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Synthetic Paper Market To Witness Significant Growth Owing To Increasing Awareness Regarding Eco-friendly Products & Growing Concerns of Deforestation Till 2024 | Million Insights
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The Global Synthetic Paper Market was accounted over USD 240.0 million in 2015. The demand for this product is driven by increasing awareness regarding eco-friendly products coupled with supportive government regulations that are looking at alternatives of wood pulp based paper.
The advanced chemical and physical resistance exhibited by synthetic paper along with growing concerns about the safety of flora & fauna, deforestation, gas emissions and natural resources expected to have a positive impact on market demand. The non-toxic nature of synthetic paper is responsible for its growing application in the food and beverage industry.
Full Research Report On Synthetic Paper Market Global Analysis available at: https://www.millioninsights.com/industry-reports/synthetic-paper-market?utm_source=pressrelease&utm_medium=referral&utm_campaign=openpr_shree_sep11&utm_content=Content
The major raw materials used in the manufacturing of synthetic paper are polypropylene, polybutylene, and polyethylene which are derived from crude oil. The unstable oil prices and government intervention in the pricing of these raw materials are expected to act as a major restraint to the market.
Product Insights
Biaxially Oriented Polypropylene (BOPP) dominated the global synthetic market in 2015 by accounting over USD 140.0 million. The growing technological know-how, versatility, ease of manufacturing and low cost of the product is expected to drive the demand over the forecast period. The growing application of high-density polyethylene (HDPE) in chemical and textile industry is expected to drive market demand over the forecast period.
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Application Insights
The non-label application was valued at over USD 150.0 million in 2015. Label applications include wrap around labels, stack labels, pressure sensitive labels, shrink labels and in-mold labels.
Synthetic papers find its applications in household goods, cards, and food & beverages labeling. The physical properties exhibited by the synthetic paper are attracting the attention of government agencies which are using synthetic paper in passport printing.
Regional Insights
Asia Pacific is the dominant region in the synthetic paper market and accounted for over 38% share in 2015 on account of increasing demand for cosmetic and food & beverages products. The demand in this region is driven by growing application in end-use industries located in India, Japan, and China.
The Middle East and Africa is expected to witness a growth at a CAGR of 7.0% on account of its rising application in offset and xerography. In September 2015, the agreement signed between Agfa and Blue Rhine over the distribution of Agfa’s synthetic paper known as Synapse, in the UAE is expected to have a positive impact on the market demand.
Europe accounted 25% of the share in 2015 on account of growing demand for BOPP products in the region. Technological advancements and product innovation are anticipated to play a major role in driving market demand over the forecast period.
Competitive Insights:
The major industry players include Yupo Corporation, PPG Industries, Arjobex, Nan Ya Plastics Corporation, American Profol, DuPont, Hop Industries and Tagleef Industries. The industry participants compete on factors such as product portfolio, pricing and differenatiation. Manufacturers are involved in extensive R & D to produce synthetic papers with excellent physical properties and easy printability. Technology advancements in printing technologies are likely to drive the growth over the forecast period.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals-and-materials
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