The global synthetic paper market is expected to reach USD 342.8 million by 2020, according to a new study by Grand View Research, Inc. Synthetic paper is an eco-friendly substitute to conventional paper as it does not involve deforestation making it a preferred option in current regulatory scenario. In contrast to conventional paper, synthetic paper manufacturing does not involve the emission of toxic gases including carbon dioxide making it an environmentally sustainable product.
Non-label applications accounted for a significant share of synthetic paper market with estimated demand in excess of 70 kilo tons in 2013, owing to superior print properties making them favorable for use in banners, charts, graphic arts and maps. Synthetic paper has distinguished properties such as pilferage resistance and high strength making them ideally suited for novel applications such as blister packaging and folding cartons.
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Further key findings from the study suggest:
- Global synthetic paper demand was 115.0 kilo tons in 2013 and is expected to reach 176.9 kilo tons by 2020, growing at a CAGR of 6.4% from 2014 to 2020.
- BOPP was the largest product segment for synthetic paper owing to properties including superior strength, easy printability, versatility and cost effectiveness. Segment revenue was estimated at over USD 120.0 million in 2013 and is expected to grow at a CAGR of 7.1% from 2014 to 2020.
- Labeling is expected to be the fastest growing synthetic paper market application at a CAGR of over 6.6% from 2014 to 2020. Increased consumption of packaged foods & beverages owing to enhanced lifestyle is expected to augment labeling demand as the food & beverages market is characterized by stringent labeling regulations.
- Asia Pacific was the largest regional synthetic paper market with demand estimated at 45.0 kilo tons in 2013 and expected to witness growth at a CAGR of 6.8% from 2014 to 2020. Regional growth can be attributed to increasing end-use industries including cosmetics, chemicals and food & beverage as a result of enhanced lifestyle and increasing disposable income of the working class population.
- Key market participants including Arjobex and Nan Ya Plastic are focusing on new product development as a tool for sustaining competitive advantage. DuPont focuses on green processing alternatives consuming less energy and reducing green house effect. Other key companies in the market include PPG Industries, Yupo Corporation, American Profol and Tagleef Industries.
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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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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