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Synthetic Paper Market Analysis

ID: MRFR//9600-HCR | 128 Pages | Author: Anshula Mandaokar| July 2024

The synthetic paper industry's market aspects are a complex mix of variables that affect its growth and patterns. Different localities have embraced synthetic paper, a versatile alternative to petrochemical-based tar paper. This pattern is driven by attention and concern for natural manageability. As companies and customers prioritize eco-friendly products, recyclable, durable synthetic paper has become a realistic option.

Synthetic paper's wide range of uses also shapes its market. Synthetic paper is used in naming and packaging. Its water, grease, and tear resistance makes it ideal for names and wrapping materials, driving its market growth. Synthetic paper is similar to offset, flexography, and computerized printing, hence the printing industry has adopted it. This flexibility has expanded its market reach, causing a desired rise.

The serious scene is crucial to synthetic paper market aspects. Key industry participants are investing in novel synthetic paper quality and performance to get an edge. Continuous improvements in printability, precision, and splendor have boosted market growth. Consolidations and acquisitions shape market elements as companies integrate market share and expand product portfolios to meet customer needs.

Synthetic paper market elements require unofficial regulations and methods. As administrative organizations promote sustainable and eco-friendly alternatives, the synthetic paper business will profit. Drives to use recyclable materials boost market growth. Changes in raw substance costs, often associated with the petrochemical industry, can cause market players problems. Unpredictable input costs affect synthetic paper production costs, altering valuing systems and market components.

The synthetic paper market is shaped by consumer behavior. Customers are choosing synthetic paper due to their growing preference for durable products and their awareness of the environmental impact of traditional paper production. Synthetic paper is also popular because to the growing demand for high-quality imprinting in various applications.

Global financial concerns also shape the synthetic paper market. Financial variations, exchange methods, and international events might affect synthetic paper demand and retailer networks. Extra cash levels and consumer spending styles can affect market factors since they affect end-customer buying power and preferences.

Global Synthetic Paper Market Overview

Synthetic Paper Market Size was valued at USD 0.8 Billion in 2022. The Synthetic Paper industry is projected to grow from USD 0.9 Billion in 2023 to USD 1.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.50% during the forecast period (2023 - 2032). Consumers' preference for recycled and eco-friendly packaging, as well as its growing use in the food and beverage industry, are the key market drivers enhancing the market growth.

Synthetic Paper Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Synthetic Paper Market Trends

  • The inclination of consumers toward eco-friendly and recycled packaging is driving the market growth

The market is anticipated to expand rapidly as a result of consumer preference for recycled and eco-friendly packaging. Petroleum-derived synthetic resins are used to make synthetic paper. The material's exceptional qualities, including resistance to tearing, chemicals, moisture, and grease, as well as greater heat seal ability, printability, and high strength, give it an advantage over regular paper. It is widely utilised in sectors like packaging, food and beverage production, consumer goods, transportation, and pharmaceutical products. Since the usage of synthetic paper over vinyl is anticipated to increase in the next years due to rising environmental awareness, the U.S. is one of the major markets for synthetic. Over the course of the forecast period, digital printing is anticipated to open up new potential for the product.

Governmental authorities in numerous economies imposed lockdown restrictions as a result of the global pandemic outbreak to stop the virus's spread. This in turn had a number of effects on retail product sales and briefly halted logistics and transportation. As a result, synthetic paper consumption experienced a brief decline in 2020. Indoor advertisements, posters, banners, and other photo printing can be done well on synthetic paper. The synthetic paper's unique coating gives the image a colourful, appealing finish. Synthetic paper has good printability as well as resilience to chemicals, grease, folding, and heat. Because of this, it can be used to create toxic-free thermoforming goods for stationery like holders and covers as well as food packaging.

Volatile crude oil prices are anticipated to have an impact on the revenue and profit margins of market participants who use crude oil as a captive product for petrochemical processing. Over the projection period, rising automotive demand, expanding infrastructure, and the expansion of the healthcare and pharmaceutical industries are all predicted to drive demand for petrochemicals and polymers. The market leaders are investing heavily in R&D to lower the cost of producing synthetic paper, which would increase their market share in the paper sector. Additionally, governments from different economies are stepping up their efforts to improve sustainability across different businesses and are searching for substitutes to reduce waste and improve recyclables. Over the projected period, this trend is also anticipated to have a beneficial impact on the market for synthetic paper. Thus, driving the Synthetic Paper market revenue.

Cosmo Films launched metallicized electrical grade BOPP films for capacitors in December 2023. The use of these films is for manufacturing different types of AC and DC capacitors. These capacitors find their application across electronics appliances, power electronics, industrial applications, automobiles, electric vehicles, renewable power systems etc.
In October 2023, Cosmo Films announced the launch of its new business division – Cosmo Plastech, with an aim to offer a wide range of packaging solutions for various FMCG products thereby ensuring better supply chain efficiencies.

Synthetic Paper Market Segment Insights

Synthetic Paper Product Insights

The Synthetic Paper Market segmentation, based on product, includes BOPP, HDPE, PET, and others. The BOPP segment accounted for the largest market share in 2022. This is because the material has better strength to give, which makes them perfect for packing perishable goods including fast food, snacks, veggies, fruits, and sweets. Because of the outstanding characteristics that BOPP possesses, it is widely used in the packaging of chemicals, textiles, cosmetics, and food and drinks. Over the course of the forecast period, BOPP film is likely to be in high demand in Asia Pacific due to the expansion of the aforementioned application industries in developing nations like China and India. Due to its low cost and wide range of applications, HDPE is anticipated to grow in popularity over the course of the projected period in growing economies like Brazil, China, India, and Russia.

