The global synthetic paper market size is projected to reach USD 1.3 billion by 2024, according to a new report by Radiant Insights, Inc., progressing at a CAGR of 7.1% during the forecast period. Rising environmental awareness due to initiatives taken by environmental organizations and increasing demand from the packaging & label industry is likely to stoke the growth of the market.
Synthetic paper is recyclable and wastes linked to the production are collected by a recycling company and processed as raw materials for other plastics. Unlike traditional paper, which can only be recycled four to five times at the most, synthetic paper can be recycled for unlimited number of times. Furthermore, it is water resistant, dustproof, tears resistant, and heat resistant.
Synthetic papers are durable and tear resistant, which makes them suitable for a variety of blister packaging applications. Its usage has been increasing in the pharmaceutical sector, especially with products known to have high pilferage rate. In addition to excellent physical characteristics, synthetic papers can deter tampering without sacrificing graphics fidelity.
The U.S. government plans to make their passports more secure by using RFID tags. The product is used to manufacture durable, secure, and high-performance RFID tags with enhanced performance and superior physical characteristics.
Price fluctuations of crude oil are expected to increase the prices of PP and PE. The polymer prices are expected to witness an increase over the coming years, which is likely to affect the market. Application growth and raw material availability are likely to remain key reasons for price fluctuations.
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Further key findings from the report suggest:
- BOPP is expected to exhibit a CAGR of 6.4% in terms of volume over the forecast period owning to cost effectiveness along superior strength
- HDPE is projected to post a CAGR of 7.7% in terms of revenue from 2016 to 2024. Low cost of HDPE with extensive application scope is expected to increase its utilization in emerging economies of Brazil, China, India, and Russia
- Label application is projected to experience a CAGR of 7.5% in terms of revenue over the forecast period owning to increasing use in flexible packaging
- Asia Pacific is anticipated to rise at a CAGR of 7.6% in terms of volume on account of growing demand from China
- In March 2014, North American packaging distributor Xpedx announced an expansion of its digital papers portfolio by using synthetic papers YUPO Xerographic Polyester for HP Indigo.
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