – 2024)
Label
Non-Label
Synthetic Paper Regional Outlook (Volume, Kilo tons; Revenue, USD Million, 2013 – 2024)
North America
U.S.
Canada
Mexico
Europe
U.K.
France
Italy
Asia Pacific
China
Japan
Taiwan
India
Australia
Latin America
Brazil
Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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