Bi-axially oriented polypropylene (BOPP) is a film or a sheet that is composed of polypropylene. Today, these films are used in a wide range of industries. The growing usage of BOPP in industries such as food and beverages, personal care, tapes, tobacco, and pharmaceutical is anticipated to fuel the rise of this market in the coming years. A research report by Transparency Market Research indicates that global BOPP market will be worth US$20.9 bn by the end 2024 as compared to US$12.7 bn in 2015, progressing at a CAGR of 5.8% during the forecast period of 2016 and 2024.
Packaging Emerges as Predominant User of BOPP
In terms of application, the uptake of BOPP will remain at an all-time high in the food industry as it is extensively used for labeling and packaging. The growing demand for packaged food items such as snacks, bread, cakes, frozen food items, and ready-to-eat packaged foods is expected to propel the demand for BOPP in the coming few years. BOPP will be predominantly used in flexible packaging solutions as it offers benefits such as affordable pricing, ease of printing, low cost, inertness to food packaging, and minimum moisture transmission.
Meanwhile, the demand for flexible packaging will remain significantly high due to the robust growth of industries such as the electronics, food and beverages, pharmaceutical, and personal care. The demand for packaging has also had a trickle-down effect on the demand for tapes, which has, in turn, augmented the sales of BOPP. Thus, the tapes segment is also anticipated to profit in the coming years.
Asia Pacific to Remain Frontrunner in Global Market
Geographically, the global BOPP market is segmented into North America, Europe, Central America, Latin America, Asia Pacific, and the Middle East and Africa. Out of these regions, the research predicts that Asia Pacific is likely to remain dominant in the global BOPP market throughout the forecast period. As of 2015, the region registered a share of about 55% in the global market. The rise of manufacturing industries will be the prime growth driver in the regional market.
The growing demand for packaging in various industries, increasing disposable incomes that is permitting consumers to purchase packaged food items, and the subsequent need for tapes are all expected to contribute towards Asia Pacific’s progress in the overall market. Researchers predict that the Middle East and Africa and Latin America BOPP market are expected to a significant growth due to the burgeoning food industry in the regions.
Browse the full Global Bi-axially Oriented Polypropylene (BOPP) Market report at : http://www.mrrse.com/biaxially-oriented-polypropylene-market
Some of the key players in the BOPP market are Manucor S.p.A., Jindal Poly Films Ltd., Innovia Films, Dunmore Corporation, BIOFILM, Treofan Group, Taghleef Industries, Vibac Group S.p.A., Futamura Chemical Co., Ltd., Poligal S.A., Uflex Ltd., Rowad Global Packaging Co. Ltd., and Cosmos Films Ltd. Researchers have described the competitive landscape in the global market to be fragmented with the leading players such as Taghleef Indsutries, Jindal Poly Films, Vibac Group, Vitopel, Oben Group, and Cosmos Films holding a collective share of mere 20% in 2015. Analysts expect that the competition is expected to get intensified as new entrants make their way into the market with affordable BOPP films.