Rising demand for synthetic paper owing to its amazing features such as resistance to moisture, tear & oil, extreme durability, and sustainability, in various end-use sectors is anticipated to create opportunities for the growth of the market in the upcoming years. The growth of the synthetic paper demand is anticipated to be positively influenced with the expansion of e-commerce and retail sector globally. Moreover, the rising need for energy-efficient and eco-friendly products is enhancing the market for synthetic paper further. Due to the superior chemical and physical properties, synthetic paper performs better than regular paper in a variety of ways. Synthetic Paper Market size is forecast to reach US$1,194.9 million by 2027, after growing at a CAGR of 8.7% during 2022-2027.
The expansion of the e-commerce and retail sector provides an opportunity to enhance and optimize the demand for packaging and labeling, in particular, thereby increasing synthetic paper market growth opportunities. Packaging has a significant impact on consumers’ conceptions of the brand and their overall purchasing experience. Synthetic paper owing to its excellent water resistance, good printability, durability, and conforms to FDA packaging requirement properties is extensively used in packaging and labeling. Additionally, several companies are investing in improving e-commerce packaging to meet consumer expectations and influence their perceptions and purchasing decisions. Over the last few years, India's e-commerce sector has seen a surge. By 2026, the Indian e-commerce market is estimated to reach US$ 200 billion. This expansion is likely to be fuelled by the country's ongoing digital transformation. After India faced lockdown in March 2020 the e-commerce sector experienced a brief drop for a few weeks; however, market re-opening resulted in recovery and eventually, an upsurge. Marketplaces and direct brand websites saw a 130% increase in online orders. Thus, it is anticipated that with the inclination of e-commerce and retail sectors in future the demand for packaging and labelling would increase, which will further drive the demand for synthetic paper. According to the estimates in the United Nations Conference on Trade and Development (UNCTAD) report published in May 2021, the dramatic rise in e-commerce caused by COVID-19 increased online retail sales' share of total retail sales from 16% to 19% in 2020. Additionally, according to the report, online retail sales have increased significantly in several countries, with the Republic of Korea reporting the highest share at 25.9% in 2020, up from 20.8% the previous year. E-commerce sales for businesses have been steadily increasing over years, and with the COVID pandemic steering nearly all transactions to digital, worldwide sales through e-commerce sales channels such as websites and online marketplaces increased overall in 2020.
Asia-Pacific region dominated the synthetic paper market in terms of revenue with a share of 45% in 2021 and is projected to dominate the market during the forecast period (2022-2027). Synthetic papers are often employed in the labelling and packaging of food, medicines, and chemical products. The demand for medicine, food, and chemical products is substantially on an upsurge in China, driven largely by various government initiatives and increasing demand from consumers, which increased the production rate. According to the National Bureau of Statistics of China, the manufacture of foods increased at a rate of 7.8% and the manufacture of chemical raw material and chemical products increased at a rate of 9.6%. Thus, it is evident from the above table that the demand for food, medicines, and chemical products is on an upsurge in China, which is benefiting the Asia-Pacific synthetic paper market.
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Synthetic Paper Market Growth Driver
Surging demand for synthetic paper as a substitute over the standard pulp-based paper
Even though the synthetic paper is manufactured without natural materials or wood pulp, it appears, feels, and designs just like traditional paper while providing additional benefits. Today, many businesses are switching to synthetic paper for the printing of books, magazine covers, menu cards, ID cards, office stationery (envelopes, files, and others), tags & labels owing to its entirely environmentally friendly nature. When exposed to harsh conditions, such as in the case of restaurant menu cards, coffee table books, certificates, and so on, traditional wood pulp paper is highly prone to damage. As a result, the need for lamination for water and weatherproofing becomes unavoidable. Lamination loses adhesion and curls from the edges over time, rendering it ineffective and unappealing. But since synthetic papers are made from synthetic substrates, they are resistant to tear, chemicals, and moisture, making them an excellent choice for applications requiring durability. As a result, businesses save on lamination labor and raw material costs that would otherwise be prohibitively expensive. Additionally, whether it's scuba diving course signage or plant tags that can withstand watering, synthetic paper is a great water-friendly option if the finished product will ever come into contact with water rather than standard pulp-based paper. Also, the ability of synthetic print materials to run through digital commercial presses and their compatibility with a wide range of print processes, including digital and laser for on-demand and variable data printing, is perhaps their most amazing feature. Thus, due to such aforementioned performance attributes the growing demand for synthetic paper as a substitute over the standard pulp-based paper would drive the market growth.
The Major Players in this Market Include
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the synthetic paper market. Global synthetic paper top 10 players include: Yupo Corporation, Nan Ya Plastics Corporation, Avery Dennison Corporation, Transcendia, PPG Industries, Inc., Agfa-Gevaert Group, Profol GmbH, Arjobex SAS (Polyart Group), Seiko Epson Corporation, Toyobo Co. Ltd. and Others. In January 2021, SYNAPS XM110, the latest addition to Agfa's SYNAPS synthetic papers portfolio, was released to the market. It is the thinnest type of SYNAPS XM, with a thickness of 100 microns, and meets requirements for applications such as ticketing and signage. Also, in March 2019, YUPO Corporation launched the thick type FEBG 300 of YUPO GREEN in the market. This is Japan’s first synthetic paper containing olefin-based biomass resin.
The rise in COVID-19 cases harmed the synthetic paper market. The COVID-19 implications for several end-use industries (primarily the cosmetics, chemical, and food and beverage industries) resulted in a significant decrease in demand for the synthetic paper market in 2020 and 2021. Globally, synthetic paper producers were impacted in 2020 due to the paper mill shutdown, social distance conventions, and the presence of limited labour for mill activity. On the other hand, the pandemic hampered demand for synthetic paper by reducing demand from the cosmetics and food & beverage industries. Also, the halt of several commercial and government offices deduced the need for ID tags, ID cards, and passports, thus widely affecting the synthetic paper production demand. However, with the rising normal conditions and increasing preference among individuals for waterproof packaging solutions, the demand and production for synthetic paper are anticipated to achieve widespread adoption over the forecast period.
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