Austin, Aug. 02, 2024 (GLOBE NEWSWIRE) -- The Synthetic Paper Market Size is projected to reach USD 2023.96 million by 2032 and grow at a CAGR of 9.50% over the forecast period of 2024-2032.
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Key Players:
Major players listed in the Synthetic Paper Market report are, Formosa Plastics Group, Valéron Strength Film, SIHL Group, B & F Plastics, Inc., Hop Industries Corporation, Jindal Poly Films Ltd., Yupo Corporation, Cosmo Films Ltd., TechNova, Granwell Products, Inc., Transcendia, Inc., Toyobo Co., Ltd., NAN Ya Plastics Corporation, Agfa-Gevaert Group, PPG Industries Inc and others.
Enhanced printability and durability drive market growth.
Advances in coatings and printing of synthetic papers are continuously improving their properties making them an ideal applicant for the packaging, labelling, and advertisement market segment in demanding long-life high print works. This market is growing due to the requirement for materials, which can withstand difficult weather conditions while maintaining high print quality. UV-curable coatings make prints on synthetic paper look great and last even longer. It is also perfect for outdoor advertising and signs as they give resistance to harmful UV which can cause the colours of dye sublimated printing material soak into one another over time hence leading in degradation.
For instance, Yupo introduced a new grade of synthetic paper with enhanced durability and printability. This product is specifically designed for high-end packaging and labelling, offering superior resistance to water, chemicals, and UV light.
Moreover, companies are forming strategic partnerships to develop and market innovative synthetic paper products. Collaborations between synthetic paper manufacturers and packaging companies are driving product development and market penetration. Furthermore, increased investment in research and development is leading to the creation of new synthetic paper grades with enhanced properties, such as improved tear resistance and better printability.
In 2023, PPG Industries developed advanced coating technologies that enhance the durability and printability of synthetic paper. These coatings improve resistance to moisture, chemicals, and UV light, which are crucial for packaging and labeling applications.
Additionally, synthetic paper provides an alternative to plastic packaging, helping companies reduce their plastic footprint and comply with stricter environmental regulations which drive the market growth.
Synthetic Paper Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 909.12 million |
| Market Size in 2032 | USD 2023.96 million |
| CAGR (2024-2032) | 9.50% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Segmentation Analysis
By Material Type
- BOPP
- HDPE
- PET
- PVC
The BOPP (Biaxially Oriented Polypropylene) segment dominated the synthetic paper market, around 58% of global revenue in 2023. Due to its unexpected blend of qualities that meet the demands of many sectors in terms of both performance and economy. With its exceptional tensile strength and longevity, it is the perfect material for packaging applications that need to be resilient and protective, such as food and beverage packaging, where it preserves product quality and increases shelf life. Another important consideration is cost-effectiveness, since BOPP films are lightweight and inexpensive to produce, which lowers transportation costs and supports sustainability objectives.
By Application
- Printing
- Labels & Tags
- Packaging
- Others
The printing segment held the largest market share around 38.22% in the application segment of the synthetic paper market in 2023. Improving consumer interaction, communication, and brand exposure across a variety of industries. The expansion of the e-commerce, advertising, and packaging industries has resulted in a significant increase in the need for superior, eye-catching printed materials. The printing business has undergone a transformation due to the introduction of advanced technologies like digital and flexographic printing, which offer enhanced efficiency, customization, and print quality.
By End-Use
- Industrial
- Institutional
- Commercial/Retail
In the End-use segment, industrial held the largest market share in 2023. Owing to the wide-ranging need for strong, high-performing materials that can resist severe environments. Materials used in industrial applications must provide exceptional strength, durability, and dependability under a range of environmental conditions. Synthetic papers, BOPP films, and other advanced materials provide the necessary durability and performance characteristics for tags, labels, safety signs, and other industrial uses. Additionally, the growth of industrial sectors such as manufacturing, logistics, and automotive, which rely on effective labeling and packaging solutions, further drives demand.
Regional Landscape:
The Asia-Pacific region held the largest market share in the synthetic paper market, around 38% share of global revenue in 2023. The region's expanding consumer base which has increased the demand for high-quality and durable packaging solutions that synthetic paper provides. Additionally, supportive government regulations and initiatives aimed at reducing plastic waste and promoting sustainable practices have accelerated the adoption of eco-friendly materials like synthetic paper. The region's growing e-commerce sector further fuels the need for effective and robust packaging solutions. Furthermore, technological advancements and local manufacturing capabilities in Asia-Pacific have contributed to the affordability and accessibility of synthetic paper products, making it a preferred choice for businesses across the region. These combined factors make Asia-Pacific a leading market in the synthetic paper industry.
Recent Developments
- In 2023, PPG Industries unveiled cutting-edge coating technologies that improve synthetic paper's performance and longevity, including increased resistance to moisture and UV rays.
- In 2023 Epson combined synthetic paper with innovative printing technology to enhance print quality and ink adherence. The goal of this advancement is to make printed products more appealing and long-lasting.
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Key Takeaways:
- Increasing consumer and regulatory push for eco-friendly packaging solutions is driving the demand for synthetic paper,
- Synthetic paper is cost-effective to produce and transport, contributing to its growing adoption in various industries.
- Asia Pacific held the largest market share due to the investments in research and development.
- Supportive policies and incentives encourage investment in Synthetic Paper development.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Synthetic Paper Market Segmentation, By Material Type
8. Synthetic Paper Market Segmentation, By Application
9. Synthetic Paper Market Segmentation, By End-Use
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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