LONDON, Feb. 19, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Synthetic Paper Global Market Report 2024, the synthetic paper market has demonstrated robust growth in recent years and is poised for further expansion. With a projected increase from $1.09 billion in 2023 to $1.17 billion in 2024, the synthetic paper market is expected to grow at a compound annual growth rate (CAGR) of 6.9%. This growth is attributed to the burgeoning packaging industry, the quest for cost-effective solutions, escalating concerns about deforestation, and advancements in synthetic paper technology.
Anticipated Growth Factors
In the forthcoming years, the synthetic paper market is set to witness substantial growth, reaching $1.47 billion by 2028 at a CAGR of 6.0%. This surge is fueled by the proliferation of e-commerce, escalating demand for food and beverage packaging, expansion in the medical and healthcare sectors, and increasing textile demand. Major trends expected in this period include the adoption of sustainability and eco-friendly solutions, advancements in digital printing, the rise of in-mold labeling (IML), and the utilization of synthetic paper in high-temperature applications.
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Driving Force: Rising Cosmetics Industry
The cosmetics industry, encompassing skincare, makeup, and personal grooming products, is expected to be a significant driver for the synthetic paper market. Synthetic paper serves as a durable substrate for labels and packaging in the cosmetics sector, offering resistance to moisture, chemicals, and tampering. For instance, according to the Connecticut Tree Protective Association's (CTPA), color cosmetics sales reached 118,172 units in 2022, compared to 112,257 units in 2021. This upward trend in the cosmetics industry is anticipated to fuel the demand for synthetic paper market.
Opportunities for Stakeholders
Stakeholders across industries can capitalize on the Synthetic Paper Market Report to strategize and scale their businesses effectively. The synthetic paper market report provides comprehensive insights into market dynamics, growth projections, major players, and key trends. By leveraging this report, stakeholders can identify growth opportunities, develop innovative products, forge strategic partnerships, and stay abreast of market developments.
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The Synthetic Paper Market Report covers a wide range of segments, including raw materials (BOPP, HDPE, PET, PVC), thickness (below 200 microns, 200 to 400 microns, above 400 microns), applications (printing, labels and tags, packaging, others), and end-users (industrial, institutional, commercial, and retail).
Major players in the synthetic paper market include PPG Industries Inc., DuPont de Nemours Inc., Nan Ya Plastics Corporation, Seiko Epson Corporation, and others.
Synthetic Paper Global Market Report 2024 by The Business Research Company provides insights on the synthetic paper market size, synthetic paper market segments, synthetic paper market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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