India Synthetic Paper Market to Grow with a CAGR of 6.74% through 2029
Surge in research and development activities is
expected to drive the India Synthetic Paper Market growth in the forecast
period, 2025-2029.
According to TechSci Research report, “India
Synthetic Paper Market- By Region, Competition, Forecast and Opportunities,
2019-2029”, the India Synthetic Paper Market stood at USD53.42 million in 2023
and is anticipated to grow with a CAGR of 6.74% in the forecast period, 2024-2029.
Initiatives taken by government based on synthetic paper has led to favorable
market conditions for the India Synthetic Paper Market. Several factors
contribute to the growth of various synthetic paper products.
In recent years, the Indian government has been
actively promoting the use of bio-based materials as part of its sustainable
development initiatives. Recognizing the detrimental impact of
non-biodegradable polymer materials, the government has taken proactive steps
towards banning their usage. This progressive approach has not only raised
awareness about the environmental consequences of such materials but has also
encouraged industries to explore viable alternatives.
One such alternative gaining momentum is the adoption
of bio-based synthetic papers. These innovative papers are not only
biodegradable but also environmentally friendly, making them an ideal choice
for industries looking to reduce their ecological footprint. By embracing these
sustainable materials, industries are aligning themselves with the stringent
waste management and recycling regulations implemented by the Indian
government. This not only ensures compliance but also indirectly fuels the
demand for recyclable synthetic paper.
Overall, the Indian government's commitment to
promoting the use of bio-based materials and implementing strict regulations
has paved the way for a more sustainable and environmentally conscious future
in the country.
Research and development (R&D) activities have
played a pivotal role in fostering innovation within the synthetic paper
industry. By pushing the boundaries of scientific exploration, these efforts
have paved the way for the discovery and creation of new materials that exhibit
exceptional properties, including high strength, remarkable durability, and
outstanding resistance to water, heat, and UV radiation. These enhanced
characteristics not only elevate the performance of synthetic papers but also
make them increasingly attractive for a wide range of applications, such as
packaging, labeling, and printing. As a result, the market for synthetic paper
is witnessing remarkable growth.
Moreover, manufacturers are actively engaged in
R&D to explore ways to produce synthetic papers in a more cost-effective
manner. Through the development and refinement of production processes,
significant reductions in manufacturing costs can be achieved, making synthetic
paper more accessible and affordable for consumers across various industries.
This affordability factor has emerged as a crucial driver for the surging
demand for synthetic paper, particularly among small and medium enterprises seeking
high-quality yet budget-friendly solutions.
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The India Synthetic Paper Market is segmented into product
type, application, regional distribution, and company.
Based on its product type, the High-Density
Polyethylene [HDPE] segment held the largest market share in the forecast
period. High-density polyethylene (HDPE)-based synthetic papers have gained
significant traction in various industries, particularly in the packaging
sector. These papers are extensively utilized for packaging powder, cheese,
frozen food, and electronic parts, offering exceptional durability and
protection.
With their excellent release properties, HDPE films
are also commonly employed as release liners, interleaving sheeting,
foam-in-place, and box liners. Notably, these films provide superior release
characteristics without the need for a silicone coating, making them a
versatile choice for a wide range of applications. As a result, HDPE-based
synthetic papers are projected to witness substantial growth and emerge as the
fastest-growing product segment in the forecast period.
Based on region, West India segment is expected to
grow during the forecast period.
The western region of India has emerged as a leading
hub for technological advancements, with a particular focus on the synthetic
paper industry. Manufacturers in this area have embraced cutting-edge
technologies and innovative techniques to enhance the production of synthetic
paper. This has resulted in notable improvements in the quality of the paper
and a significant reduction in production costs, enabling them to gain a
competitive edge in the market. By leveraging these advanced capabilities, the
manufacturers in West India are poised to make significant contributions to the
growth and development of the synthetic paper industry in the country.
Major companies operating in India Synthetic Paper
Market are:
- Jindal Poly Films Ltd.
- Cosmo Films Ltd.
- E.I. DuPont India Private Limited
- JK Paper Limited
- Bio Green Papers Limited
- Epson India Pvt. Ltd.
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“Growing application of synthetic paper in various end
user industries are key drivers of the synthetic paper market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of synthetic paper with every
passing year are anticipated to register an impressive growth to India
Synthetic Paper Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“India Synthetic Paper Market By Product Type (Biaxially
Oriented Polypropylene [BOPP], High Density Polyethylene [HDPE]), By
Application (Label & Non-Label), By Region, By Competition Forecast & Opportunities, 2019-2029”, has evaluated
the future growth potential of India Synthetic Paper Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Synthetic Paper Market.
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