Synthetic Paper Market Soars: Anticipated CAGR of 6.2% by 2032 | FMI

The global synthetic paper market is primed for substantial growth, with an anticipated Compound Annual Growth Rate (CAGR) of 6.2%. The market’s value is forecasted to witness a significant upswing, rising from US$ 1,002.7 million in 2023 to a projected US$ 1,724.6 million by the year 2032. This trajectory underscores the expanding demand for synthetic paper across various applications, as it continues to gain prominence as a versatile and durable alternative to traditional paper, catering to diverse industries and contributing to the market’s robust valuation.

As a flexible and resilient material created from plastic resin, synthetic paper holds considerable potential for global market expansion. While emulating the visual characteristics of traditional paper, it delivers distinct advantages, including tear resistance and enhanced durability. By incorporating synthetic resins like polypropylene, polyethylene, and polyethylene terephthalate, synthetic paper effectively addresses diverse application needs, contributing to its growing popularity across various industries.

Sectors linked to agriculture, spanning food & beverage manufacturing, retail, services, textiles, leather products, forestry, and fishing, collectively contribute to the economic landscape. In 2021, food expenditures accounted for 12.4% of U.S. households’ spending, marking an increase from 11.9% in 2020. This places food as the third-highest expense category after housing and transportation. The dynamic nature of the U.S. food sector, coupled with the rising expenditures on food, is anticipated to propel the demand for synthetic paper. Projections indicate a CAGR of 4.1% in the U.S. synthetic paper industry, creating an incremental opportunity of US$ 64.1 million in the forecasted period.

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For instance:

• In March 2022, Avery Dennison Corporation announced the acquisition of linerless label technology developed by Catchpoint Ltd, which is a company based in the United Kingdom.
• In April 2022, Lintec Corporation announced the development of glassine-based release paper with high smoothness and a reduction in plastic consumption.

Market Drivers-

1. Sustainability and Eco-Friendly Packaging: The growing emphasis on sustainability and reducing the use of traditional plastic materials has driven the demand for synthetic paper, which is eco-friendly and recyclable.
2. Durability and Weather Resistance: Synthetic paper offers superior durability, water resistance, and weather resistance, making it ideal for outdoor signage, labels, and packaging.
3. Growth in E-commerce: The rise of e-commerce has increased the demand for durable and water-resistant packaging materials, which synthetic paper can provide.
4. Digital Printing: The compatibility of synthetic paper with digital printing technologies has boosted its adoption for various applications, including labels, tags, and signage.
5. Customization and Design Flexibility: Synthetic paper can be easily customized, offering design flexibility for branding and marketing purposes, making it attractive to businesses.
6. Chemical and Moisture Resistance: The resistance of synthetic paper to chemicals and moisture is a key driver for applications in labels and packaging for products that require protection from harsh environments.
7. Wide Range of Applications: Synthetic paper is used in a variety of industries, from packaging and labeling to maps, menus, and event banners, contributing to its versatility and market demand.
8. Longevity: The longevity of synthetic paper, even in challenging conditions, makes it an appealing choice for products that require a longer shelf life or extended outdoor use.

Applications of Synthetic Paper

1. Printing and Packaging

Synthetic paper has made its mark in the printing and packaging industry, offering versatility, durability, and high print quality. It is widely used for producing manuals, catalogs, posters, and packaging materials like labels, pouches, and bags.

2. Labels and Tags

The exceptional durability and water resistance of synthetic paper make it a preferred choice for labels and tags in various sectors, including retail, logistics, and horticulture.

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Key Segments Covered in Synthetic Paper Industry Research

Synthetic Paper Market by Raw Material:

• BOPP
• HDPE
• Others (PVC and PET)

Synthetic Paper Market by Application:

• Printing
• Paper Bags
• Labels

Synthetic Paper Market by End-use:

• Paper
• Packaging
• Others (pharmaceuticals, cosmetics, food & beverages, and horticulture)

In conclusion, the synthetic paper market is expected to witness significant growth in the coming years due to the increasing demand for eco-friendly and sustainable packaging solutions and the growing printing and labeling industry. The market is highly competitive with the presence of several players who are focusing on developing new products and expanding their product portfolio. As synthetic paper offers several benefits such as durability, waterproofing, and tear resistance, it is expected to be the material of choice for various applications in the packaging, printing, and labeling industry.

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