New York, United States, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The production of synthetic papers begins with the creation of a synthetic resin, which originates from the petroleum industry. The properties of tear resistance, water resistance, oil resistance, chemical resistance, and high durability are just some of the features that set synthetic paper. “Stringent government rules and growing environmental concerns over pulp paper will drive the market,” quoted by the Research Manager at Straits Research P. Ltd.
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Rising Trends
Synthetic papers may be recycled and repurposed as plastic resins for use in a variety of applications. The expansion of the market for synthetic paper throughout the world is being helped along by the product's environmentally favourable qualities. The majority of the major operational firms in the synthetic paper business advocate for the use of synthetic paper that is entirely recycled. Recycle, Reuse, Respect, and Reduce are the four tenets of the philosophy that Polyart adheres to in order to preserve and enhance environmentally friendly qualities.
Growth Opportunities
The global paper industry is estimated to be over 400 million tonnes, with pulp or paper based on wood constituting the vast majority of production. Because these pulp or wood-based papers use wood as their major resource and are less expensive than synthetic paper, forests are being cut down to make room for these products. On the other hand, the production of synthetic papers is a technique that is favourable to the environment and contributes to the preservation of the ecosystem by lowering the demand for natural resources. Synthetic paper's market share in the paper sector might be bolstered with the support of various research and development efforts carried out by producers towards the goal of bringing down the price of synthetic paper, which would lead to a rise in the product's utilisation.
Regional Overview
In 2021, the Asia Pacific region led the market and generated 35.9% of global revenue. Due to the rising demand in the packaging, printing, and pharmaceutical industries, the market for the product in the Asia Pacific region was estimated to be worth around USD 389.2 million in 2021.
Over 28.0 percent of global sales in 2021 was attributable to Europe. Due to the growing usage of the product in the food and beverage and pet food labelling sectors, the demand for synthetic paper in the U.K. is predicted to rise at the quickest rate for label application.
Key Highlights
- The global synthetic paper market size is expected to reach USD 1,573.44 million in 2030 expanding at a CAGR of 5.52% from 2022 to 2030.
- The market for Synthetic paper market is segmented into the following: product, application, and region.
- The market may be broken down into Biaxially-Oriented Polypropylene (BOPP), High-Density Polyethylene (HDPE), and PET, depending on the type of product. In 2021, the BOPP product segment dominated the market and was responsible for 57.5% of worldwide sales.
Competitors in Synthetic Paper Market
The major companies competing in the synthetic paper industry are PPG Industries, Inc. (US), Seiko Epson Corporation (Japan), Agfa-Gevaert Group (Belgium), Yupo Corporation (Japan), and Arjobex SAS (France).
Recent Developments by key players
- The "SUPERYUPO Double" (grade: FRBW) grade for oil-based offset printing, suited for double-sided printing on paper using oil-based ink, was introduced by Yupo Corporation in September 2020
- In June 2019, Yupo Corporation created their novel synthetic paper for label applications, which is made from biodegradable plastic resin. These YUPO Green Synthetic papers, which replace conventional crude oil-based paper, are created from sugarcane bagasse.
Segmentation of Synthetic Paper Market
By Product
- Biaxially-Oriented Polypropylene (BOPP)
- High-Density Polyethylene (HDPE)
- PET
By Application
- Label
- Non-Label
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
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