Biaxially Oriented Polypropylene Films Market 2022 Outlook, Current and Future Industry Landscape Analysis 2030 |Jindal Poly Films Limited (India), TAGHLEEF INDUSTRIES GROUP (UAE), Inteplast Group (US)
Market Overview
According to MRFR analysis, the Global Biaxially Oriented
Polypropylene (BOPP) Films Market is slated to record a CAGR of about
4.6% to reach a value of around USD 20.98 billion by 2027.
Market Dynamics
The global BOPP films market is primarily driven by its use
in food packaging applications due to its moisture conservation and food &
aroma preservation properties. The global growth of the food and beverage
industry is one of the primary drivers of the BOPP films market. Additionally,
the growing pharmaceutical and cosmetics industries have boosted demand for
BOPP films significantly. These films are commonly used in the packaging of
cosmetics and medicinal products because they aid in the preservation of the
substances' properties. Consumer product demand growth in developed countries
has also aided in the global development of the BOPP industry. Consumption of
consumer goods has historically been associated with rising disposable income,
particularly among the middle class.
Competitive Analysis
The eminent players are Cosmo Films Ltd. (India),
Jindal Poly Films Limited (India), TAGHLEEF INDUSTRIES GROUP (UAE), Inteplast Group
(US), POLİBAK PLASTİK (Turkey), SIBUR (Russia), Poligal SA (Spain), UFlex
Limited (India), Toray Plastics (America), Inc. (US), SRF Limited (India), NAN
YA PLASTICS CORPORATION (Taiwan), Vacmet India Ltd (India), Tatrafan, s.r.o
(Slovakia), ObenGroup (US), and FlexFilms (US).
However, cost volatility, particularly in raw materials, is
likely to stymie the BOPP industry's growth. Additionally, fluctuating
polypropylene costs and availability are expected to restrain demand growth
during the review period.
On the other hand, demand for high-performance, affordable
products developed through research and development is likely to generate
opportunities in the coming years. The market participants are concentrating
their efforts on a variety of strategic strategies in order to satisfy the
growing demand for BOPP films.
Segmental Analysis
Based on type, the global BOPP films market is segmented
into wraps, bags & pouches, tapes, labels, and others. Wraps are expected
to continue to dominate the market over the forecast period, owing to their use
in food packaging and beverage bottling. BOPP film bags and pouches are
commonly used in retail packaging for seeds, pet food, animal feed, and a
variety of other items.
Based on application, the global BOPP films market is
segmented into food & beverage, personal care & cosmetics, medical,
tobacco packaging, electrical & electronics, and others. Due to the
widespread use of BOPP films in food packaging and beverage bottling, the food
& beverage segment emerged as the market leader and fastest-growing
segment. Factors such as an aging population, increased consumer spending, and
evolving eating patterns all contribute to a rise in demand for packaged goods,
which in turn increases demand for BOPP films. Concerns about beauty and
appearance among younger and older generations, combined with high disposable
income, drive sales of personal care and cosmetics products. Increased sales
result in an increase in demand for BOPP packaging, which drives the global
market. The aging of the population, combined with an increase in the prevalence
of sedentary diseases among the younger population, has also increased demand
for BOPP-based ID bracelets used in hospitals. BOPP film is also used in the
packaging of pharmaceuticals.
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Regional Analysis
The North American market for BOPP films is expected to rise
as consumer demand for environmentally friendly packaging solutions increases.
Demand for BOPP packaging films is fueled by factors such as a growing working
population, hectic lifestyles, and eating habits.
Europe's market is expected to expand due to increased
demand for BOPP films in a variety of applications. BOPP films are in high
demand due to the substantial investment in the medical and pharmaceutical
industries.
Asia-Pacific is projected to expand at the fastest rate of
any regional sector, owing to increasing consumer spending, a growing labor
force, and evolving lifestyles in the region. APAC is also largely driven by
agricultural countries such as India, Malaysia, and Thailand. The region's
increased crop production boosts retailing and exports, both of which use BOPP
packaging.
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The region's rapid economic development is the primary
driver of the region's major end-use industries, which is expected to drive
BOPP film demand in the Middle East & Africa market during the review
period. Latin America is expected to have a strong demand for BOPP films due to
the region's industrial growth.
Additionally, prominent industry players are purchasing new
businesses or local market players in order to retain their competitive
advantage. Other strategic practices that businesses favor include continuous
improvement, joint projects, and partnerships.
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