Published: Jul, 2018
Packaging products in an attractive manner is of optimum importance for a number of industries that cater directly to the end users. For these manufacturers, oriented polymers have been serving adequately by enhancing several properties including resilience to abrasiveness, mechanical strength, and optical. Now, the concept of biaxial orientation has emerged that offers added advantages to polypropylene films, enabling the production of thinner films. According to a recent business intelligence report by Transparency Market Research (TMR), the global bi-axially oriented polypropylene (BOPP) market will be worth US$20.9 billion by the end of 2024, with the demand expanding at a notable CAGR of 5.8% during the forecast period of 2016 to 2024.
The analyst of the TMR report has notified for a highly fragmented competitive landscape in the global biaxial oriented polypropylene market, with the leading seven companies not even collectively accounting for one-fifth of the overall shares as of 2015. However, Oben Group, Taghleef Industries, Jindal Poly Films, Cosmos Films, Vibac Group, and Vitopel have been identified as some of the players who are marginally ahead of the curve in the global BOPP market. The degree of competition is mounting with every passing quarter as a number of regional players are able to make a foray, which in turn is lowering the cost of end product and reducing profit margins. To counter this scenario, merger and acquisition activities are expected to increase in the near future.
Application-wise, the TMR report has segmented the bi-axially oriented polypropylene market into food, tobacco, tapes, and others such as consumer goods and medical usage. By a landslide margin, the food industry produces the maximum demand for BOPP, and is expected to remain dominant segment on the back of growing demand for cakes, snacks, frozen food, ready-to-eat packaged foods, and confectioneries. The demand for the tapes segment is also projected to increment at an above-average growth rate during the aforementioned forecast period.
Geographically, Asia Pacific is anticipated to hold onto its leading position, having produced more than 55% of the total demand as of 2015. With China at the forefront, the APAC BOPP market is primed to produce fruitful return of investment for the players.
The benefits of printing, labeling, and lamination that is offered by BOPP packaging is the primary driver of the market for the same. With increased disposable income, urban populations living out of metropolitan areas are extending the demand for packaged food, which in turn is poised to keep this market in good health. BOPP is adequate at preserving the freshness of food products for extended periods of time. Ecofriendly and economic traits also makes this product adoptable. On the other hand, wavering costs of raw materials are obstructing the market from flourishing.
- Global bi-axially oriented polypropylene market is estimated to be worth US$20.9 billion by 2024
- Intense competition characterizes the competitive landscape, wherein the entry barriers are low and a number of regional players are throwing their hats into it.
The information presented in this review is based on a Transparency Market Research report, titled, “Bi-axially Oriented Polypropylene (BOPP) Market (Application - Food, Tapes, Tobacco) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2024.”
Key Segments of the Global Bi-axially Oriented Polypropylene Market
- Others (medical, consumer goods, etc.)
By Region and Country
- North America
- U.S. Northeastern region
- U.S. Southern region
- U.S. Western region
- U.S. Midwestern region
- Central America
- Costa Rica
- El Salvador
- Rest of Central America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Ivory Coast
- Rest of MEA
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