Global synthetic paper market size is projected to surpass USD 405 million by 2023. Strict implementation of environmental rules to prevent deforestation and promote natural resource preservation is predicted to drive the synthetic paper market growth over the coming years. Expansion of packaging & labelling sector along with the need for having eco-friendly paper solution is expected to play a vital role in influencing the synthetic paper industry share. Global packaging & label industry worth USD 350 billion in 2015, is projected to reach USD 427 billion by 2020. Paper consumption across the globe has grown by nearly 400% since last 40 years due to which 35% of harvested trees are being used for paper manufacturing. The recyclable feature as well as the sustainable production of paper is expected to boost the synthetic paper industry trends over the coming period.
Synthetic paper finds its application in non-label and label sectors. Non-label sector contributed towards nearly 62% of the global synthetic paper market share in 2015, and is predicted to grow significantly over the coming years. The growth can be attributed to its elongated life span and use in making graphics, banners, charts, and maps. It is predicted to make highest gains at 6.3% over the period of 2016-2023, owing to its large-scale applications in stack labels, wraparound labels, shrink labels, in-mold labels, and pressure sensitive.
MEA synthetic paper market size, by product, (KT), 2012-2023
Major synthetic paper products include BOPP (Biaxially Oriented Polypropylene) and HDPE (High Density Polyethylene). BOPP synthetic paper market share worth USD 144.6 million in 2015, is expected to record a CAGR of 6.8% over 2016-2023. The growth can be attributed to superior BOPP features easing lamination, coating, and printing work. Furthermore, it is cost effective and possesses superior strength as well as exceptional moisture retaining characteristics. It is also used as packaging material for fruits, snacks, confectionary, fast food, and vegetables. HDPE synthetic paper market price worth USD 87 million in 2015, is projected to grow at a rate of 7% over 2016-2023.
North America synthetic paper market size worth USD 55 million in 2015, is expected to grow at a rate of 7% over the period of 2016-2023. The growth can be credited to its wide set of applications in food & beverages packaging as well as pharmaceutical industries. U.S. market to make significant contributions towards the regional revenue.
Asia Pacific synthetic paper market accounted for 37% of the overall demand in 2015 and is projected to witness a high surge over the coming six years, owing to its heavy demand from food & beverages, cosmetics, and chemical industry. Furthermore, low manufacturing costs in the region are also predicted to boost the growth of synthetic paper industry. China and India are predicted to be major regional revenue pockets for APAC.
Europe synthetic paper market worth USD 69 million in 2015, is expected to grow substantially over the coming years.
Market players will try to grow their regional presence and increase their revenue share through product portfolio expansion and joint ventures. Key industry participants include American Profol Inc., DuPont, PPG Industries, Arjobex, Hop Industries, Taghleef Industries, Nan Ya Plastics Corporation, and Neenah Paper Inc.
Written By : Dhananjay Punekar