18-Jul-16 The global synthetic paper market is expected to reach US$454.5 mln by 2024, according to a report by Grand View Research, Inc. Synthetic paper is an eco-friendly alternative to the conventional wood pulp based paper. Growing consumer awareness regarding utilization of environmentally friendly products and supportive government regulations are likely to propel growth over the forecast period. Manufacturers have been involved in extensive R&D to produce the synthetic paper which is water and tear resistant, scuff resistant, and provides easy printability. Technological advancement in printing technologies is also likely to propel its growth over the next eight years. Inkjet technology is one of the most popular printing techniques for the synthetic paper.
Further key findings from the report suggest:
* BOPP segment dominated the global synthetic paper market and was over US$140 mln in 2015. Cost effectiveness and superior properties are likely to propel its growth over the forecast period. The HDPE segment is expected to witness significant growth on account of its growing utilization for labeling in numerous industries.
* Non-label application was valued at over US$150 mln in the global market in 2015. The label application was estimated to grow at a significant pace owing to stringent government regulations regarding food & beverage labeling, which is expected to lead to increased utilization over the forecast period.
* Asia Pacific dominated the market and was valued at over US$90 mln in 2015. Growing manufacturing sector in the region has led to increasing demand for the product from its applications. Japan, Taiwan, China, India, and Australia are key economies leading to market growth. Many synthetic paper manufacturers in North America and Europe have been focusing on expanding their businesses in the region on account of low cost and availability of skilled labor.
Previous News
Next News
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}