CHICAGO, May 13, 2019 /PRNewswire/ -- According to the new market research report "Synthetic Paper Market by Raw Material (BOPP, HDPE), Application (Labels, Printing, and Paper Bags), End-Use Industry (Packaging, Paper), Region (North America, Europe, APAC, South America, Middle East & Africa) - Global Forecast to 2024", published by MarketsandMarkets, the Synthetic Paper Market size is projected to reach USD 873 million by 2024, at a CAGR of 8.3%%, from an estimated USD 587 million in 2019. The global synthetic paper market is mainly driven by the rising environmental concerns due to the use of wood pulp for the manufacture of paper, 100% recyclability, and rising applications for printing, and paper bags.
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The BOPP segment is projected to lead the market during the forecast period
Based on raw material, the BOPP segment is projected to lead the synthetic paper market during the forecast period from 2019 to 2024. BOPP is used in applications which require heat stability, water resistance, fatigue resistance, high tensile strength, and ease of printing. The demand for the BOPP segment is expected to grow at a higher CAGR during the forecast period due to increase in demand for frozen food, packaging and labeling, business cards, calendars, book covers, newspapers, maps, and garments, among others.
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The printing segment is projected to grow at the highest CAGR, in terms of value during the forecast period
Based on application, the printing segment is projected to grow at the highest CAGR owing to the increase in demand for more durable and superior quality prints which can also be used for outdoor applications. The applications of synthetic paper include menus, personalized marketing material, point of purchase displays, advertisement displays, wrist bands, cards / envelopes, tickets / passes, and labels for various end-use industries, among others.
Asia Pacific is projected to lead the synthetic paper market during the forecast period
By region, the synthetic paper market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region was the largest market for synthetic paper in 2018 and is expected to continue to lead in the coming years. This region is witnessing a high demand for synthetic paper from various end-use industries, such as paper, packaging, and others. High demand from China, Japan, and India is expected to drive the market in this region. Improving lifestyles of populations, rising environmental concerns, and high demand for printing applications in the countries of this region are fueling the growth of the synthetic paper market.
Key players in the Synthetic Paper Market are Nan Ya Plastics Corporation (Taiwan), PPG Industries (US), Agfa-Gevaert Group (Belgium), Yupo Corporation (Japan), Arjobex SAS (France), American Profol (US), HOP Industries Corporation (US), Relyco Sales (US), Transilwrap Company, Inc. (US), Cosmo Films (India), Neenah Inc. (US), and Toyobo Co., Ltd (Japan), among others.
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