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Global Synthetic Paper Market Size was valued at USD 1.1 Billion in 2022. The Synthetic Paper market industry is projected to grow from USD 1.3 Billion in 2023 to USD 2.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.70% during the forecast period (2023 - 2032). Recycled and environmentally friendly packaging is preferred by consumers, and the food and beverage industry is using it more and more, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The market is expected to grow quickly due to consumer desire for recycled and environmentally friendly packaging. Synthetic paper is produced using synthetic polymers generated from petroleum. The material has advantages over conventional paper because to its outstanding properties, which include resistance to tearing, chemicals, moisture, and grease as well as better heat sealing, printability, and high strength. It is extensively used in industries including packaging, the production of food and beverages, consumer goods, transportation, and pharmaceutical products. The United States is one of the primary markets for synthetic because it is projected that in the next years, growing environmental awareness will lead to an increase in the use of synthetic paper over vinyl. Digital printing is expected to expand the product's potential during the course of the projected period.
In response to the global pandemic breakout, governmental officials enforced lockdown restrictions in a number of economies to halt the virus's spread. The sales of retail goods were subsequently affected in a number of ways, and logistics and transportation were temporarily stopped. As a result, the consumption of synthetic paper briefly decreased in 2020. Synthetic paper works well for indoor advertising, posters, banners, and other photo printing. The image has a colorful, appealing finish thanks to the special coating of the synthetic paper. In addition to being resistant to chemicals, grease, folding, and heat, synthetic paper also prints effectively. As a result, it can be utilized to produce toxic-free thermoforming products for food packaging as well as stationery items like holders and covers.
The income and profit margins of market participants who use crude oil as a captive product for petrochemical processing are expected to be impacted by volatile crude oil prices. Demand for petrochemicals and polymers is anticipated to increase over the forecast period as a result of increasing infrastructure spending, rising demand for automobiles, and growth in the healthcare and pharmaceutical sectors. To reduce the cost of creating synthetic paper and so expand their market share in the paper industry, the market leaders are heavily spending in R&D. Governments from many economies are also intensifying their efforts to enhance sustainability across various industries and are looking for alternatives to minimize waste and improve recyclables. This trend is also likely to benefit the market for synthetic paper throughout the anticipated time frame.Thus, driving the Synthetic Paper market revenue.
The global Synthetic Paper market segmentation, based on Application, includes label and non-label. The non-label segment accounted for largest market share in 2022. Because of its outstanding endurance and tensile strength to carry heavy things, synthetic paper is a great material for non-labeling applications like packing. Furthermore, it is projected that the material's great resistance to moisture and extreme heat will further accelerate its development in the packaging application market.
Demand for fine printing on synthetic paper utilizing ink and adhesives is rising in a variety of industries because it is more practical. Because synthetic sheets are easy to print on, it is simpler to print over packaged goods. They are also scratch and stain resistant, which makes it simpler to utilize them for packaging delicate goods.
The global Synthetic Paper market segmentation,based on Product, includes refrigerated BOPP, HDPE, PET, and others. The BOPP segment accounted for the largest market share in 2022. This is due to the material's increased ability to withstand stress, which makes it ideal for packaging perishable items including fast food, snacks, produce, fruits, and sweets. Due to its exceptional qualities, BOPP is frequently used in the packaging of chemicals, textiles, cosmetics, food, and beverages. Due to the growth of the aforementioned application industries in developing countries like China and India over the course of the forecast period, BOPP film is projected to be in high demand in Asia Pacific. Over the course of the anticipated period, HDPE is expected to gain appeal in developing economies including Brazil, China, India, and Russia because to its low cost and variety of applications.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.The Asia Pacific Synthetic Paper market dominated the global market in 2022 (45.80%). The market for the product in Asia-Pacific was predicted to be worth about USD 389.2 million in 2022 due to the increasing demand in the printing, packaging, and pharmaceutical industries. Additionally, it is projected that during the projection period, the area's rapidly expanding e-commerce retail will have a substantial impact on the development of synthetic paper. The growth in the Asia-Pacific region can be attributed to the expansion of end-user industries like pharmaceuticals, cosmetics, consumer goods, and food and beverages due to rising disposable income and an improvement in the standard of living among the working class population in developing countries like China and India.Moreover, In the Asia-Pacific region, the Indian Synthetic Paper market had the quickest rate of growth while China's Synthetic Paper market had the greatest market share.
