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According to the new market research report “Synthetic Paper Market by Raw Material (BOPP, HDPE), Application (Labels, Printing, and Paper Bags), End-Use Industry (Packaging, Paper), Region (North America, Europe, APAC, South America, Middle East & Africa) – Global Forecast to 2024″, The synthetic paper market is projected to grow from USD 587 million in 2019 to USD 873 million by 2024, at a CAGR of 8.3% from 2019 to 2024.
Major drivers in the market include rising environmental concerns due to the use of wood pulp for the manufacture of paper, 100% recyclability, and rising applications for printing and paper bags.
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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. The growing demand for synthetic paper from the paper, packaging, and other end-use industries is expected to drive the synthetic paper market. The key factors for the growing demand are rising environmental concerns due to use of wood pulp for the manufacture of paper, 100% recyclability, continuous advancements in packaging technology, and rising need for weatherproof and durable printed paper suitable for outdoor applications. The growing demand for biodegradable eco-friendly synthetic paper is leading to the growth of the synthetic paper market. For instance, Yupo Corporation has introduced its new product, Yupo Green, which can be decomposed without the need for dumping it into landfills.
The market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period owing to improved lifestyles of populations, rising environmental concerns, and high demand for printing applications. This growth can be attributed to the growing demand for synthetic paper from various end-use industries, such as paper, packaging, and others. Major companies operating in the synthetic paper market have established their manufacturing units and sales offices in the Asia Pacific region. These companies are undertaking organic and inorganic expansion strategies to increase their market share and penetrate emerging markets.
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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. 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.
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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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