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Written by amelia jems » Updated on: November 21st, 2024
The global synthetic paper market size was USD 718.2 million in 2023. The market is set to rise from USD 767.5 million in 2024 to USD 1,378.9 million by 2032 at a CAGR of 7.6% during 2024-2032.
The robust substrate of synthetic paper is designed to offer improved tear resistance, water resistance, and durability while maintaining the qualities of conventional paper. This paper is gaining traction in printing, packaging, and labeling applications due to its durability and resistance to severe environmental conditions.
List of Key Players Profiled in the Market Report
Segments
Polypropylene Segment Expected to Dominate the Market due to Its Easy Accessibility
By material, the market is categorized into polypropylene, polyethylene terephthalate, and others. The polypropylene segment is set to register the highest synthetic paper market share. Increased polypropylene paper usage is attributed to its easy accessibility, lesser cost, and exceptional properties.
Labelling Segment Led the Market due to Increasing Need for Labels from Several End-use Industries
On the basis of application, the market is bifurcated into labelling and non-labelling. The labeling application segment commanded the market due to increasing need for labels from several end-use industries.
From the regional ground, the market is classified into Europe, Latin America, North America, Asia Pacific, and the Middle East & Africa.
Report Coverage
The market research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment and prominent product categories. Moreover, the report offers valuable insights on market trends and significant industry developments. Apart from the factors above, the report includes many factors that have boosted market expansion in recent times.
Drivers and Restraints
Increase in R&D Initiatives to Produce Durable Products to Augment Market Growth
The majority of polymers used to make synthetic paper are Biaxially Oriented Polypropylene (BOPP) and Polyethylene Terephthalate (PET). According to recent research, fillers and other polymers can be used to make papers durable and workable. For instance, a 40% filler mixture of polystyrene and liner low-density polyethylene is appropriate for synthetic paper applications. Fillers are made of 80% dolomite and 20% talc. Due to the addition of these fillers, the material can behave more like paper due to the reduction in tensile strength, folding strength, and dart impact. The material can be made to resemble paper by using fillers and small amounts of incompatible polymers. Manufacturers can also benefit from these fillers and polymers’ easy availability and lower costs. All these factors are fostering the synthetic paper market growth.
Nevertheless, synthetic papers are generally produced from polymers. Most of the polymers are non-decomposable or take time to decompose. This factor is hampering market expansion.
Regional Insights
Presence of Large Plastic Manufacturing Base Boosted Market Growth in Asia Pacific
The market in Asia Pacific stood at USD 280.1 million in 2023. The presence of a large manufacturing base for plastic in China, India, South Korea, and Japan is driving market growth in the region.
Market growth in Europe is driven by growing consumer preference to substitute PVC in the packaging industry.
Source: https://www.fortunebusinessinsights.com/synthetic-paper-market-102386
Competitive Landscape
Top Companies Implement Several Strategies to Boost Their Market Shares
The market is combined in nature with the presence of many international players. Key players opt for many strategies to boost their market shares and maintain a competitive edge. PPG Industries, Yupo Corporation, DuPont, Cosmo Films, and American Profol are some of the top market participants.
Key Industry Development
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