According to a recently published report, the Global Synthetic Paper Devices Market is expected to grow at the CAGR of 8% during 2015-2022 and it is estimated to be $XX billion by 2022. The global synthetic paper market is segmented on the basis of types, applications and geography. The report on global synthetic paper market forecast 2015-2022 provides detailed overview and predictive analysis of the market.
The global synthetic paper market is driven by many factors such as growing adoption in various label and non-label application. Some of the other reasons for the growth of the market are increasing trend of customized papers, advancement of technologies of pulp production and paper manufacturing. Growth in Asia Pacific market is one of the major growing factor. There are many local and international players that have emerged in the market. The high demand for synthetic paper in Asia Pacific especially in China and Japan is attracting a number of companies to set up their plants in this region or to increase the capacity of their existing plants. Some of the restraints faced by the industry are high cost of production and product. Synthetic paper prices are also dependent on crude oil which is also a major restraint.
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The application market for synthetic paper market is segmented as follows: Based on labeled and non-labelled papers. During the year 2015 labeled segment had the largest market share of all the synthetic papers present in the market and it is expected that this segment would be maintaining its dominance in the diagnostic devices industries. North America hold the largest market share among the other regions followed by Europe. It is estimated that North America and Europe together have 60% of the total market share followed by Asia Pacific. The Key Players in the Synthetic paper industry include Nan Ya Plastics Corporation, PPG Industries, Inc, Yupo Corporation, Arjobex SAS and Seiko Epson Corporation. Innovation is the key strategy adopted in the synthetic paper. Increase in the number of market players and adoption of more advanced methods as compared to the conventional ones are the key market trend of the industry.
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