December 09, 2019
According to the report titled ‘Synthetic Paper Market to 2027 - Global Analysis and Forecasts by Product (BOPP, HDPE, PET, Others); Application (Label, Non-Label), and Geography’ available with Market Study Report LLC, the global synthetic paper market was worth US $630 million in 2018 and is estimated to grow with a CAGR of 8.1% during the period of 2019-2027, hence reaching US $1,244.5 million by the year 2027.
For the record, synthetic papers are opaque and environment friendly plastic products which are made from polyethylene, polypropylene, and polybutylene. They possess qualities such as water resistance, grease resistance, and tear resistance and are used in various labelling and non-labelling applications.
Rising awareness regarding paper waste, in consort with increasing need of eco-friendly products are driving the growth of synthetic paper market. Growing environmental concerns among consumers is also aiding the market expansion.
However, synthetic papers are usually utilized by companies that offer sustainable solutions since manufacturing of synthetic papers does lead to pollution. This factor may hinder the growth of synthetic paper market.
In terms of product type, synthetic paper market is categorized into PET, HDPE, BOPP, and others. Based on application spectrum, the market is classified into non-label and label. The non-label segment dominated the synthetic paper market in 2018, on account of extensive use product for charts, pamphlets, banners, maps, lifeguarding manuals, children’s books, and boating books among others.
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Considering the regional landscape, the global synthetic paper market is bifurcated into regions namely, North America, South America, Europe, Middle East & Africa, and Asia-Pacific. The report cites that Asia-Pacific synthetic paper market is presumed to grow momentously over the forecast period, owing to large consumer base, favorable federal reforms to promote sustainable packaging solutions, improving literacy rate, and rising environmental concerns, especially in emerging nations such as China and India.
The prominent companies operating in synthetic paper market are American Profol Inc., Agfa-Gevaert Group, Arjobex SAS, Hop Industries Corp., Cosmo Films Ltd., NAN Ya Plastics Corp., Toyobo Co. Ltd., PPG Industries Inc., Transcendia Inc., and Yupo Corp.
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