Biaxially Oriented Polypropylene Market size was valued at over USD 12.5 billion in 2015 and will witness gains at more than 5% CAGR through 2024 driven by significant product demand across labeling, printing, packaging and lamination applications.
The overall insulation industry generated revenue close to USD 40 billion in 2015 and will exceed USD 75 billion with projected growth of more than 5% over the projected timeframe. The product owing to its superior clarity and strength is widely used in the food packaging, as it allows easy printing and coating over packaged food such as frozen food, snacks, ready to eat meals and confectionery.
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The overall food & beverage industry is experiencing escalating growth on account of improving consumer lifestyle dynamics and increasing spending power. For instance, the global food & beverage business was roughly around USD 8 trillion in 2005 and reached close to USD 15 trillion in 2015, which is ultimately resulting in the expansion of biaxially oriented polypropylene market share. Furthermore, increasing consumer awareness towards food preservation will substantially boost the product demand.
BOPP is also used in in the cosmetic and pharmaceutical packaging. Strong growth indicators exist in the industries, particularly due to rising consumer spending towards personal wellbeing. The overall cosmetic industry was valued at over USD 150 billion in 2005 and was marked close to USD 210 billion in 2015, this trend results in driving the global BOPP market size over the estimated period. The product-based films are widely preferred in cosmetic and pharmaceutical packaging as offers superior barrier characteristics which helps in retaining the product properties such as aroma, at the time of prolonged storage.
Polypropylene is the major raw material used in the overall industry. Wavering crude oil prices will negatively impact the global market trends over the projected period. Growing product application as tapes across industrial packaging owing to its superior strength along with valued added feature such as clarity will create new growth avenues for the biaxially oriented polypropylene market.
|Biaxially Oriented Polypropylene Market Size in 2015:||12.5 Billion (USD)|
|Forecast Period:||2016 to 2024|
|Forecast Period 2016 to 2024 CAGR:||5%|
|2024 Value Projection:||20 Billion (USD)|
|Historical Data for:||2013 to 2015|
|No. of Pages:||112|
|Tables, Charts & Figures:||98|
|Segments covered:||Application and Region|
|Pitfalls & Challenges:|
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The global BOPP market for food held the largest chunk, occupying more than half of the overall industry in 2015. The product finds widespread applications across food packaging die to its low cost, superior barrier and high durability characteristics. These properties help in effectively preserving the food freshness and aroma along with providing protection against moisture. Increasing working population across the globe, has substantially increased the package food demand, which has consequently driven the product demand.
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The global biaxially oriented polypropylene market for tapes was valued at over USD 1.5 billion in 2015. BOPP packing tapes are being extensively used in the industrial applications including inventory and shipping owing to its superior optical and mechanical traits, which provides easy labeling and helps in differentiating the packed product. These tapes are thermoplastic polymer are therefore can be used across wide temperature range and are thus suitable for industrial applications. Tobacco is analyzed to witness moderate growth close to 4.5% over the estimated timeframe. The product based films are preferred in tobacco packaging as they offer high speed overwrapping and differential slip properties.
North America biaxially oriented polypropylene market revenue was valued at more than USD 1.5 billion in 2015. Prevalence of robust pharmaceutical industry in the U.S is one of the prominent growth drivers in the region. In addition, the U.S. holds a prominent chunk of the overall package food sector on account of high consumer lifestyle dynamics. This is analyzed to positively impact on the product demand for food packaging.
Asia Pacific will witness highest gains more than 6.5% CAGR through 2024 owing to escalating food, pharmaceutical and cosmetic industry on account of enhancing consumer lifestyle dynamics and increasing spending power. Increasing number of working population in India and China and significantly increased product demand for food packaging. Furthermore, booming e-commerce industry in India has substantially propelled the industry growth for tapes.
The global biaxially oriented polypropylene industry was highly fragmented with top product manufacturers accounting for less than 30% of the overall industry. Some of the industry share contributors include:
These participants are engaged in upscaling their production capacity and diversifying their product portfolio in order to meet increasing product demand across the globe. For instance, Innovia Films has a diversified product portfolio and meets consumer demand for food and tobacco packaging.
Biaxially Oriented Polypropylene market report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2016 to 2024, for the following segments:
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The above information is provided on a regional and country basis for the following: