(I-BusinessNews.Com, April 24, 2021 ) Synthetic Paper Market size is forecast to reach $844 million by 2026, after growing at a CAGR of 8.5% during 2021-2026. Synthetic papers are manufactured by employing synthetic resin derived from petroleum as the main material. However, it has emerged as the better alternative instead of traditional paper and with the rise in packaging and printing demand from various industries such as cosmetics, food & beverages and others. The synthetic paper industry is witnessing an increase in market growth, as the business is durable, versatile, non-tearable with many more qualities. The growing public interest towards packaged goods or food items, especially in administrative offices or during traveling, will further enhance the overall market demand for the synthetic paper during the forecast period.
COVID Impact
The coronavirus pandemic has negatively affected industries around the world, especially the packaging industry. Packaging companies were coming up with innovative technologies that were friendly to the environment, reusable, and biodegradable. But concerns about hygiene and safety has temporarily halted the packaging industry’s progress towards a sustainable and supply chain, as e-commerce services were also suspended for few months. Hence owing to safety concerns the synthetic paper demand has declined. The rapid spread of coronavirus has had a major impact on global markets as major economies of the world were under lockdown. Because of this major lockdown, the consumer market has started to show zero interest towards purchasing any kind of paper products such as – copies, notepads, books and other, as almost all schools and colleges were closed for a very longer period of time.
Synthetic Paper Market Segment Analysis – By Raw Material
Biaxially oriented polypropylene (BOPP) segment holds the largest share in the synthetic paper market in the year 2020 and is expected to grow at a CAGR of 8.5% in the forecast period. The increasing demand for frozen food, packaging and labeling, business cards, calendar, book covers, newspapers, maps, garments, and others have triggered the demand for BOPP synthetic paper. BOPP (Biaxially Oriented Polypropylene) is a polypropylene film that is “Biaxially Oriented.” This means the film is stretched in both the machine direction (MD) and across machine direction (AMD). The result is a material with superior strength at low gauges, flatness, clarity, and excellent printability. BOPP is used in an almost limitless array of flexible packaging applications, pressure-sensitive tapes, labels, stationery, metalizing, consumer products as well as a wide variety of non-packaging uses.
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Synthetic Paper Market Segment Analysis – By Application
The packaging sector has been the primary market for synthetic paper in the year 2020 and is expected to grow at a CAGR of 8.7% in the forecast period. Various industries such as retail, food, beverages, medical, pharmaceuticals adapted synthetic papers due to their different properties and use for various applications mainly for packaging. Due to its property like wet proof, durable, non-tear, printability results in a quality product to have on these market orient products. While synthetic papers have been making their mark in areas such as outdoor tags and labels. “An emerging packaging market includes folding cartons and blister packaging due to the pilferage resistance and security features of synthetic paper, coupled with excellent graphic qualities. “In addition, synthetic papers are being used as the strength ply in multi-layer bags and flexible packaging materials for many of the same reasons.”
Synthetic Paper Market Segment Analysis – By End-Use Industry
Food & Beverages holds the largest share in the synthetic paper market in the year 2020 and is expected to grow at a CAGR of 8.8% in the forecast period. Synthetic paper can be perfectly used in food & beverages and can be used for printing, packaging, and labeling requirements as they are non-tearable. It’s oil-resistant nature helps in potential food & beverage leaks. Because of their high tear strengths, synthetic papers can reduce tampering without sacrificing graphic fidelity. The synthetic paper has all characteristics of natural paper made from wood pulp. It is not only printable and writable but also has characteristics, such as high tear resistance, increased durability, high stiffness, and good slip and antistatic properties. According to Trademap (ITC), the paper and pulp import value of the world is around USD thousand $1.15 million. So, with the increase in the demand for paper around the world, the synthetic paper market is expected to grow during the forecast period.
Synthetic Paper Market Segment Analysis – By Geography
APAC dominated the synthetic paper market with a share of more than 8.6%, followed by North America and Europe. Countries such as India and China are the largest market in this region. The reason behind these countries is the large population and the wide culture and diversity they have. Packaging becomes really important in countries like these, and flavoring on the other hand is also the other important aspect. The primary function of flavors is to add taste to foods, as they have no nutritional properties and the other is to preserve it for a longer period of time, and this can only be done with high-quality packaging. According to FAO (Food and Agriculture Organization of United Nations), in the year 2019, the total FDI inflows was 50,552.96 million units. So, with the rise in investment in the food & beverages sector, the demand for synthetic paper is expected to grow.
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Synthetic Paper Market Drivers
Recycling Property
All synthetic papers are 100% recyclable, moisture resistant, non-tearable, and UV resistant, which helps keep them out of the waste stream longer than pulp paper. Unlike PVC-vinyl and polystyrene substrates, synthetic papers do not use chlorine, stearates, heavy metals, or any cancer-causing chemicals in its manufacturing process. Therefore, synthetic paper is considered more sustainable and environmentally friendly. Whereas UV inkjet equipment is growing 60% faster than conventional printing equipment, such as offset, screen and flex printing.
Stringent Government Regulation/Policy
Governments around the world are focusing on using more recyclable and reusable papers, in a manner to reduce waste. In 2019, the Indian government’s environmental ministry has laid down a draft name “National Resource Efficiency Policy 2019” in which proposes a series of measures for better waste management and reduced landfill use, better management of construction waste, electronic waste, and waste from other growing sectors. This policy is expected to drive the market for synthetic paper.
Synthetic Paper Market Challenges
High Price of Synthetic Paper
The synthetic paper challenge is mainly the cost, which is higher than the cost of paper and generic plastic such as PVC vinyl and polystyrene. Because it is made from plastic, synthetic paper can be twice as expensive as fine offset paper. For this reason, it’s recommended only for longer-term uses such as menus, seasonal P-O-P displays, banners, and manuals, which may be exposed to harsh environments. It is used for more durable applications where its properties will allow it to last significantly longer than paper. So, the high pricing of synthetic paper is restricting its use only in the longer-term and not for the short term. Hence this has restrained the market growth for synthetic paper.
Synthetic Paper Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the synthetic paper market. Major players in the synthetic paper market are PPG Industries, Inc., Seiko Epson Corporation, Agfa-Gevaert Group, Yupo Corporation, Arjobex SAS, American Profol Inc., Hop Industries Corporation, Relyco Sales, Inc., Transilwrap Company, Inc., among others.
Acquisitions/Technology Launches
In January 2021, Arjobex Synthetic Papers has acquired a Germany-based niche manufacturer and coater of specialty papers MDV Group, further expanding its footprint and becoming one of the leading European specialty coatings providers for paper and films in Europe.
In June 2019, Yupo Corporation has developed its new synthetic paper which is manufactured from biodegradable plastic resin, which is used for label applications. These YUPO green synthetic paper is made from the sugarcane bagasse which is the substitute for conventional crude oil-based paper. This development was an initiative from Yupo corporation has taken in regards to the sustainable development goal of the organization and to produce environmentally friendly products.
Key Takeaways
Asia-Pacific dominates the synthetic paper market owing to increasing demand from applications from various End Use Industry such as cosmetics, food & beverages and Others.
The synthetic paper’s higher print quality and greater durability is likely to aid in the market growth of the synthetic paper.
Synthetic papers were 100% recyclable and environmentally friendly, this tends to drive the market growth of synthetic paper market.
Synthetic papers are more expensive in comparison with the traditional paper, this will act as a challenge for synthetic paper market
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