Albany, NY -- (SBWire) -- 09/13/2017 --Transparency Market Research has released a new market report titled "Synthetic Paper Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020". According to the report, the global synthetic paper market was valued at USD 212.7 million in 2013 and is anticipated to reach USD 338 million by 2020, expanding at a CAGR of 7.0% between 2014 and 2020. In terms of volume, the global synthetic paper market stood at 105.3 kilo tons in 2013.

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The growing demand for synthetic paper from the tag and label industry is expected to augment its market growth. Physical characteristics such as durability and high tear resistance, along with superior chemical properties, makes synthetic paper ideal for labeling applications over natural paper. In addition, synthetic papers exhibit excellent printing performance that makes them suitable for a wide range of non-labeling applications. Currently, synthetic paper is used to manufacture menu cards, maps and outdoor signs, among others. However, the volatility in raw material prices is expected to restrain the market growth in the future. Synthetic resins are a crucial raw material for synthetic paper manufacturing. Resin costs typically account for 50-60% of the final value of a synthetic paper. Hence, any fluctuation in raw material prices directly affects the retail price of synthetic papers.

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Key product segments of synthetic paper include biaxially oriented polypropylene and high-density polyethylene. The versatility and cost effectiveness of biaxially oriented polypropylene film play a key role in its overall appeal to synthetic paper manufacturers, thus challenging the market share of other types of synthetic paper. Biaxially oriented polypropylene accounted for over 60% of the global synthetic paper market in 2013, followed by high-density polyethylene and other synthetic resins. High-density polyethylene synthetic paper is primarily used due to its low initial material cost and excellent chemical resistance.

Labels and non-labels are the primary applications of synthetic paper. Non-label was the largest application segment, accounting for just under 60% share of the global market in 2013. The non-labels segment comprises traditional synthetic paper products such as maps, charts, graphic arts, and banners. Synthetic papers are UV, chemical, water and oil resistant, which makes them ideal for a wide variety of outdoor and indoor applications. The labels segment includes wrap-around labels, in-mold labels, shrink labels, pressure-sensitive labels, cut and stack labels.

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With over 35% of the market share, Asia Pacific dominated the global synthetic paper market in 2013. The growing demand from end-user industries, especially from the cosmetics and chemicals industries, is expected to drive the market in the coming years. The shortage in raw material supply to Europe and the ongoing economic crisis are expected to decrease its market share in the near future. The pharmaceutical sector dominated the synthetic paper market in Europe. North America and RoW followed Europe with a combined share of approximately 33% in 2013.

The global synthetic paper market is highly concentrated as the top three players accounted for nearly 83% of the market in 2013. Key players in the global synthetic paper market include Yupo Corporation, PPG Industries, Arjobex, DuPont, Hop Industries, Tagleef Industries, Nan Ya Plastics Corporation and American Profol.

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