The global 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.
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Key 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.
Growth Drivers:
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.
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.
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
