LONDON, July 11, 2016 /PRNewswire/ -- The global synthetic paper market is expected to reach USD 454.5 million by 2024, according to a new 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 USD 140.0 million 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 USD 150.0 million 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 USD 90.0 million 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.
In October 2014, PPG Industries developed a new website for its TESLIN substrate, which is a highly durable synthetic paper. This step has led to easy accessibility of the product worldwide. Similarly, In November 2014, Tagleef Industries acquired Derprosa Film. This move has helped the company to increase its global reach. The company has been involved in R&D to develop the innovative product to strengthen its market position. It has three manufacturing facilities in the Middle East, two in Europe, one in the U.S., one in Australia, and distribution and sales center in Germany and China.
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