The global synthetic paper market size was estimated at around USD 1026.98 million in 2021 and it is projected to hit around USD 1.7 billion by 2030, growing at a CAGR of 5.76 % from 2022 to 2030.
Increasing awareness about climate change and the growing shift towards eco-friendly and recyclable packaging materials are expected to drive market growth.
The major drivers of the market growth are the global increasing demand for paper and the efforts made to decrease the dependency on plant-based paper. Its sustainable production and recyclable nature are expected to notably drive the demand for synthetic paper materials in the coming years.
The Covid-19 pandemic had disrupted the global supply chain thus severely impacting the end-use industries for the product in 2020. However, the post-pandemic era has brought in bright prospects due to a boost in the economies, which are expected to accelerate the market.
The synthetic resin, which acts as raw material for synthetic paper happens to be crude oil’s refined product. With fluctuating prices of crude oil, the demand for synthetic paper is bound to be hampered directly. Also, looking at the current geopolitical scenario, the crude oil prices seem to remain high for quite a long period, ultimately affecting the market.
Scope of The Report
|Market Size in 2021||USD 1026.98 million|
|Revenue Forecast by 2030||USD 1.7 billion|
|Growth rate from 2022 to 2030||CAGR of 5.76%|
|Forecast Period||2022 to 2030|
|Segmentation||Product, application,End-use, Non-Label End-use, region
|Companies Covered||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.; TechNova|
The BOPP product segment led the market and accounted for 57.5% of the global revenue in 2021. It is expected to witness a notable CAGR of 5.3% from 2022 to 2030 owing to the better strength offered by the material which makes them suitable for packaging perishable items such as snacks, fast food, vegetables, fruits, and confectionery. The superior properties exhibited by BOPP have resulted in its extensive use in the packaging of chemicals, textiles, cosmetics, and food and beverages. The growth of the above-mentioned application industries in emerging economies such as India and China are expected to result in high demand for BOPP film in the Asia Pacific over the forecast period.
HDPE-based synthetic papers, majorly used in the packaging of powder, cheese, frozen food, and electronic parts, are expected to be the fastest-growing product segment over the forecast period, growing at over 6.1% from 2022 to 2030. The papers exhibit high moisture barrier, and temperature resistance properties, and are non-abrasive, non-scratch, and acid-resistant. HDPE is expected to gain popularity over the forecast period in emerging economies such as Brazil, China, India, and Russia mainly due to its low cost and extensive application scope. HDPE films are also used as release liners and interleaving sheeting, foam-in-place, and box liners owing to their better release property without silicone coating.
The non-labeling application segment led the market and accounted for approximately 60.0% of the global revenue in 2021. Exceptional durability and tensile strength to hold heavy items positions synthetic paper as a suitable material for non-labeling applications such as packaging. Moreover, the superior resistance to moisture and extreme heat offered by the material is further expected to drive its growth in the packaging application segment.
The convenience of fine printing over synthetic paper using ink and adhesives contributes to its higher demand in various industries. Ease of printability on the surface of synthetic papers contributes to its application in printing over the packaged item. Moreover, they are scratch and stain-resistant and thus facilitate the usage in the packaging of delicate materials.
The labeling application segment is also expected to witness a CAGR of 5.9% over the forecast period. The medical tags in the label application segment are expected to witness a CAGR of over 7.3% from 2022 to 2030. Medical tags are used in applications such as blood bags, test samples in pathological labs, test tubes, pharmaceuticals, medical devices, medical machinery, bottles, and first aid. The Healthcare sector is one of the largest growing industries globally and its expansion is expected to surge the demand for medical tags. Synthetic papers are used for medical tags because of their reliable performance in conditions such as tampering and extreme cryogenic temperature.
The Asia Pacific dominated the market and accounted for 35.9% of the global revenue in 2021. The demand for the product in the Asia Pacific was valued at over USD 389.2 million in 2021 on account of the growing demand in the pharmaceutical, printing, and packaging industry. In addition, the exponential growth witnessed by the eCommerce retail in the region is expected to be a major growth factor for synthetic paper over the forecast period. The growth in the Asia Pacific can be attributed to the growing end-user industries like pharmaceuticals, cosmetics, consumer goods, and food and beverages due to the increasing disposable income and improved standard of living of the working-class population in the developing countries such as India and China.
Europe accounted for a significant revenue share of over 28.0% in 2021. The demand for synthetic paper in the U.K. is likely to register the fastest growth in label application on account of the increasing use of the product in the food and beverage and pet food labeling industries. Numerous companies including Harrier Packaging are using synthetic paper for the packaging of pet food. In North America, the market accounted for a revenue share of over 23.0% in 2021. Wrap-around labels are increasingly used in beverage packaging including fruit juices and functional drinks, diversifying from bottled water, which is expected to drive the growth of the label industry in North America, thus positively affecting the growth of the market.
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