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. According to Global Market Insights, Inc., “Biaxially Oriented Polypropylene (BOPP) Market value, estimated at USD 12.5 billion in 2015, is projected to hit USD 20 billion by 2024.” In addition to this, BOPP applications in pharmaceutical & cosmetics packaging will further fuel the industry expansion. The booming BOPP industry will also have a significant effect on synthetic paper industry expansion.
Moreover, strong growth indicators across various sectors such as tapes and tobacco are expected to favorably influence BOPP market. Tapes application, which generated a revenue of USD 1.5 billion in 2015, is expected to contribute substantially towards the industry revenue over the coming timeframe. Exceptional optical and mechanical properties of BOPP tapes make them more preferred for various industrial uses. Biaxially Oriented Polypropylene (BOPP)market size in tobacco is estimated to grow at a rate of 4.5% over the coming seven years. BOPP based films are highly popular in tobacco packaging, owing to its ability to provide high speed overwrapping.
U.S. Biaxially Oriented Polypropylene (BOPP) Market size, by application, 2013-2024 (USD Million)
Below are the regional highlights influencing Biaxially Oriented Polypropylene (BOPP) market from 2016-2024
Market players will try to enhance their profits by increasing their production capacity and thus match the consumer needs. The worldwide biaxially oriented polypropylene (BOPP) industry is highly fragmented with top players contributing nearly 30% of the global revenue share.
Key industry participants include Biaxplen Ltd, Chemosvit A.S., Cosmos Films Ltd, Vibac Group S.p.a Ltd, Innovia Films, Xpro India Ltd, Polyplex Corporation, Taghleef Industries, Vitopel S.A., Rowad Global Packaging Co. Ltd, Kopafilm Elektrofolien GmbH, Oben Holding Group, Zubairi Plastic Bags Industry LLC, SRF Limited, Jindal Poly Films Ltd, Treofan Group, Dunmore, Uflex Ltd, Futamura Chemical Co Ltd, Tempo Group, Manucor S.p.A, and Poligal S.A.