Synthetic Paper Market Projected to Reach $1,286 Million by 2027 with a CAGR of 9.2%
The global synthetic paper market size is estimated at USD 766 million in 2021 and is projected to reach USD 1,286 million by 2027, at a CAGR of 9.2%, between 2022 and 2027. Synthetic paper is manufactured with synthetic resins derived from petroleum (primary material). Resin selection plays a major role in the attributes exhibited by different synthetic papers. It is preferred over conventional paper due to its excellent chemical, tear, oil, and moisture resistance, printability, heat sealability, durability, and high strength. Synthetic paper is usually made up of BOPP, HDPE, and others (polystyrene, polyamide, polyethylene, and polyvinyl chloride) and are used by various end-use industries, such as food & beverages, cosmetics, transportation, pharmaceuticals, chemical, and advertising.
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Eco-friendly synthetic paper and wide application areas of synthetic paper are driving the market. However, limited plastics material available for synthetic paper is expected to restrain this market. Increasing concerns of pulp paper for environment pollution is expected to offer significant growth opportunities to the synthetic paper manufacturers. A major challenge faced by the players in this market is the cost of synthetic paper being higher than pulp paper.
The key players in the synthetic paper market are PPG Industries, Inc. (US), Seiko Epson Corporation (Japan), Agfa-Gevaert Group (Belgium), Yupo Corporation (Japan), and Arjobex SAS (France). The synthetic paper market report analyzes the key growth strategies adopted by the leading market players, between 2017 and 2021, which include expansions, mergers & acquisition, new product developments/launch, and collaborations.
PPG Industries, Inc. manufactures and distributes a range of chemical products, including paints, coatings, and specialty materials for various end-use industries. The company operates through two business segments: performance coatings and industrial coatings. The performance coatings and industrial coatings business segments cater to several end-use applications such as industrial equipment and components, packaging material, aircraft, and marine equipment; automotive original equipment, and automotive refinish. PPG Industries, Inc. offers various types of synthetic papers through the Teslin substrate products brand under the industrial coatings segment.
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Seiko Epson Corporation operates through three business segments: printing solutions, visual communications, and wearable & industrial products. The company manufactures synthetic paper under the printing solutions business segment. Seiko Epson Corporation comprises 85 group companies, among which 18 companies are in Japan while 67 companies are located outside Japan.
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