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Synthetic Paper Market Overview 2024: Global Demand and Market Evolution
Synthetic Paper Market Overview
According to The Business Research Company's, The synthetic paper market size has grown strongly in recent years. It will grow from $1.09 billion in 2023 to $1.17 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to expansion of the packaging industry, increasing cost-effective solutions, growing concerns about deforestation, advances in synthetic paper.
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Market Drivers and Trends:
The growing e-commerce industry is expected to propel the growth of the synthetic paper market going forward. E-commerce refers to the purchasing and selling of products and services through an electronic network, most notably the Internet. Synthetic paper is used for manufacturing e-commerce labels, tags, packaging, and other promotional items. With more businesses and people preferring online shopping, the demand for durable packing materials such as synthetic paper will rise. For instance, in 2021, according to the International Trade Administration, a US-based Department of Commerce, global retail consumer goods e-commerce sales increased by 10.8% from $4,891 billion to $5,424 billion. Further, in May 2023, according to the Census Bureau, a US-based agency for the Federal Statistical System, the estimated U.S. retail e-commerce sales increased by 7.8% from 252.8 million in 2022 to 272.6 in 2023. Therefore, the Growing e-commerce industry will drive the synthetic paper market.
Major companies operating in the synthetic paper market are focused on innovating advanced products, such as Xerographic Matt (XM) synthetic paper to strengthen their position in the market. It is a type of synthetic paper that is resistant to water and tearing without lamination. For instance, in November 2021, Agfa-Gevaert N.V., a Belgium-based corporation that creates, manufactures and sells analog and digital photographic goods and systems, launched SYNAPS Xerographic Matt (XM) synthetic paper, which contains an agent that prevents the settlement and growth of viruses and bacteria on its surface. It is uniquely designed with chemicals that remain active for the whole life of synthetic paper and preserves toner-covered print regions. Independent ISO 20743 and ISO 18184 testing has demonstrated a product efficiency of up to 99.99%.
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Major Key Players of the Market:
PPG Industries Inc., DuPont de Nemours Inc., Nan Ya Plastics Corporation, Seiko Epson Corporation, Formosa Plastics Corp, TOYOBO CO. Ltd., Neenah Inc., Jindal Poly Films Limited, Agfa-Gevaert N.V., PaperWorks Inc., Cosmo Films Ltd., Sihl AG, Transcendia Inc., Transilwrap Company Inc., YUPO Corp, MDV Papier- und Kunststoffveredelung GmbH, Nekoosa Coated Products LLC, HOP Industries Corporation, VALÉRON Strength Films Inc., Profol Americas Inc., ARJOBEX SAS, Elastin International Corp, Graytex Papers LLC, Granwell Products Inc., B&F Plastics Inc.
Synthetic Paper Market 2024 Key Insights:
• The synthetic paper market size is expected to grow to $1.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Rising E-Commerce Industry Propels Growth In The Synthetic Paper Market
• Innovation In The Synthetic Paper Market
• Asia-Pacific was the largest region in the synthetic paper market in 2023.
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