In 2018, the global synthetic paper market was valued at US$ 630.0 million and is projected to experience a compound annual growth rate (CAGR) of 8.1% from 2019 to 2027, reaching an estimated US$ 1,244.5 million by the end of the forecast period.
Synthetic paper is characterized as an environmentally friendly, opaque plastic material made from polybutylene, polypropylene, and polyethylene. This type of paper exhibits remarkable performance attributes, including resistance to tearing, water, and grease, making it suitable for a wide range of applications, both for labeling and non-labeling purposes. These qualities have significantly contributed to the global expansion of the synthetic paper market.
In 2018, the segment of non-label applications held the largest share of the global synthetic paper market. The growth in this segment can be largely attributed to the rising demand for synthetic paper in various non-label uses, such as maps, charts, banners, graphics, lifeguarding manuals, boating guides, and children's book illustrations. Additionally, there is a growing awareness in developing regions, particularly in the Asia Pacific, regarding the recyclability and eco-friendliness of synthetic paper, which has further propelled its adoption and positively impacted the global market. The demand for synthetic paper in non-label applications, particularly for printing promotional materials like pamphlets and banners, is also contributing to the market's growth. Synthetic paper aligns with environmental standards and does not contribute to pollution, making it a preferred choice for companies focused on sustainable solutions.
Governments in the Asia Pacific region are actively promoting sustainable packaging solutions. For example, in India, the Ministry of Health and Family Welfare oversees the packaging of food products under the Prevention of Food Adulteration Act of 1954. This legislation mandates that packaging materials must meet the standards set by the Bureau of Indian Standards.
Key players in the global synthetic paper market include Agfa-Gevaert Group, American Profol Inc., Arjobex SAS, Cosmo Films Limited, Hop Industries Corporation, NAN Ya Plastics Corporation, PPG Industries Inc., Toyobo Co. Ltd., Transcendia, Inc., and Yupo Corporation, among others.
The overall size of the global synthetic paper market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the synthetic paper market. Furthermore, numerous primary interviews were conducted with industry experts and stakeholders to validate the analysis and data collected. Participants in this research typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the synthetic paper sector.