Further, the major countries studiedin the market reportare The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The North America Synthetic Paper Market is expected to register fastest growth from 2023 to 2032.Wrap-around labels are increasingly common on beverage packaging, which has expanded beyond bottled water to include fruit juices and functional beverages. This will boost the North American label industry, which will improve the synthetic paper market. Further, In the North American area, the U.S. Synthetic Paper market had the biggest market share, while the Canada Synthetic Paper market had the quickest rate of expansion.
Europe Synthetic Paper market accounts for the significant market share. The demand for synthetic paper is anticipated to grow at the fastest rate in the U.K. due to the product's expanding use in the food & beverage and pet food labeling industries. Many companies, most notably Harrier Packaging, employ synthetic paper for pet food packaging.Further, In the European region, the German Synthetic Paper market had the biggest market share, and the U.K. Synthetic Paper market had the quickest rate of growth.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Synthetic Paper market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Synthetic Paper sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Synthetic Paper sector. Major players in the Synthetic Paper market, including 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., and TechNova, are attempting to increase market demand by investing in research and development operations.
The flexible packaging business Cosmo First Ltd. (Cosmo First) provides these services. The company manufactures cast polypropylene (CPP) and biaxially orientated polypropylene (BOPP) films. It offers a range of BOPP films for flexible packaging, lamination, labeling, and industrial applications, including direct thermal printed films, velvet thermal lamination films, and high barrier films. Barrier films, tapes, textile films, synthetic paper, wrap-around label films, overwrap films, wet (print) lamination films, dry (thermal) lamination films, pressure-sensitive label stock films, in-mould films, and direct thermal printable films are all part of the company's product line. Cosmo First serves the industrial and FMCG sectors. The company does business in the US, India, Japan, Korea, the Netherlands, Poland, Singapore, and Thailand. Cosmo First's corporate headquarters are in New Delhi, Delhi, India. In September 2019, Cosmo Films unveiled two varieties of synthetic sheets. The first is a durable synthetic paper, and the second is a digitally produced high tear paper.
Arjobex specializes in the creation and promotion of synthetic paper under the renowned and respected brand name Polyart®. For more than 50 years, the printing industry has worked with Arbojex, a leader in the manufacture of synthetic paper. Arjobex has manufacturing and research and development facilities in both Europe and North America, as well as having international sales. As of 2020, Arjobex SAS owns 100% of The MDV Group, a specialized producer and coater of specialty papers and films for the print, packaging, medical, sign/display, and building industries. With brands like Robuskin and Satinex, MDV rules the synthetic paper and film markets. It also leads the fluorescent sheet industry in Europe under the Fluolux brand. As a result of this acquisition, Arjobex's position in Europe has grown dramatically, making it the region's leading supplier of solutions for specialty coatings on paper and films.
· 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
May 2021: A brand-new Cosmo Film product is made completely of opaque synthetic paper. This was primarily created to be used as a dangler. This artificial, non-tearing paper has a matt feel and is opaque.
January 2019: There is an agreement in place for the distribution of synthetic paper under the trade name SYNAPS between the AgfaGevaert Group and Fujitex Co., Ltd., a worldwide trading company in Japan.
· BOPP
· HDPE
· PET
· Others
· Label
· Non-Label
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 1.1 Billion |
|
Market Size 2023 |
USD 1.3 Billion |
|
Market Size 2032 |
USD 2.1 Billion |
|
Compound Annual Growth Rate (CAGR) |
9.70% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Product, Application, and Region |
|
Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, the U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
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., and TechNova |
|
Key Market Opportunities |
The increasing awareness regarding the use of environmentally friendly products |
|
Key Market Dynamics |
The inclination of consumers toward eco-friendly and recycled packaging and increasing adoption in food & beverage industry |
The global Synthetic Paper Market was valued at USD 1.1 billion in 2022, and it is estimated to reach USD 2.1 billion by 2032.
The global market is projected to grow at a CAGR of 9.70% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the global market.
The key players in the market are 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., and TechNova
The BOPPProduct dominated the market in 2022.
The Non-LabelApplicationhad the largest share in the global market.
Report Code :
RL6565
Published on :
Aug 2023
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