Synthetic Paper Market to Worth $ 420 Million by 2024
Increasing
demand for flexible packaging, outstanding
printability of synthetic paper and its eco-friendly and recyclable properties to boost 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 $ 290 million
in 2018 and is forecast to reach $ 420 million by 2024, exhibiting growth at a
CAGR of 7.2% during the forecast period. Growth of the market is led by increasing
application of synthetic paper in different industries, such as printing,
labelling, 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 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 global synthetic paper market.
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The synthetic paper market can
be broadly segmented as 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 60%. While, the label application segment is anticipated
to grow at the highest CAGR of 8% during 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 increasing use of synthetic
paper in 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, 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 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 decision. 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
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research firm publishing premium market research reports. Serving 700 global
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specializes in research-based consulting assignments in high growth and
emerging markets, leading technologies and niche applications. Our workforce of
more than 100 fulltime Analysts and Consultants employing innovative research
solutions and tracking global and country specific high growth markets helps
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