Food packaging sector to drive the Biaxially Oriented Polypropylene Market revenue over 2020-2024
Category: #reports  By Rahul Sankrityayan  Date: 2020-05-20
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Food packaging sector to drive the Biaxially Oriented Polypropylene Market revenue over 2020-2024

The exponentially surging packaging and food & beverage industries have provided a significant impetus to Biaxially Oriented Polypropylene Market dynamics. Polypropylene is one of the key polymers used in the manufacturing of BOPP films and finds extensive application in packaging industry. The high barrier properties, durability, and cost-effectiveness associated with the biaxially oriented polypropylene films has provided a substantial spur to the global BOPP market demand. 

Growing product requirement across lamination, labelling, printing, and packaging applications will promote biaxially oriented polypropylene market trends over the coming timeframe. Escalating demand for food preservation has made the product more popular across the food packaging sector, driven by low cost, durability, and ability to retain food freshness & aroma. Global food & beverages sector, worth USD 15 trillion in 2015, is expected to witness a significant surge over the next few years and will support the industry expansion.

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Growth Drivers are

  • Increasing product demand for flexible packaging
  • Environment friendly and economic traits of the product

Of the key application segments including tobacco, food, and tapes, tobacco packaging segment is anticipated to witness a CAGR of 4.5% over 2016-2024 as the BOPP films offer differential slip & high speed wrapping properties. The packaging tapes made from thermoplastic biaxially oriented polypropylene are also used in several industrial applications as they provide ease of labeling and can also be used in various temperature ranges. Thus, immense scope of BOPP films in aforementioned applications will lead to a strong growth curve for the overall development of biaxially oriented polypropylene industry.

Food applications segment accounted for over 50% of the overall BOPP industry share and thus held the largest market chunk in 2015. BOPP is extensively used in food and beverage sector in packaging film dies, owing to its benefits of moisture protection and food & aroma preservation. The escalating food & beverage industry across the globe is one of the most prominent drivers fueling the BOPP industry trends. Furthermore, the soaring pharmaceutical and cosmetics industries have significantly propelled the overall BOPP industry share. These films are used in cosmetics and medical product packaging as they help in retaining the original substance properties.

Below are the regional highlights influencing Biaxially Oriented Polypropylene (BOPP) market from 2016-2024

  • APAC biaxially oriented polypropylene (BOPP) industry size will witness substantial gains of 6.5% over the period of 2016-2024, driven by growing product application across booming cosmetics, e-commerce, food packaging, and pharmaceutical sectors. Moreover, improvement in customer lifestyle dynamics and rise in purchasing capacity of consumers will further drive the regional growth. India and China are expected to be the key regional revenue pockets.
  • North America BOPP industry revenue, worth USD 1.5 billion in 2015, is expected to grow considerably over the next few years. Rapidly growing pharmaceutical sector along with the booming food packaging sector is expected to drive the regional share. U.S. is anticipated to be a major regional revenue contributor.
     
  • High product demand across cosmetic packaging sector is forecast to propel Europe biaxially oriented polypropylene (BOPP) industry development over the coming seven years. France, Germany, and UK are estimated to make major contributions towards the regional share.
     

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Rahul Sankrityayan

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Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Technology Magazine, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experie...

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