Synthetic Paper Market: Current Analysis and Forecast (2021-2027)

The growing megatrend of sustainability has increased the industry's focus on substituting non-environment-friendly products with its alternatives. As a result, the pulp & paper industry also facing the heat of sustainability thereby looking for alternatives like synthetic paper. These papers have several benefits over conventional paper apart from environment-friendly characteristics like providing durability and water resistance, tamper-evident security, protection during sterilization methods, chemical resistance, and RFID and smart functionality. As the global industry is looking for more robust products which can withstand harsh environmental conditions while providing the feel of standard pulp paper, the demand for synthetic paper is growing. However, it requires synthetic resins to produce synthetic papers which are obtained from petroleum products. As the prices of crude oil are volatile in nature, therefore any change in crude oil prices would hamper the market dynamics of synthetic papers.

Based on raw material, the market is categorized into BOPP, HDPE, and others. Among these, BOPP held a prominent share in terms of value due to its water and oil resistance properties. Owing to this it is widely consumed in the industries which demand a robust product to handle the working condition. Further, BOPP-based synthetic papers are easy to recycle thus facilitates a circular economy. Therefore, as companies are trying to build a circular economy model to promote sustainability and at the same time decrease operational cost, thus with using BOPP as a raw material to produce synthetic paper can help in achieving their targets.

Based on application, the market is categorized into printing, labels & tags, packaging, and others. Among these, labels & tags are likely to showcase substantial growth over the forecast period due to their increasing use in pharmaceutical, agricultural, and chemical applications. These industries required papers that are chemical resistant and handle various types of sterilization methods. As the synthetic paper has the properties to deal with such situations, thereby with the rise in these industries, the demand for synthetic paper would increase. Moreover, over the years, the e-retail industry has showcased robust growth and is likely to continue its performance majorly in developing economies, thereby increasing the demand for synthetic paper for packaging and labeling.

Based on end-user, the market is categorized into industrial, institutional, and commercial/retail. Among these, the industrial sector is among the largest consumer of synthetic paper and is likely to maintain its position during the forecast period. This can be attributed to the working environment of industries that demand non-tearable, water resistance, chemical resistance, offer quality printing, and feels like a conventional pulp-paper.

For a better understanding of the market adoption of synthetic paper, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a prominent share in the synthetic paper market on account of the presence of vast industrial sectors in countries like China, Japan, India, and South Korea. Further, robust growth in the regional e-retail industries is boosting the demand for synthetic paper.

Some of the major players operating in the market include PPG Industries Inc., Seiko Epson Corporation, Agfa-Gevaert N.V., Yupo Corporation, Arjobex SAS, HOP Industries Corporation, Relyco Sales Inc., Transcendia Inc., MDV Papier- und Kunststoffveredelung GmbH, and Cosmo Films Limited. These companies are taking various strategic decisions to increase their market presence and share.