Synthetic Paper Market Size, Share, Growth Analysis, By Product(BOPP, HDPE, PET, and Others), By Application(Label, and Non-Label), By Region - Industry Forecast 2024-2031

Synthetic Paper Market size was valued at USD 1.07 Billion in 2022 and is poised to grow from USD 1.13 Billion in 2023 to USD 1.75 Billion, at a CAGR of 5.6% during the forecast period (2024-2031).

The market is anticipated to expand quickly as a result of customer demand for recyclable and packaging that is recyclable. Utilizing synthetic polymers made from petroleum, synthetic paper is produced. The material is superior to traditional paper because of its exceptional qualities, such as resistance to tearing, chemicals, moisture, and grease as well as improved heat sealing, printability, and high durability. It is extensively used in industries like packaging, the manufacture of food and beverages, consumer goods, transportation, or pharmaceuticals. The United States is one of the major markets for synthetic due to the coming years, synthetic paper is predicted to overtake vinyl due to rising environmental concern. Digital printing is expected to expand the product's potential during the course of the forecast.

As a result of the global pandemic breakout, government officials enforced lockdown restrictions to halt the virus's spread. The sales of retail goods were subsequently affected in a number of ways, and logistics and transportation were temporarily stopped. As a result, the consumption of synthetic paper briefly decreased in 2020. Synthetic paper makes an excellent publishing surface for indoors advertisements, posters, banners, and other types of picture printing. The image has a colorful, appealing finish thanks to the special coating of the synthetic paper. Synthetic paper is resilient to chemicals, grease, bending, and heat while still having good printability. As a result, it can be utilized to produce toxic-free thermoforming products for food packaging as well as stationery items like holders and covers.

The income and profit margin of market players that use crude oil as a key raw material for petrochemical processing are expected to be impacted by volatile crude oil prices. Over the projection period, rising automotive demand, growing facilities and the expansion of pharmaceutical and healthcare sectors are all anticipated to drive demand for petrochemicals & polymers. The major players are making significant R&D investments to reduce the cost of generating synthetic paper, which would boost their market share in the paper industry. Furthermore, governments from many economies are intensifying their efforts to enhance sustainability across all industries and are looking for alternatives to minimize waste and improve recycling. This trend is expected to have a positive effect on the demand for synthetic paper over the anticipated time frame.

US Synthetic Paper Market is poised to grow at a sustainable CAGR for the next forecast year.