The global synthetic paper market was valued at US$357.35 million in 2017 and is projected to reach US$502.45 million by 2023 exhibiting a CAGR of 5.84% during the forecast period.
Synthetic paper has a wide range of application in printed and laminated materials, tags and labels, laminated cards and key tags, secure credentials and identity cards, e-passports, certificates, and others. Its market is expected to grow at a decent rate in the next five years owing to the increasing demand of synthetic papers in use for identification and marketing of different products. High rate of adoption of printed synthetic papers for labeling in beverages industry, rising trend in online shopping, and packaging industry will boost the market growth in the coming years.
By type, the market is segmented as high density polyethylene (HDPE), biaxially oriented polypropylene (BOPP), polyvinyl chloride (PVC), and others. On the basis of manufacturing process, this market is segmented as film synthetic paper which includes internal paper manufacturing method, surface coating method, and surface treatment method, fiber synthetic paper which includes synthetic pulp paper, and spunbond paper, and film laminate synthetic paper.
Use of synthetic paper in packaging and labeling, retail, transportation, and manufacturing is resulting in more robust growth of synthetic paper market round the globe. The awareness about the use of synthetic paper and its applications among the people has resulted in high rate of adoption which in turn is attracting many private players into this market driving it to become highly competitive in the upcoming years. The cost of the raw materials for developing synthetic paper products is high, restraining the growth of the global synthetic paper market.
Geographically, synthetic paper market is segmented as North America, South America, Europe, Middle East and Africa, and Asia-Pacific. Asia-Pacific currently dominates the market owing to the rising demand in the synthetic paper products. Changing life-style and increasing population will further augment the market growth in this region at a decent pace in the next five years.
Synthetic paper market is highly competitive due to the presence of well diversified international, regional, and local players. However, some big international players dominate the market share owing to their brand image and market reach. With high market growth rate and increase in its demand, this sector is attracting more players to enter into the market resulting in a more competitive synthetic paper market. Competitive landscape provides with the strategy and investment details in order to boost up their presence.
Some of the key players of synthetic paper market included in the report are Yupo Corporation (Japan), Arjobex, Taghleef Industries Group, DowDuPont, Castrol Limited, American Profol Inc, Lewis, Relyco Sales, Inc, Transcendia, and Agfa-Gevaert Group
The synthetic paper market has been segmented on the basis of type, manufacturing process, end-user industry, and geography.By Type