Research Nester released a report titled “Biaxially Oriented Polypropylene (BOPP) Films Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global BOPP films market in terms of market segmentation by material type, product type, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global biaxially oriented polypropylene (BOPP) films market is anticipated to record a significant CAGR over the forecast period, i.e., 2021-2029, owing to the application of BOPP films in various end-user industries along with properties such as increased moisture barrier, sealing ability and extensive shelf life. Moreover, BOPP films are recyclable and environmentally friendly, which is projected to increase its demand manifold. BOPP films are durable, protective and resistant to contamination which makes them ideal for food packaging. Additionally, the increasing concerns for the spread of coronavirus, which is raising the need amongst food manufacturers to take additional safety measures for food packaging, is also anticipated to drive the market growth.
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Based on material type, the market is segmented into polymer-based, silica-based, aluminum-based, and others, out of which, the polymer-based segment is estimated to hold the largest share during the forecast period on the back of their sealable and durable properties. Ethyl Vinyl alcohol (EVOH) is the most commonly used polymers for manufacturing BOPP films owing to its printable, flexible and oxygen barrier properties. The market is further segmented by end-user industry into fast moving consumer goods (FMCG), medical & pharmaceutical, industrial, and others. Among these, the FMCG segment is projected to be the largest revenue generating segment by the end of 2029, owing to the increasing consumption of packaged and ready-to-eat food.
Geographically, the global biaxially oriented polypropylene films market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Among these, the market in Asia Pacific region is predicted to hold the largest share throughout the forecast period, on account of presence of leading market players in the region. Additionally, the rapid increase in utilization of BOPP films in various end-user industries and the need for sustainable packaging solutions to control environmental pollution in the region is also expected to positively influence the market growth.
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The market in North America is also foreseen to hold a significant market share by the end of 2029, owing to the rising use of BOPP films in pharmaceutical industries for the packaging of medicines combined with the growing demand for eco-friendly packaging plastics. The various government initiatives to curb the generation of solid wastes is also estimated to boost the market growth in the region. The U.S Environment Protection Agency (EPA) stated that the solid municipal waste generation in 2018 was valued at 292.4 million tons. Furthermore, the share of plastic waste among the total landfills accounted for over 18% in the same year.
Rising Inclination towards Developing Sustainable Packaging Solutions
Research from secondary sources stated that the annual consumption of plastic is estimated to cross 100 million tons globally.
The growing demand for packaged food, drinks and other consumer goods has resulted in increased generation of non-biodegradable plastic waste. Utilization of biaxially oriented polypropylene films lowers the concern regarding the pollution generated from single-use plastics as these films possess recyclable and biodegradable properties. This, as a result, is anticipated to immensely boost the growth of the global biaxially oriented polypropylene films market throughout the forecast period.
Moreover, the increasing need for safer packaging of food and medical supplies, especially during the COVID-19 pandemic as a means to curb the spread of the virus, is anticipated to act as a major growth driver for the market.
However, the concern for the circulation of poor quality BOPP films is estimated to hamper the market growth.
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This report also provides the existing competitive scenario of some of the key players of the global biaxially oriented polypropylene (BOPP) Films market which includes company profiling of Vitopel do Brasil, Innovia Films, Taghleef Industries Group, Cosmo Films Ltd. (NSE: COSMOFILMS), B.C. Jindal Group, SRF LIMITED (NSE: SRF), POLINAS (Yildiz Holding A.S.), LC Packaging International BV, Polyplex Corporation Limited (NSE: POLYPLEX), and Yem Chio Co., Ltd (TPE: 4306). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global biaxially oriented polypropylene (BOPP) films market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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