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Growth of the BOPP Market to see 5% CAGR till 2024

Author : Ravi Chawat | Published Date : 2020-09-16 

The BOPP market, having registered a valuation of USD 12 billion in 2016, is projected to depict a market size of USD 20 billion, by the year 2024, with an anticipated CAGR of 5%. Added by Global Market Insights, Inc., the document consists of substantial information on the market scenario, industry strategies, evolving technologies, market competitors, growth opportunities, and market segmentations.

The food & beverage industry revenue in 2015 was over USD 15 trillion and the industry has substantial growth avenues in coming years owing to improved consumer spending pattern coupled with enhanced lifestyle dynamics. Because of the product features such as high strength and clarity, high barrier and durability properties, BOPP is extensively used in food packaging applications, which benefits in suitable printing and coating over confectionary, frozen food, ready to eat meals and snacks.

Global BOPP market for tobacco is probable to have sluggish progress around 4.5% CAGR in the forecast period. The cosmetic sector generated revenue around USD 210 billion globally, in 2015, and portrays brighter growth aspects in the near future. The product is broadly used in the cosmetic and pharmaceutical packaging, as it helps in conserving the product characteristics such as aroma.

Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/1117

In 2015, Asia Pacific was the largest contributor to the global BOPP 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.

BOPP market from tapes garnered revenue of over USD 1.5 billion in 2015. Expansion of food and cosmetics production in China and India owing to rise in consumer expenditure will also boost regional market growth.

Polypropylene is among the most prominent raw material used in the production of BOPP films and is a crude oil derivate. The raw materials is subjected to price dynamics. Wavering petrochemical prices can be a restraint to BOPP market growth. The strong pharmaceutical sector across the world may also boost the consumption of BOPP through 2024 from packaging needs.

Major key players in the BOPP market are Biaxplen Ltd., Vitopel S.A., Oben Holding Group, SRF Limited, Xpro India Limited, Chemosvit A.S., Zubairi Plastic Bags Industry LLC, Rowad Global Packaging Co. Ltd., Kopafilm Elektrofolien GmbH, Polyplex Corporation Limited, Jindal Poly Films Ltd., Dunmore, Innovia Films, BIOFILM, Taghleef Industries, Treofan Group, Vibac Group S.p.a., Futamura Chemical Co. Ltd., Poligal S.A., Manucor S.p.A., Uflex Ltd., Cosmos Films Ltd., and Tempo Group.

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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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