Growing demand from the Asia Pacific region, such as paper and paper bags are expected to fuel the Global Synthetic Paper Market
The Synthetic Paper Market is estimated at USD 587 million in 2019, and is projected to reach USD 873 million by 2024, at a CAGR of 8.3% from 2019 to 2024.
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Increasing applications in labels, printing, and paper bags are leading to the demand for synthetic paper from end-use industries. Synthetic papers are used owing to properties, such as water resistance, tear resistance, chemical resistance, and dimensional stability, among others. Major end-use industries of synthetic paper include paper, packaging, and others.
Major companies operating in the synthetic paper market include Nan Ya Plastics Corporation(Taiwan), PPG Industries (US), Agfa-Gevaert Group (Belgium), Yupo Corporation (Japan), Arjobex SAS (France), American Profol (US), HOP Industries Corporation(US), Relyco Sales (US), Transilwrap Company, Inc. (US), Cosmo Films (India), Neenah Inc. (US), and Toyobo Co., Ltd (Japan), among others.
Nan Ya Plastics Corporation (Taiwan), PPG Industries (US), Agfa-Gevaert Group (Belgium), Yupo Corporation (Japan), Arjobex SAS (France) are the key players holding a significant share in the synthetic paper market. Among these, Yupo Corporation (Japan) is one of the leading manufacturing companies in terms of number of developments and has a number of distributors of synthetic paper in North America, Asia Pacific, the Middle East & Africa, and Europe.
The company is also focusing on new product launches for products, such as Yupo Green, a biodegradable synthetic paper to enhance its product portfolio. This YUPO Green synthetic paper is made from sugarcane bagasse which is a substitute for conventional crude oil-based paper. This development was an initiative from Yupo Corporation, and was undertaken with reference to the goal of sustainable development of the organization and to produce environment-friendly products.
Agfa-Gevaert Group (Belgium) is a major company providing synthetic paper in 40 countries and has its network of agents and representatives where it does not have its own sales organization. The company develops, produces, and distributes wide-ranging analog & digital imaging systems and IT solutions, for the printing industry, healthcare sector, and for specific industrial applications. It operates 3 business segments, namely, Agfa Graphics, Agfa HealthCare, and Agfa Specialty Products.
The Agfa-Gevaert Group offers a diverse product portfolio satisfying the needs of consumers across various market segments. The company has been expanding its business in various segments through a balanced strategic approach, such as agreements and acquisitions. For instance, the company entered into an agreement with Fujittex to expand its distribution network.
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The Asia Pacific region is estimated to lead the market in 2019 and is also projected to grow at a high CAGR during the forecast period, owing to the increasing demand for synthetic paper from China, Japan, and India. High demand from end-use industries, such as paper, packaging, food & beverages, cosmetics, pharmaceuticals, chemicals, and manufacturing is driving the growth of the synthetic paper products market in these countries. Continuous industrialization and innovation in paper technology, and awareness regarding the printability of synthetic paper is leading to the increasing consumption of synthetic paper.
Reference: https://www.marketsandmarkets.com/Market-Reports/synthetic-paper-market-141930359.html
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