December 23, 2020
According to the research report titled ‘Global Synthetic Paper Market Size study, by Raw Material (BOPP, HDPE), Application (Printing, Paper Bags, Labels), End-use Industry (Paper, Packaging) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global synthetic paper market was valued at USD 482 million in 2019 and is projected to record a y-o-y growth rate of 9.2% during 2020-2027.
Rapid development in printing and packaging sectors, along with increasing applications in other industries such as chemicals and cosmetics are primarily driving the growth of global synthetic paper market.
For those unversed, synthetic resins possessing characteristics of regular paper are used to make synthetic paper. This kind of paper consists of either high-density polyethylene or biaxially oriented polypropylene, and are widely used as non-label and labels paper. Synthetic paper provides advantages like recyclability, superior print quality, water and tear resistance, and UV resistance.
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Surging demand for labelling in pharmaceutical sector is facilitating the business scenario. Innovative product launches, and strategies alliances by key vendors are stimulating global synthetic paper industry outlook. Citing an instance, Yupo Corporation, in June 2019, launched its new synthetic paper manufactured from biodegradable sugarcane bagasse for use in label applications. Similarly, Agfa-Gevaert Group entered into an agreement with Fujitex Corporation to distribute SYNAPS XM products.
Despite the favorable scenario, varying prices of crude oil, alongside high product cost in comparison to traditional paper is likely to negatively impact global synthetic paper industry forecast. Although, escalating demand for eco-friendly products will boost the market growth.
Based on raw material, the market is split into high density polyethylene (HDPE), biaxially-oriented polypropylene, and others. Speaking of application spectrum, global synthetic paper market is divided into labels, paper bags, and printing. As per end-use scope, the industry is categorized into packaging, paper, and others.
Citing the regional landscape, Asia Pacific, Europe, Latin America, and North America are the prominent regions studied for worldwide thermostatic radiator valve industry analysis. As per the report, Asia Pacific leads the overall market and will grow further, on account of concentration of major contenders in the region, and rapid development in the packaging sector. Low cost of labor, and growing investments in eco-friendly products will sway the business dynamics forwards in APAC.
Established firms in global synthetic paper market are Cosmo Films Ltd., MDV-Papier-und Kunststoffveredelung GmbH, Transcendia Inc. (formerly Transilwrap Company Inc.), Relyco Sales Inc., Hop Industries Corporation, Profol Americas Inc., Arjobex SAS, Yupo Corporation, Agfa-Gevaert Group, Seiko Epson Corporation, and PPG Industries Inc.