Key factors that might drive growth in the global market are increasing environmental concerns about deforestation and need for highly durable labels & tags in packaging applications.
With projections indicating substantial growth, the global synthetic paper market is poised for a Compound Annual Growth Rate (CAGR) of 6.2%. Anticipated market value, pegged at US$ 1,002.7 million in 2023, is expected to witness a notable uptick, reaching US$ 1,724.6 million by 2032. This upward trend highlights increasing demand for synthetic paper across diverse industries, driven by its versatility, durability, and eco-friendly characteristics. As businesses prioritize sustainable and innovative packaging solutions, synthetic paper emerges as a favored option, contributing significantly to the overall expansion of the global synthetic paper market.
As a flexible and resilient material created from plastic resin, synthetic paper holds considerable potential for global market expansion. While emulating the visual characteristics of traditional paper, it delivers distinct advantages, including tear resistance and enhanced durability. By incorporating synthetic resins like polypropylene, polyethylene, and polyethylene terephthalate, synthetic paper effectively addresses diverse application needs, contributing to its growing popularity across various industries.
Sectors linked to agriculture, spanning food & beverage manufacturing, retail, services, textiles, leather products, forestry, and fishing, collectively contribute to the economic landscape. In 2021, food expenditures accounted for 12.4% of U.S. households’ spending, marking an increase from 11.9% in 2020. This places food as the third-highest expense category after housing and transportation. The dynamic nature of the U.S. food sector, coupled with the rising expenditures on food, is anticipated to propel the demand for synthetic paper. Projections indicate a CAGR of 4.1% in the U.S. synthetic paper industry, creating an incremental opportunity of US$ 64.1 million in the forecasted period.
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Key Segments Covered in Synthetic Paper Industry Research
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In conclusion, the synthetic paper market is expected to witness significant growth in the coming years due to the increasing demand for eco-friendly and sustainable packaging solutions and the growing printing and labeling industry. The market is highly competitive with the presence of several players who are focusing on developing new products and expanding their product portfolio. As synthetic paper offers several benefits such as durability, waterproofing, and tear resistance, it is expected to be the material of choice for various applications in the packaging, printing, and labeling industry.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 20, 2024