Until a few years ago, pulp derived paper boasted dominance in the industry. However, the wheels of change are turning faster than expected, catapulting synthetic paper manufacturers to the fore. Future Market Insights (FMI) in a recent study highlights various advantages of synthetic paper over their pulp-derived counterparts. It forecasts a sales uptick, indicating impressive growth of the synthetic paper market between 2020 and 2030.
Synthetic papers are obtained from resin. The process of developing this variety of paper has greatly quickly evolved in the last couple of years. While their composition is more similar to a plastic film, they have feel and appearance similar to a paper.
Various factors are spurring the demand for synthetic fibers. One of foremost importance remains the increasing focus towards environmental sustainability. Consumers nowadays are shunning plastic use for more eco-friendly alternatives. Synthetic papers because recycled thus have found increasing application in the packaging sector.
A rising number of product manufacturers are shifting their production to suit the evolving consumer taste. Providing recycled packages have become a prominent strategy for luring consumers and businesses are unlikely to let the opportunity slip through their hand. Besides packaging, synthetic papers find increasing applications in various outdoor purposes.
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The rising demand witness especially for outdoor applications is aided by remarkable advantages of synthetic paper. They are resistant to water and tear and can endure erratic weather better than traditional paper. These very features are attributable to their increasing use as tags in the medical and pharmaceutical sectors.
In its recent study, FMI offers a comprehensive analysis of the synthetic paper market. It uncovers hidden growth opportunities besides cautioning the market players against potential threats. Some of the prevailing trends highlighted in the report are:
- The unprecedented COVID-19 outbreak will cause stunted growth. Restrictions imposed on travel to contain the virus have caused various supply chain disruptions
- The demand for better quality and inexpensive papers for digital printing will aid the expansion of the market
- Asia Pacific will boast leading market share, backed by rising demand in India and China
- The Middle East and Africa will emerge as a lucrative market especially due to abundant availability of raw materials required for synthetic paper production
“Rising use of tags and labels in packaging will enable growth in the synthetic paper market. Studies suggest that the market will gain significantly from the U.S. FDA approval for the use of RFID tags in pharmaceutical packaging,” said a lead analyst at FMI.
Who is winning?
Some of the leading companies operating in the global synthetic paper market are PPG Industries, Inc., Seiko Epson Corporation, Agfa-Gevaert Group, Yupo Corporation, Hop Industries Corporation, Arjobex SAS, MDV-Papier-und Kunststoffveredelung GmbH, Cosmo Films Ltd., Transilwrap Company, Inc., Toyobo Co. Ltd., American Profol Inc., Relyco Sales, Inc., Neenah Inc., among others.
The market exhibits prevalence of a high degree of competition. In order to gain edge over rivals market players are focusing on innovative launches. Through this they intend to expand their portfolio.
Key Research Findings
- Expansion witnessed in the packaging sector has helped the synthetic paper market gain momentum, says Future Market Insights (FMI)
- The market was forecast to record impressive growth, however, ongoing pandemic is stunting sales at present
- Synthetic paper is widely used in non-label applications since it meets all necessary environmental requirements
- Improving lifestyle of consumers and higher awareness regarding environmental protection is enabling growth in high potential markets such as India and China
- The approval of RFID labels for pharmaceutical product packaging by the U.S. FDA has been welcomed by the market