Bi-axially Oriented Polypropylene (BOPP) Market: Snapshot
Packaging, especially flexible packaging, is one of the most dynamic industries today owing to its extensive application in the food and beverages, personal care, and pharmaceutical sectors. The rising demand for bi-axially oriented polypropylene (BOPP) in packaging, labeling, printing, and lamination can be primarily attributed to the booming growth in the aforementioned industries. Transparency Market Research predicts that the demand for BOPP will be in line with that of flexible packaging in the near future. It is also likely to be consistent with the growth of the food and beverages industry.
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By revenue, the BOPP market is poised to expand at a 5.8% CAGR from 2016 to 2024, with the value rising from US$12.7 bn in 2015 to US$20.9 bn by the end of the forecast period. The market is projected to register a 6.3% CAGR in terms of volume between 2016 and 2024.
Rising Consumption of Packaged, Ready-to-eat Foods Drives Demand for BOPP
BOPP finds application mainly in the food industry and this segment is the leading contributor to the growth of the BOPP market in terms of volume. BOPP is used for packaging and labeling in the food industry and the growing demand for snacks, cakes, breads, ready-to-eat packaged foods, frozen foods, and confectioneries has impacted the demand for BOPP in this sector.
The food sector is also anticipated to be the fastest growing application segment by the end of the forecast period. Considering the growing demand for tapes in industrial packaging, the tapes segment also holds lucrative opportunities for players in the BOPP market.
Developing Regions Hold Immense Scope for Growth
The global BOPP market is geographically segmented into North America, Central America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In terms of volume, Asia Pacific leads the global BOPP and the region accounted for a share of more than 55% in 2015. Poised for considerable growth over the course of the forecast period, the APAC BOPP market is likely to be driven by the high demand for BOPP for the production of packages and labels in the food industry and tapes for industrial packaging purposes. China is one of the leading consumers of BOPP in the region.
The Middle East and Africa and Latin America BOPP markets are projected to witness moderate to high growth by 2024, owing to the expansion of the food industry and the rising demand for packaged products. Countries within the GCC are expected to be key markets for BOPP in the Middle East; South Africa and Nigeria are likely to play a leading role in the BOPP market in Africa; Brazil, Argentina, Colombia, and Chile hold promising prospects for the BOPP market in Latin America.
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The BOPP market is highly fragmented, marked by the presence of several major players. Some of the prominent companies in the global BOPP market include Kopafilm Elektrofolien GmbH, SRF Limited, Chemosvit A.S., Tempo Group, Taghleef Industries, Vibac Group S.p.A., Treofan Group, Rowad Global Packaging Co. Ltd., Zubairi Plastic Bags Industry LLC, Poligal S.A., Futamura Chemical Co., Ltd., Manucor S.p.A., Oben Holding Group, Innovia Films, Xpro India Limited, Uflex Ltd., Jindal Poly Films Ltd., Biaxplen Ltd., BIOFILM, Cosmos Films Ltd., Dunmore Corporation, Polyplex Corporation Limited, and Vitopel S.A.