The Global Synthetic Paper Market is estimated at USD 587 million in 2019 and is projected to reach USD 873 million by 2024, at a CAGR of 8.3% from 2019 to 2024. The growing demand for synthetic paper from the paper, packaging, and other end-use industries is expected to drive the synthetic paper market.
The key factors for the growing demand are rising environmental concerns due to use of wood pulp for the manufacture of paper, 100% recyclability, continuous advancements in packaging technology, and rising need for weatherproof and durable printed paper suitable for outdoor applications.
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The growing demand for biodegradable eco-friendly synthetic paper is leading to the growth of the synthetic paper market. For instance, Yupo Corporation has introduced its new product, Yupo Green, which can be decomposed without the need for dumping it into landfills.
Based on raw material, the BOPP segment is projected to be the fastest-growing in the synthetic paper market during the forecast period due to the increasing demand for frozen food, packaging and labeling, business cards, calendars, book covers, newspapers, maps, and garments, among others.
BOPP is used in applications which require heat stability, water resistance, fatigue resistance, and high tensile strength, and provides ease of printing. Due to the ability to be manufactured to provide thin transparent substrates, BOPP can be used for applications, such as labels and printing.
Based on end-use industry, the paper segment is projected to grow at the highest CAGR during the forecast period, due to the increase in demand for durable tear-resistant and excellent weathering properties of the outdoor advertising substrate. This end-use industry is expected to witness high demand from the Asia Pacific, North America, and Europe regions for synthetic paper owing to increase in environmental concerns, growing demand for packaged food & beverages and significant requirements for printing applications.
The market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period owing to improved lifestyles of populations, rising environmental concerns, and high demand for printing applications. This growth can be attributed to the growing demand for synthetic paper from various end-use industries, such as paper, packaging, and others.
Major companies operating in the synthetic paper market have established their manufacturing units and sales offices in the Asia Pacific region. These companies are undertaking organic and inorganic expansion strategies to increase their market share and penetrate emerging markets.
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