Bi-axially Oriented Polypropylene Sheets Market - Forecast(2024 - 2030)
Bi-axially Oriented Polypropylene Sheets Market Overview
Bi-axially Oriented
Polypropylene Sheets Market size is forecast to reach $20
billion by 2026, after growing at a CAGR of 5.6% during 2021-2026. Bi-axially
oriented polypropylene films are most commonly used as food packaging material
to package meat and cheese, pet food, bakery products, confectionaries,
frozen food, and fresh produce. Tobacco packaging, tapes, cosmetics
packaging, gift packaging, lamination, and pharmaceutical packaging are just a few more applications where bi-axially oriented polypropylene sheets can
be found. One of the key factors that are likely to drive up the overall demand for
bi-axially oriented polypropylene film in the ahead is the growing need for the
aforementioned applications for bi-axially oriented polypropylene sheets. One of the most major non-packaging applications of
bi-axially oriented polypropylene sheets is in the construction industry. India
plans to invest US$ 1.4 trillion in infrastructure over the next five years,
according to the India Brand Equity Foundation (IBEF). In addition, in India,
construction projects like "100 smart cities" and "Housing for
All by 2022" are influencing industry growth. Furthermore, the
Government-wide Circular Economy Initiative, which aims to create a circular
economy in the Netherlands by 2050, is boosting the country's construction
industry. Hence, with the increase in construction activities across the globe,
the demand for Bi-axially oriented polypropylene sheets will
be foreseen to grow enormously.
COVID-19 Impact
Due to the
covid-19 outbreak, various countries are under shut down owing to which the market is witnessing a period of low demand from its end-use industries such as
packaging, and construction. The COVID-19 pandemic is affecting operations of
various industries, as most of the countries have issued “stay at home
guidance” i.e., lockdown. As Bi-axially oriented polypropylene sheets are utilized in these industries, the declining operation of these
industries is directly limiting its market growth during the pandemic. In
Quarter 2 (April to June) 2020, construction output in the United Kingdom
dropped by a record 35.0 percent as compared to Quarter 1 (January to March)
2020.
Bi-axially Oriented Polypropylene Sheets Market Report Coverage
Key Takeaways
- BOPP has grown in popularity as a high-growth film because it is a superb water vapor barrier, functions as a grease and oil barrier, is recyclable, and is unaffected by environmental changes. They offer exceptional clarity, high gloss, and dimensional stability.
- The rise in consumer product demand in developing countries has also aided the growth of the BOPP business globally. Consumption of consumer goods has traditionally been linked to rising disposable income, particularly among the middle class. However, the BOPP industry's expansion is likely to be hampered by cost instability, particularly in raw materials.
- Demand for high-performance and cheap product developments through research and development, on the other hand, is anticipated to offer opportunities in the coming years.
Figure: Asia Pacific Bi-axially Oriented Polypropylene Sheets Market Revenue, 2020-2026 (US$ billion)
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Bi-axially Oriented Polypropylene Sheets Market Segment Analysis – By Application
Packaging held the largest market
share in the applications for Bi-axially oriented polypropylene sheets market in 2020 and is
growing at a CAGR of 5.8% during the forecast period. BOPP packaging sheets are
commonly used in the packaging of products in a variety of end-use industries,
including food and beverage, electrical and electronics, medicines, and
cosmetics, and personal care items. Bags, pouches, wraps, laminates, labels, and
tapes can all be made with them. BOPP packaging is suitable for high-quality packaging
applications because it remains stable during printing and lamination
operations. BOPP is also used for label and tape manufacturing due to its high
heat resistance and sealing qualities. According to the
United States Department of Agriculture (USDA), in 2018, the total value of all
retail food and beverage sales in Japan was $479.29 billion (¥53,339 billion),
an overall increase of 2.3 percent. Thus, increasing food production will
require more packaging material, thus acts as a driver for the market during
the forecast period.
