Synthetic Paper Industry Overview
The global synthetic paper market size was estimated at USD 1026.9 million in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 5.5% from 2022 to 2030.
The market is expected to grow significantly due to the inclination of consumers towards eco-friendly and recycled packaging. Synthetic paper is produced from synthetic resins that are extracted from petroleum. Exceptional properties offered by the material such as resistance against tear, chemical, moisture and oil, along with better heat sealability, printability, and high strength is providing it an edge over conventional paper. It is extensively used in industries, such as packaging, food and beverages, consumer goods, transportation and pharma goods.
Gather more insights about the market drivers, restrains and growth of the Global Synthetic Paper Market
The U.S. is one of the key markets for synthetic as the increasing awareness regarding the use of environmentally friendly products is expected to propel the use synthetic paper over vinyl in the coming years. Digital printing is expected to pave the way for new opportunities for the product over the forecast period. The global pandemic outbreak led to the imposition of lock down restrictions by governing authorities across various economies to curb the spread of virus. This in turn led to a several impact to retail sales of goods along with a brief halt in transportation and logistics. As a result, it led to short term dip in demand for synthetic paper in the year 2020.
Synthetic paper is a good printing medium for indoor advertisements, posters, banners, and other photo printing. The special layer of coating on synthetic paper makes the image more colorful and attractive. In addition to good printability, synthetic paper also exhibits resistance against chemicals, grease, folding, and heat. This makes it suitable for use in the development of toxic-free thermoforming products for food packaging as well as stationery such as holders and covers.
The market leaders are doing extensive research and development to reduce the cost of synthetic paper production, which would strengthen the synthetic paper market share in the paper industry. In addition, governments across various economies are increasing their efforts to increase sustainability across various industries thus looking for alternatives to reduce waste and increase recyclability. This trend is further expected to positively influence the market for synthetic paper over the forecast period.
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- Food Packaging Market – The global food packaging market size was estimated at USD 303.26 billion in 2019, exhibiting a CAGR of 5.2% over the forecast period. Growing demand for packaged food by consumers owing to quickening pace of life and changing eating habits is expected to have a major impact on the market.
- Confectionery Market – The global confectionery market size was valued at USD 298.23 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2028. The growing food and beverage industry across the globe and the rising per capita consumption of these products are expected to promote market growth.
Synthetic Paper Market Segmentation
Grand View Research has segmented the global synthetic paper market on the basis of product, application, and region:
Synthetic Paper Product Outlook (Volume, Million Square Meters, Revenue, USD Million, 2017 – 2030)
Synthetic Paper Application Outlook (Volume, Million Square Meters, Revenue, USD Million, 2017 – 2030)
Synthetic Paper End-use Outlook (Volume, Million Square Meters, Revenue, USD Million, 2017 – 2030)
- Hand Tags
- Medical Tags
Synthetic Paper Non-Label End-use Outlook (Volume, Million Square Meters, Revenue, USD Million, 2017 – 2030)
Synthetic Paper Regional Outlook (Volume, Million Square Meters, Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights
- In 2020: The Covid-19 pandemic had disrupted the globally supply chain thus severely impacted the end-use industries for the product in 2020.
- January 2019: Agfa-Gevaert Group announced that is signed an agreement with SYNAPS for the distribution of synthetic paper. The agreement covers the distribution of Agfa’s synthetic paper SYNAPS in Japan and accelerates to Fujitex’ distribution to the local promotion and office printing market.
Key Companies profiled:
Some prominent players in the global synthetic paper market include
- Formosa Plastics Group
- SIHL Group
- B&F Plastics, Inc.
- Jindal Poly Films Ltd.
- Cosmo Films Ltd.
- Granwell Products, Inc.
- Transcendia, Inc.
- Valéron Strength Films
- Toyobo Co., Ltd.
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