Synthetic Paper Market Forecasted to Grow at Steady Pace During 2023-2030: Grand View Research Inc.

 Synthetic Paper Market Growth & Trends

The global synthetic paper market size is expected to reach USD 1.66 billion by 2030, as per a new report by Grand View Research Inc. The market is expected to expand at a CAGR of 5.6% from 2023 to 2030. Increasing awareness about climate change and the growing shift towards eco-friendly and recyclable packaging materials are expected to drive market growth.

The major drivers of the market growth are the global increasing demand for paper and the efforts made to decrease the dependency on plant-based paper. Its sustainable production and recyclable nature are expected to notably drive the demand for synthetic paper materials in the coming years.

Synthetic Paper Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 1.13 billion
Revenue forecast in 2030	USD 1.66 billion
Growth rate	CAGR of 5.6% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

The Covid-19 pandemic had disrupted the global supply chain thus severely impacting the end-use industries for the product in 2020. However, the post-pandemic era has brought in bright prospects due to a boost in the economies, which are expected to accelerate the market.

The synthetic resin, which acts as raw material for synthetic paper happens to be crude oil’s refined product. With fluctuating prices of crude oil, the demand for synthetic paper is bound to be hampered directly. Also, looking at the current geopolitical scenario, the crude oil prices seem to remain high for quite a long period, ultimately affecting the market.

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Synthetic Paper Market Report Highlights

• The BOPP product segment led the market and accounted for 57.4% of the global revenue in 2022 and is expected to witness a CAGR of 5.6% from 2023 to 2030. The major driving factor to the market growth is the growing penetration of the product in labels and printing applications
• The packaging industry in the non-labels application segment led the market and accounted for 50.8% of the global revenue in 2022. Synthetic papers are used for packaging because of their high durability and tensile strength to hold heavy items
• Healthcare sector is one of the most rapidly growing sectors globally and is expected to bolster the demand for medical tags owing to its reliable performance in conditions like tampering and extreme cryogenic temperature
• Asia Pacific is expected to grow fast at a CAGR of 6.4% over the forecast period. The region accounted for a revenue share of 36.2% in 2022. The demand in the Asia Pacific is led by the rapid growth of the pharmaceutical, printing, and packaging industries in developing economies
• Key industry participants are investing heavily in research and development activities for the cost reduction of synthetic paper, which would provide them a competitive edge in the market
• With the rise in product demand, many companies, for example, Cosmo, Fresco, Profol, Arjobex, and BF Plastic, have emerged to establish their position in the market. The companies are well established in the market and produce a wide range of products

Access Press Release@ https://www.grandviewresearch.com/press-release/global-synthetic-paper-market

Synthetic Paper Market Segmentation

Grand View Research has segmented the global synthetic paper market on the basis of product, application, and region:

Synthetic Paper Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2018 - 2030)

• BOPP
• HDPE
• PET
• Others

Synthetic Paper Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2018 - 2030)

• Label
  • Hand Tags
  • Medical Tags
  • Others
• Non-Label
  • Packaging
  • Documents
  • Others

Synthetic Paper Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2018 - 2030)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK.
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Taiwan
  • Australia
• Central & South America
• Middle East & Africa

List of Key Players in Synthetic Paper Market

• 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.s
• TechNova

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.