Higher Cost of Synthetic Paper as Compared to Pulp Paper
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.
The printing segment is projected to grow at the highest CAGR, in terms of value during the forecast period
Based on application, the printing segment is projected to grow at the highest CAGR owing to the increase in demand for more durable and superior quality prints which can also be used for outdoor applications. The applications of synthetic paper include menus, personalized marketing material, point of purchase displays, advertisement displays, wrist bands, cards / envelopes, tickets / passes, and labels for various end-use industries, among others.
Asia Pacific is projected to lead the synthetic paper market during the forecast period
By region, the synthetic paper market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region was the largest market for synthetic paper in 2018 and is expected to continue to lead in the coming years. This region is witnessing a high demand for synthetic paper from various end-use industries, such as paper, packaging, and others. High demand from China, Japan, and India is expected to drive the market in this region. Improving lifestyles of populations, rising environmental concerns, and high demand for printing applications in the countries of this region are fueling the growth of the synthetic paper market.
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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.
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