The report "Synthetic Paper Market by Type (Bopp, HDPE, Others), by Application (Label, Non-Label), by Geography (Asia-Pacific, Europe, North America, Row) - Trends & Forecast to 2020", published by MarketsandMarkets, The global Synthetic Market is projected to reach USD 386.5 Million by 2020, at a CAGR of 7.0%.
Synthetic papers are made up synthetic resins, such as BOPP and HDPE and exhibit properties of both, paper as well as plastic films. Synthetic papers show a number of properties, such as good opacity and high tensile strength, among others. The global Synthetic Paper Market is expected to grow at a CAGR of 7.0% during the forecast period, 2015 to 2020. The label application segment led the global Synthetic Paper Market in 2014 and accounted for a market share of 42%. The Asia-Pacific region led the global Synthetic Paper Market in 2014. The Asia-Pacific Synthetic Paper Market is expected to reach USD 156.3 Million by 2020, at a CAGR of 7.5% during the forecast period, 2015 to 2020.
The growth of the Asia-Pacific Synthetic Paper Market is due to increasing applicability of synthetic paper in various label and non-label applications. The consumption of synthetic paper in this region is mainly contributed by Japan, which is the largest manufacturer of synthetic paper in the Asia-Pacific region. The manufacturing sector in the Asia-Pacific region is mainly constituted by multinational companies who have good distribution networks, while a small share in the manufacturing sector is contributed by domestic manufacturers, who concentrate in the local markets only. The growing demand for synthetic paper in this region has attracted many multinational companies to set up their plants in this region or to increase the capacity of their existing plants. In the rest of the world sub-segment, the Middle East Synthetic Paper Market is expected to grow at the fastest CAGR during the forecast period owing to availability of raw materials at cheap rates.
The application markets demand specific grades of synthetic papers, based on their types and features. Among applications, the label segment is the major application of synthetic paper and plays an important part for packaging purposes in many industries. The non-label application segment consists of a group of many small applications, such as paper packaging, maps, and covers, among others.
Globally, the Synthetic Paper Market is one of growing markets and this trend is expected to continue in the near future as well. The Asia-Pacific region held a major share in the global synthetic paper market in 2014. It is also estimated that China and India will be key markets for synthetic paper in the Asia-Pacific region in the coming years.
The U.S. and Japan are projected to lead the global synthetic paper market during the forecast period, 2015 to 2020 while countries, such as Germany, China, France, the U.K., Taiwan, and India are projected to be other key markets for synthetic paper. Japan is the key market for synthetic paper in the Asia-Pacific region, contributing to nearly one-third of the total demand for synthetic paper in the region. It is followed by China, Taiwan, India, and Australia where demand for synthetic paper is growing at a steady rate. This growth can be attributed to increasing applicability of synthetic paper in label and non-label applications in various industries, such as food and beverages, and pharmaceuticals, among others.
The label segment is projected to be the fastest-growing application segment of the global Synthetic Paper Market during the forecast period, 2015 to 2020. The leading players of the market, such as Yupo Corporation (Japan) and Arjobex SAS (France) have introduced new grades of synthetic paper which are lightweight, versatile, and recyclable and can be used for printing and labeling applications.
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