Bi-axially Oriented Polypropylene (BOPP) Market: Snapshot
The global market for bi-axially oriented polypropylene (BOPP) market is growing and one of the key factors for its growth is the high demand from labeling, packaging, printing, and lamination applications. The demand for bi-axially oriented polypropylene is also increasing from pharmaceutical and cosmetic packaging sectors. The growing inclination of consumers towards spending increasingly on personal wellbeing will help the bi-axially oriented polypropylene market to grow. The growing awareness among consumers towards food preservation is also boosting the growth of the market.
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The wavering price of crude oil will negatively impact the BOPP market as polypropylene is a derivate of crude oil. On the other hand, the application of BOPP as tapes in industrial packaging will drive the growth prospects of the global bi-axially oriented polypropylene market. The superior strength offered by BOPP along with high clarity are two important reasons for being preferred across industrial packaging sector. BOPP films are more flexible, a packaging solution. This ensures faster packaging and improved sealing properties, attracting several manufacturers in the food and non-food packaging industries to replace their conventional packaging materials. Bi-axially oriented polypropylene has abilities such as reprocessing and recyclability which are further strengthening their demand in packaging applications. Metalized bi-axially oriented polypropylene adds sparkle to packaging and thus, they are much in demand for gift wrapping and decorative packaging. All these factors will ensure a continued demand for bi-axially oriented polypropylene in the period from 2017 to 2025.
Global BOPP Market: Overview
Bi-axially oriented polypropylene (BOPP) films have been available in the global market for nearly four decades and are now extensively used in place of aluminum foil, cellophane, and waxed paper across a number of applications. Owing to their superior strength, excellent printability, clarity, flatness, and light weight, BOPP films have become indispensable in the packaging industry and are used for packaging a variety of consumer products such as foods and beverages, textiles, garments, stationary, and textiles. The production of BOPP films is safe and energy efficient. BOPP films can be recycled and reprocessed into products for a number of new applications.
Global BOPP Market: Key Trends
The increasing use of BOPP in flexible packaging is the key driver of the global BOPP market. In the past few years, the global demand for flexible packaging has increased at a significant pace owing to demand from industries such as food and beverages, pharmaceuticals, and personal care, consequently boosting the consumption of BOPP on a global front. In the next few years as well, the thriving market for flexible packaging will boost the global uptake of BOPP.
However, the fluctuating costs of crude oil, which is one of the primary raw materials for polypropylene, are expected to impact the costs of BOPP and thus the profitability of players operating in the highly competitive market.
Global BOPP Market: Regional Analysis
The Asia Pacific market for bi-axially oriented polypropylene presently holds the dominant share in the global market, leading other regional markets by a sizeable margin. The Asia Pacific BOPP market is also expected to achieve growth at a considerable pace over the next few years owing to the high demand for BOPP in the packaging and labelling industries.
China is the leading consumer of BOPP products and is expected to account for a considerable share in the revenue of the global market throughout the report’s forecast period. In regions such as Middle East and Africa and Latin America, the demand for BOPP products is expected to rise owing to the expansion of the food and beverages industry and increased consumption of packed products.
Global BOPP Market: Market Potential
Asia Pacific being the most promising investment grounds for the BOPP industry, BOPP manufacturers are increasingly focusing on strengthening their grip on the regional market, through extension of production capacities of already present facilities or installing new ones in countries such as India and China. Cosmo Films, one of the leading companies in the global BOPP market, followed suit with its recent announcement of production capacity expansion by 40% at one of its plants in India. With this expansion, the company aims at catering to both domestic and export markets.
Global BOPP Market: Competitive Analysis
The global BOPP market features an exceedingly fragmented vendor landscape, with none of the top vendors accounting for a significant share in the overall market. The presence of a large number of small and large manufacturers has led to extreme cost competitiveness in the market, which is expected to further intensify owing to the entry of a large number of local players in the near future. Large vendors will also catalyze price wars in the market through economies of scale.
Some of the leading players operating in the global BOPP market are Taghleef Indsutries, Jindal Poly Films, Vibac Group S.p.A., Vibac Group, Poligal S.A., Cosmo Films, Oben Group, Vitopel, Zubairi Plastic Bags Industry LLC, Futamura Chemical Co., Ltd., Treofan Group, Innovia Films, Manucor S.p.A., Kopafilm Elektrofolien GmbH, Rowad Global Packaging Co. Ltd., Chemosvit A.S., Dunmore Corporation, Oben Holding Group, Xpro India Limited, Cosmos Films Ltd., Uflex Ltd., Polyplex Corporation Limited, Tempo Group, SRF Limited, and Biaxplen Ltd.
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This post was originally published on Space Market Research