Synthetic Paper Market Size Worth USD 1.74 Billion in 2032 | Emergen Research

Vancouver, Jan. 01, 2024 (GLOBE NEWSWIRE) -- The global synthetic paper market size was USD 1.04 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.4% during the forecast period. The global synthetic paper market is witnessing significant growth, fueled by increased demand in high-tech industries and specialized applications. Synthetic paper, characterized by its thickness ranging from 95 to 430 microns, plays a crucial role in industries where impurities can impact printing and labeling. Key sectors adopting synthetic paper include printing, packaging, publishing, F&B, and more.

A major driving force behind the market's revenue growth is the escalating demand for eco-friendly and recycled packaging. The global shift towards sustainable practices, driven by increased awareness and government regulations, is pushing the demand for recycled paper. Synthetic paper, known for its exceptional durability and tear resistance, is becoming indispensable in the production of various paper components.

Despite the positive trends, the market faces challenges due to the high production costs associated with synthetic paper. The complex manufacturing process involves polymerization, quality control, and advanced technology, contributing to elevated operational expenses. Manufacturers are witnessing a surge in orders and sales volumes, but the high costs pose a potential obstacle to market competitiveness.

Raw Material Insights: BOPP Segment Dominates

In terms of raw materials, the Biaxially Oriented Polypropylene (BOPP) segment accounted for the largest revenue share in 2022. BOPP synthetic paper is highly versatile, providing optimal performance and longevity. It is resistant to UV light, making it suitable for various applications, especially in flexible packaging. Manufacturers are investing in research and development to offer tailored BOPP products that align with specific industry needs.

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Thickness Insights: Above 400 Microns Segment on the Rise

The above 400 microns segment is expected to experience fast revenue growth, driven by the demand for thicker synthetic paper in producing packaging materials. This segment offers increased production yields and cost savings, making it an attractive option for manufacturers seeking both eco-friendly and environmental advantages. Precise control over manufacturing processes enables the production of banners, packaging, and healthcare materials.

Application Insights: Printing Takes the Lead

The printing segment is expected to hold a significantly large revenue share in the global synthetic paper market. Synthetic paper, with its matte finish and resistance to water, is ideal for menus, cards, tickets, passes, and labels. Its durability and stability contribute to longer-lasting printing quality. The demand for pure materials in the printing industry, where even small impurities can degrade performance, has led to the widespread adoption of synthetic paper.

End-Use Insights: Industrial Sector Sees Moderate Growth

The industrial segment is expected to register moderately fast revenue growth, driven by the rising demand for synthetic paper in industrial product identification tags and labels. Synthetic paper's durability and high-water resistance make it an ideal solution for industrial uses, including maps, charts, instruction sheets, and identification cards. The eco-friendly nature of synthetic paper contributes to design flexibility and innovation in label printing.

Regional Insights: Asia Pacific Leads, North America Fastest Growing

The Asia Pacific market dominated the global synthetic paper market in 2022, with China, Japan, South Korea, and India leading in adoption. The North America market is expected to experience the fastest revenue growth, driven by increased demand in the food and beverage industry, particularly in the U.S. and Canada. The Europe market is also expected to account for a considerable revenue share, with a focus on eco-friendly and recycled paper in countries like the UK, Germany, and France.

Scope of Research

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MAJOR COMPANIES and Market Share Analysis

The global synthetic paper market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective synthetic paper in the market. Some of the major companies included in the global synthetic paper market report are:

• PPG Industries
• NAN Ya Plastics Corporation
• Cosmo Films Ltd.
• Valeron
• Transcendia
• Toray Industries Inc.
• Du Pont
• Japan Pulp & Paper Co., Ltd.
• B & F Plastics Inc.
• RELYCO
• Yupo Corporation
• Formosa
• Folex
• BASF SE
• Sihl AG
• Toyobo Co., Ltd.
• Granwell Products Inc.
• Evonik Industries
• Aluminium Feron GmbH
• Seiko Epson Corporation

Strategic Development

• On 17 January 2023, BASF announced to invest in enhancing polymer dispersion capabilities at its production site in Merak, Indonesia. This expansion is part of rising trend for high-quality packaging in ASEAN, where major paper and board manufacturers are concentrated. The expansion will provide additional supply reliability to meet rising demand for acrylic and styrene-butadiene dispersions in the Southeast Asia, Australian, and New Zealand markets.
• On 17 September 2020, Konica Minolta Business Solutions U.S.A. Inc. (Konica Minolta), a leader in industrial and commercial printing and packaging solutions, announced the testing and approval of REVLAR Premium 10.7 mil and 13.7 mil RELYCO synthetic papers for use on the AccurioPress C14000 high-volume production press. As a result, RELYCO's REVLAR synthetic paper has been added to the Konica Minolta Approved Media Guide.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global synthetic paper market on the basis of raw material, thickness, application, end-use, and region:

• Raw Material Outlook (Revenue, USD Billion; 2019-2032)

• • Biaxially Oriented Polypropylene (BOPP)
  • Polyethylene Terephthalate (PET)
  • High-Density Polyethylene (HDPE)
  • Polyvinyl Chloride (PVC)

• Thickness Outlook (Revenue, USD Billion; 2019-2032)

• • Below 200 microns
  • 200 to 400 microns
  • Above 400 microns

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Printing
  • Labels and Tags
  • Packaging
  • Others

• End-use Outlook (Revenue, USD Billion; 2019-2032)

• • Industrial
  • Institutional
  • Commercial/Retail
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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