Synthetic Paper Market size is anticipated to value at USD 1.3 billion by 2024. The market is subject to witness a substantial growth due to the growing environmental concerns and numerous initiatives taken by local governments coupled with rising need for packaging and labeling in packaged food & beverages. Numerous benefits offered by the use of synthetic paper include recycling and reduction in byproducts during manufacturing processes, are some of the key factors driving growth of the market in the present times. The adoption of the synthetic paper allows reusability over period of the time, while adoption of conventional paper cannot be recycled more than two to three times.
Additionally,
essential properties associated with synthetic paper includes water resistant,
dust resistance, stress resistant, and heat resistant, thus fueling growth of
the market in recent times. Globally, the synthetic paper market is predicted
to grow at CAGR of 7.1% in forecast period, providing numerous opportunity for
market players to invest for research and development in the synthetic paper
industry.
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The
synthetic paper offers excellent physical properties such as resilience and
high stress resistance coupled with along suitable chemical properties for
various labeling services, thus boosting growth of the synthetic paper market
in near future. Application of synthetic paper varies from packaging industry
to chemicals industry. Increasing cost associated with crude oil is likely to
hamper cost of PP and PE, leading to the rising in constraint for market
growth. Additionally, increase in applications of synthetic paper and
availability of raw materials are key factors restraining growth of the market.
Rise
in activities such as deforestation by regional governments and environment
protection organizations are some of the major factors for rise in adoption of
synthetic papers. The regular use of synthetic paper promotes conservation of
the environmental resources. Consistent growth of the packaging and labeling
industry across the globe is subject to increase market value of synthetic
paper during the forecast period.
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Growing
preference towards carton packaging and blister packaging is expected to drive
the synthetic paper industry in coming years. Synthetic paper is perfect blend
of premium quality associated with the high-cost papers and strength of plastic
films coupled with a smooth surface, makes an ideal choice for present and
future applications. The use of synthetic paper allows integration of miniature
electronic devices such as RFID tags, which are mainly used in passports to
provide durability, security, and high-performance
Synthetic
paper is produced from synthetic resin which is derived from crude oil, and
considered as a base ingredient during the production of synthetic paper.
Synthetic paper constitutes characteristics similar to that of the plastic
film. Synthetic paper is produced to inhabit properties of regular while
exhibiting properties of plastic like durability and resilience. Synthetic
paper gives out feel of regular paper.
Synthetic
paper majorly categorized into two kinds on the basis of processes implemented
during their manufacturing such as fiber synthetic paper and film synthetic
paper. Film synthetic paper constitutes a larger portion of the market due to
numerous benefits associated with use over fiber synthetic paper.
The
synthetic paper market is divided into regional market segment such as North
America, Europe, Asia-Pacific, Latin America and Africa. Asia-Pacific region is
predicted to hold major market share in the synthetic paper industry with
massive growth in forecast period. Countries such as India, China and Singapore
are leading the Asia-Pacific market with blooming packaging industry due to
substantial rise in the consummation of the packaged food and soft drinks.
North
America has shown major growth in recent years owing to the easy availability
of synthetic paper in comparison with the conventional cellulosic due to high
import duty on the latter, low cost associated with use of synthetic paper and
presence of well-established industry players. The key players in the synthetic
paper industry are PPG Industries, Arjobex Co., DuPont, American Profol Inc.,
Hop Industries Co., Taghleef Industries, Nan Ya Co., and Neenah Papers.
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