Bi-axially Oriented Polypropylene Sheets Market Segment Analysis – By Geography
APAC dominated the Bi-axially Oriented Polypropylene Sheets market in 2020 with a share of 35%. Due to growing urbanization, the economy of APAC is largely influenced by the economic dynamics of nations such as China and India. People's lifestyles are constantly changing as a result of rapid urbanization. People in cities have embraced a more modern way of life, which has resulted in an increase in the usage of BoPP as a premium product for a variety of home uses, including packaging. Factors such as the rising need for plastic packaging, faster electronic product manufacturing, the rise in digital printing, rising food and grocery retail sales, and the expansion of the pharmaceutical industry are all driving rapid urbanization, therefore the Bi-axially Oriented Polypropylene sheets market in this region is seeing increased demand. According to the Ministry of Industry and Information Technology (MIIT), retail sales of grain, oil, and food reached 499.63 billion yuan (about $70.41 billion), up 13.8 percent from last year in China. During the period, beverage sales stood at 63.46 billion yuan in China, a 6.3-percent growth year-on-year. With the increasing retail sale, the demand for packaging materials will also see an upsurge in its demand. According to the Sea-Circular Organization, the packaging industry in China is projected to record a Compound Annual Growth Rate (CAGR) of 13.5 percent during the forecast period (2020-2025) retail thereby, accelerating the growth of the BOPP in Asia Pacific during the forecast period. Additionally, the packaged food market of India is expected to reach US$ 70 billion by 2025 by IBEF. Therefore, these are the factors influencing the Bi-axially oriented polypropylene films market in the region.
Bi-axially Oriented Polypropylene Sheets Market Drivers
Growing Demand from Packaging Industry
BOPP
films have embedded features such as a smooth surface, good clarity, and strong
chemical and abrasion resistance, as well as the ability to withstand UV light.
BOPP materials are utilized in a variety of packaging applications. Dairy
products, bakery items, snack foods, beverages, and horticultural products all
use them in their packaging. The need for BOPP films in food packaging is
growing as customer preferences is shifting toward specialty and processed
foods. In the medical industry, BOPP films and sheets are used to package
common items. It serves as a barrier to protect drugs from external elements
that could cause them to degrade or cause hazardous consequences. The food
processing industry is booming in a lot of regions. The market for food
packaging will grow dramatically as the food sector grows. For instance, in
2018, Canada's overall food and beverage industry revenue hit $87 billion,
according to the United States Department of Agriculture (USDA). Russia has the
eighth largest market for packaged food goods, with a trading volume of 27.5
million tonnes, according to the International Trade Administration (ITA). In
2018, total processed food production in Ukraine was $15 billion, and processed
food exports amounted to $9.4 billion, representing 50% of Ukraine's
agricultural products and processed food exports. The packaging material
production industry accounted for 1.7 percent of Mexico's GDP in 2017, 5.8
percent of GDP in the industrial sector, and 8.5 percent of GDP in
manufacturing. This in turn is driving BOPP sheets demand.
Bi-axially Oriented Polypropylene Sheets Market Challenges
Fluctuating prices of raw material
During the
forecast period, raw material price volatility is expected to stymie the global
Bi-axially oriented polypropylene sheets market. Technological advances are
occurring in the worldwide Bi-axially oriented polypropylene sheets market. Bi-axially
oriented polypropylene films are being developed in new and improved methods by
companies. The development of innovative BOPP sheets production technologies is
expected to boost the worldwide Bi-axially oriented polypropylene sheets market
in the near future. The COVID 19 epidemic is also to blame for the fluctuating
pricing.
Bi-axially Oriented Polypropylene Sheets Market Landscape
Technology launches, acquisitions
and R&D activities are key strategies adopted by players in the Bi-axially
Oriented Polypropylene Sheets Market. Major players in the Bi-axially Oriented
Polypropylene Sheets market includes Aep Industries, Toyobo, Exxon Mobil,
Jindal Poly Films, Amcor Limited, among others.
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