Synthetic Paper Application Insights

The Synthetic Paper Market segmentation, based on application, includes label and non-label. The non-label segment accounted for largest market share in 2022Synthetic paper is an excellent material for non-labeling applications like packing because of its exceptional durability and tensile strength to hold large objects. Additionally, the material's high resistance to moisture and intense heat is anticipated to further propel its rise in the packaging application market.

Fine printing on synthetic paper utilizing ink and adhesives is more practical, which raises demand for it across a variety of businesses. Synthetic papers are used because they are simple to print on, which makes it easier to print over packed goods. Additionally, they are scratch and stain resistant, making it easier to use them for packaging sensitive products.

Figure 1: Synthetic Paper Market, by Application, 2022 & 2032 (USD Billion)

Synthetic Paper Market, by Application, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Synthetic Paper Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Synthetic Paper market dominated the global market in 2022 (45.80%). Due to the rising demand in the printing and packaging, as well as pharmaceutical industries, the market for the product in Asia-Pacific was estimated to be worth approximately USD 389.2 million in 2022. Additionally, the exponential rise of e-commerce retail in the area is anticipated to play a significant role in the growth of synthetic paper throughout the projection period. Due to rising disposable income and an improvement in the standard of living among the working class population in developing nations like China and India, the growth in the Asia-Pacific region can be attributed to the expansion of end-user industries like pharmaceuticals, cosmetics, consumer goods, and food and beverages. Moreover, China’s Synthetic Paper market held the largest market share, and the Indian Synthetic Paper market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The North America Synthetic Paper Market is expected to register fastest growth from 2023 to 2032. Wrap-around labels are becoming more prevalent in beverage packaging, diversifying from bottled water to include fruit juices and functional drinks. This will help the label business in North America flourish, which will benefit the market for synthetic paper. Further, the U.S. Synthetic Paper market held the largest market share, and the Canada Synthetic Paper market was the fastest growing market in the North America region.

Europe Synthetic Paper market accounts for the significant market share. Due to the growing use of the product in the food & beverage and pet food labelling industries, the demand for synthetic paper in the U.K. is predicted to develop at the quickest rate for label application. For the packaging of pet food, many businesses use synthetic paper, notably Harrier Packaging. Further, the German Synthetic Paper market held the largest market share, and the U.K Synthetic Paper market was the fastest growing market in the European region

Synthetic Paper Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Synthetic Paper market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Synthetic Paper industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Synthetic Paper industry to benefit clients and increase the market sector. In recent years, the Synthetic Paper industry has offered some of the most significant advantages to medicine. Major players in the Synthetic Paper market, including Formosa Plastics Group, SIHL Group, B & F Plastics, Inc., Jindal Poly Films Ltd., Cosmo Films Ltd., Granwell Products, Inc., Transcendia, Inc., Valéron Strength Films, Toyobo Co., Ltd., and TechNova, are attempting to increase market demand by investing in research and development operations.

The company Cosmo First Ltd. (Cosmo First) offers flexible packaging services. Cast polypropylene (CPP) and biaxially orientated polypropylene (BOPP) films are produced by the business. For flexible packaging, lamination, labelling, and industrial applications, it provides a variety of BOPP films, such as direct thermal printable films, velvet thermal lamination films, and high barrier films. The company's product line includes barrier films, tape, and textile films, synthetic paper and wrap around label films, as well as print and pouching films, overwrap films, wet (print) lamination films, dry (thermal) lamination films, pressure-sensitive label stock films, in-mould films, and direct thermal printable films. The FMCG and industrial industries are served by Cosmo First. The US, India, Japan, Korea, the Netherlands, Poland, Singapore, and Thailand are all markets where the corporation operates. The headquarters of Cosmo First are in New Delhi, Delhi, India. Cosmo Films introduced two types of synthetic papers in September 2019. The first is synthetic paper that is resistant, while the second is high tear digitally printable paper.

Under the well-known and prestigious brand name Polyart®, Arjobex specialises in the development and marketing of synthetic paper. Arbojex, a market leader in the production of synthetic paper, has been a business associate in the printing sector for more than 50 years. Arjobex has production facilities and R & D facilities in both Europe and North America, and it has global sales. The MDV Group, a specialised producer and coater of speciality papers and films for the print, packaging, medical, sign/display, and building industries, was 100% owned by Arjobex SAS as of 2020. MDV dominates the synthetic paper and film markets with names like Robuskin and Satinex and is the European market leader for fluorescent sheets under the trademark Fluolux. Arjobex's presence in Europe has significantly increased as a result of this acquisition, making it the region's top supplier of speciality coatings solutions for paper and films.

Avery Dennison Corporation in March 2022 announced that it had acquired linerless label technology from Catchpoint Ltd., a United Kingdom-based company.

Lintec Corporation disclosed in April 2022 the development of glassine-based release paper with high smoothness and reduced plastic consumption.

Key Companies in the Synthetic Paper market include

Synthetic Paper Industry Developments

In May 2023, DuPont announced that it was expanding its production capacity for Tyvek synthetic paper. This expansion is expected to meet the growing demand for Tyvek in the packaging and labeling markets.

In June 2023, Huhtamaki announced that it was launching a new line of synthetic paper cups. These cups are made from a plant-based material and are designed to be compostable.

In July 2023, Sealed Air Corporation announced that it was acquiring RPC Group's Foodservice Packaging business. This acquisition will give Sealed Air a leading position in the synthetic paper foodservice packaging market.

In December 2021, Yupo Corporation launched a new product on reduced plastic that is used in synthetic paper for labeling.

Synthetic Paper Market Segmentation

Synthetic Paper Product Outlook

  • BOPP

  • HDPE

  • PET

  • Others

Synthetic Paper Application Outlook

  • Label

  • Non-Label

Synthetic Paper Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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