Increasing demand for flexible packaging, outstanding printability of synthetic paper, and its eco-friendly and recyclable properties to boost the global synthetic paper market through 2024. According to a report released at TechSci Research, “Global Synthetic Paper Market By Type, By Application, By Region, Competition, Forecast & Opportunities, 2024” the global synthetic paper market stood at around $ 1.9 billion in 2018 and is forecast to reach $ 2.6 billion by 2024, exhibiting growth at a CAGR of 5.69% during the forecast period.
The Important Elements of the Synthetic Paper Market
The growth of the market is led by the increasing application of synthetic paper in different industries, such as printing, labeling, and packaging. Synthetic paper is an appropriate printing medium for various indoor advertisements, banners as well as other kinds of photo printing.
Increasing awareness about the use of synthetic paper and its applications has resulted in a high rate of adoption which in turn is attracting many private company players into the market driving it to become highly competitive in the coming years. However, the cost of the raw materials for developing synthetic paper products is high, which is likely to hinder the growth of the global synthetic paper market.
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The synthetic paper market can be broadly segmented by type, application, and region. Based on type, the market has been categorized into Biaxially Oriented Polypropylene (BOPP) and High-Density Polyethylene (HDPE). Further, based on application, the market for synthetic paper has been segmented into label and non-label. Among these, the non-label application segment led the global market in 2018 and accounted for a market share of approximately 77%. While the label application segment is anticipated to grow at the highest CAGR of over 6% during the forecast period.
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“Regionally, the market has been segmented as North America, South America, Europe, Asia-Pacific, and Middle East and Africa. Among these, Asia-Pacific is anticipated to be the fastest-growing market for synthetic paper as it is one of the major consumers of synthetic paper on account of the increasing use of synthetic paper in the food & beverages industry in the region. Moreover, demand for synthetic paper is increasing in developed as well as developing countries, such as Japan, China, Taiwan, India, and Australia, among others.” stated Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Synthetic Paper Market By Type, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global synthetic paper market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global synthetic paper market.
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high-growth and emerging markets, leading technologies, and niche applications. Our workforce of more than 100 full-time Analysts and Consultants employing innovative research solutions and tracking global and country-specific high-growth markets helps TechSci clients to lead rather than follow market trends.
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