San Francisco, May 10, 2016 (GLOBE NEWSWIRE) -- Synthetic paper market is an environmentally friendly alternative to conventional paper as it is not manufactured from wood pulp. Growing consumer awareness towards green initiatives coupled with the supportive regulatory scenario has resulted in increased preference for synthetic paper. The global market is expected to reach over USD 342.8 million over the forecast period. Contrary to conventional paper, manufacturing of the product does not include emission of harmful gases, thereby contributing to an ecologically sustainable produce.
In 2013, non-label application dominated the market and was anticipated to have a demand of over 70 kilo tons on account of superior printing properties which makes the product favorable for utilization in charts, arts, banners, maps and graphic. These are increasingly being used in new applications including folding cartons and blister packaging owing to distinctive properties of synthetic paper including high strength and pilferage resistance.
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Synthetic paper demand was estimated at 115.0 kilo tons in 2013 and is anticipated to account for over 176.9 kilo tons at a CAGR of 6.4%. Biaxial-oriented polypropylene (BOPP) films contributed to the largest product segment of the market on account of properties including versatility, printability, cost effectiveness and superior strength. Revenue for this segmented was projected to reach over USD 120.0 million in 2013 and is estimated to grow at a CAGR of 7.1% in the forecast period. High-density polyethylene (HDPE) based papers are dominantly used in the chemical and clothing industry owing to high bursting and tensile strength in addition to economic costs.
Labelling application is anticipated to grow at the fastest pace with a CAGR of approximately 6.6% over the next seven years. Increase in consumption of packaged food & beverages due to shifting consumer lifestyles is expected to augment demand from the application. Stringent regulations by food & beverage associations are also expected to have a positive impact on consumption.
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Asia Pacific was the major market with demand projected at 45.0 kilo tons in 2013. It is estimated to witness a CAGR of 6.8% over the forecast period. Growing demand from the end-use applications, namely, food & beverages, chemicals, and cosmetics as a consequence of improved lifestyles and increasing disposable income are the principal driving factors for market growth. Europe emerged as the second largest market due to an existence of pharmaceutical companies that utilize synthetic paper for medicine packaging.
To gain a sustainable competitive advantage, key industry players such as Nan Ya and Arjobex have been focusing on newer ways of product development. DuPont emphasizes on green processing replacements that consume energy and reduce the greenhouse effect. Other key competitors in the market include Yupo Corporation, PPG Industries, Tagleef Industries and American Profol.
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Grand View Research has segmented the global synthetic paper market on the basis of product, application and region:
Synthetic Paper Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2020)
• BOPP
• HDPE
• Others
Synthetic Paper Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2020)
• Label
• Non-Label
Synthetic Paper Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2020)
• North America
• Europe
• Asia Pacific
• RoW
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