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Biaxially oriented polypropylene market to witness increased traction from tobacco product packaging Application

Author : Ravi Chawat | Published Date : 2020-11-27 

BOPP is extensively used in the packaging of cosmetic and pharmaceutical products as it helps in protecting the product from any damage and preserving the important properties. The cosmetic industry in 2015 held a considerable revenue of nearly US$210 billion and is likely to grow significantly in the next few years.

Contrastingly, biaxially oriented polypropylene market in tobacco product packaging are anticipated to observe a slow growth rate of up to 4.5% CAGR through 2024 due to various de-marketing strategies from the government to reduce its consumption and diseases associated with its consumption.

BOPP based tape use is poised to be driven by its several properties such as compatibility with different products, easy labeling, superior optical and mechanical features. Reportedly, the biaxially oriented polypropylene market share form tape applications accounted for about US$1.5 billion in revenue during 2015.  Also, the existence of growing e-commerce business in India will drive the biaxially oriented polypropylene use in the region, as e-commerce businesses require plenty of packaging materials, mainly high-quality BOPP tape.

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In 2015, global insulation businesses accounted for over USD 40 billion is estimated to generate revenue of more than USD 75 billion by 2024. Growing focus on superior packaging for protection of delicate good, foods, medicines and others will favor BOPP business growth in the coming years. Reportedly,  biaxially oriented polypropylene market size will exceed USD 20 billion in terms of annual valuation by 2024.

In 2015, Asia Pacific was the largest contributor to the global biaxially oriented polypropylene market share. Flourishing e-commerce industry in the countries across the region is the key factor propelling the growth. As the e-commerce sector fundamentally involves high quality tapes for packaging and labelling purposes, the product demand is increasing.

With the presence of flourishing packaged food and pharmaceutical industries in the U.S., the BOPP market in the region is expected to grow substantially. Notably, out of the global revenue collection, the North America biaxially oriented polypropylene market share was valued at more than 10% in 2015. The increasing per capita income in the world’s fastest emerging countries like India and China has immensely helped the food and cosmetic industry to flourish will lead to geographical BOPP market expansion.

Prominent companies in the global biaxially oriented polypropylene market include Cosmos Films Ltd., SRF Limited, Chemosvit A.S., Jindal Poly Films Ltd., Innovia Films, Dunmore, Polyplex Corporation Ltd., BIOFILM, Uflex Ltd., Taghleef Industries, Futamura Chemical Co., Ltd., Tempo Group, Oben Holding Group, and Vitopel S.A, among many others. Firms are consistently innovating to offer advanced products.

Browse More News:

https://www.globenewswire.com/news-release/2019/07/29/1892694/0/en/Bitumen-Membranes-Market-to-cross-USD-3-5-Bn-by-2025-Global-Market-Insights-Inc.html

https://www.globenewswire.com/news-release/2017/07/03/1037421/0/en/Acetic-Acid-Market-to-surpass-16bn-by-2024-Global-Market-Insights-Inc.html

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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