Synthetic Paper Market Major Players and Growth Driving Factors Analysis, 2018 - 2023
Factors such as increasing application of the synthetic paper in different industries, rising demand for eco-friendly and energy efficient products, low cost of synthetic paper, and rising disposable income will drive the market.
(firmenpresse) - Global synthetic paper market is anticipated to witness an exponential growth in the forecast period. Synthetic paper is usually factory-made from petroleum derivatives such as synthetic resins (polypropylene and polyethylene). Synthetic paper has features similar to plastic films and at the same time is visually indistinguishable from normal paper.
Factors such as increasing application of the synthetic paper in different industries, rising demand for eco-friendly and energy efficient products, low cost of synthetic paper, rising disposable income, increasing usage of synthetic paper in tags and labels, due to its durability, technological advancement, increasing demand for these papers in the chemicals and cosmetics industries are likely to drive the synthetic paper market in forthcoming period.
On the other hand, cost-effective and innovative products are anticipated to hinder the market growth in the future. However, growing investments by businesses in the region on account of low labor cost is likely to create lucrative opportunities for the market. The synthetic paper market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Synthetic paper market could be explored by product type, manufacturing process, application, end-user industry, and geography. The market by product type could span Biaxially Oriented Polypropylene (BOPP), Polyvinyl Chloride (PVC), High-Density Polyethylene (HDPE) and others. The “Biaxially oriented polypropylene (BOPP)” segment accounts for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors attributed to the growth of the market include high performance and stability over a very extensive range of temperatures and environmental circumstances. Based on the manufacturing process, the market could span Film-Laminate Synthetic Paper, Film Synthetic Paper, and Fiber Synthetic Paper.
The key applications that could be explored in the synthetic paper industry include Non-Label and Label. The “Non-label” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of the market include growing demand from end-user industries such as beverage, food, and pharmaceuticals and technological advancement. The market could be explored based on end-user industry as Pharmaceuticals, Packaging and Labeling, Transportation, Manufacturing, Retail and others.
Asia-Pacific is a leading region in the market. It is likely to maintain its dominance in the forecast period owing to factors, such as changing lifestyle, technological advancement, rising demand in the synthetic paper products, booming packaging industry in developing economies such as China and India due to increased packaged food, rising disposable income and beverage consumption and increasing population. Asia-Pacific is followed by the North American region owing to the low price of synthetic paper in the region.
Key players operating in the synthetic paper market include Arjobex Co., PPG Industries, DuPont, Hop Industries Co., American Profol Inc., Nan Ya Co., Neenah Papers and Taghleef Industries. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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