Cast Polypropylene Market Overview
Cast Polypropylene Market size is forecast to reach $1.9 billion by 2026, after
growing at a CAGR of 4.8% during 2021-2026. Cast Polypropylene is known for its
flexibility and versatility and hence is growing the popularity in the
attractive and flexible packaging material against polyethylene. Cast polypropylene
and can also be used as a single film or as a lamination sealant material. The
few major trends which are leading towards the growth in the packaging industry
are growth in e-commerce, changing of consumer preference, increase in the FMCG
and retail markets, sustainability, and digitization. All these trends have led
to the growth in the packaging sector and hence in the cast polypropylene
market.
COVID-19
Impact:
Currently the Cast
Polypropylene industry has been affected due to COVID-19 pandemic where most of
the industrial activity has been temporarily shut down. In in turn has affected
the demand and supply chain as well which has been restricting the growth. Due
to COVID-19 pandemic the cost of raw materials rose which further hampered the
cast polypropylene market. The coronavirus outbreak has already resulted in
some of the biggest drops in demand for certain types of packaging in recent
memory, while speeding growth for others such as packaging for e-commerce
goods, which are quickly becoming lifelines in this new world. Many packaging
companies are facing new hurdles as a result of these changes.
Cast Polypropylene Market Report
Coverage
The report: “Cast Polypropylene Market - Forecast (2021-2026)”,
by IndustryARC, covers an in-depth analysis of the following segments of
the Cast Polypropylene Industry.
By Type of Film: Transparent Film, Metallized Film, Bio-Degradable Film, Blue Tinted Film,
Retort Film and Others.
By Application: Packaging (Food,
Textile, Drugs and Others), Surface Printing, Floral Wrapping, Lamination and
Others.
By
End-Use Industry: Textile Industry, Food & Beverages, Stationary Industry,
Medical & Pharmaceutical, Architecture and Others.
By Geography: North America (U.S, Canada
and Mexico), Europe (UK, France, Germany, Italy, Spain, Russia, Netherlands,
Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia
and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile, Rest of South America), and RoW (Middle
East and Africa).
Key Takeaways
- Asia Pacific dominates the Cast Polypropylene Market owing to rapid increase in usage of cast polypropylene general films in the food and beverages segment.
- The market drivers and restraints have been assessed to understand their impact over the forecast period.
- The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
- The other key areas of focus include the various applications and end use industry in Cast Polypropylene Market and their specific segmented revenue.
- Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Cast Polypropylene Market related industries has been negatively affected, thus hampering the growth of the market.
Figure: Window Films Market Revenue, 2020-2026 (US$ Billion)
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Cast Polypropylene Market Segment Analysis - By Type of Film
The Transparent Film held
the largest share of 37% in the Cast Polypropylene Market in 2020. Cast
Polypropylene varies from thickness 18-150 microns. The transparent films are
used for the wrapping of flowers, textile, packets, clothes, and others to make
them look presentable. The transparent cast polypropylene film is used because
it is good heat resistant, resistant to tears and punctures, provides moisture,
and atmospheric barrier and has a very low specific weight.
Cast Polypropylene Market Segment Analysis - By Application
Packaging held
the largest share of 44% in the Cast Polypropylene Market in 2020. Cast
Polypropylene is used in packaging of different materials like food and
beverages, textile, drugs, and others. Cast polypropylene is gaining preference
over polyethene because of different benefits. Cast polypropylene is a low-cost
thermoplastic with very high clarity, gloss, tensile strength, excellent heat-sealing
performance, better heat resistant and moisture barrier. The plastic packaging
industry is growing rapidly with a growth rate of 20-25% per annum and is
valued as 6.8 million tons. The industry is moving towards growth because of
increasing trend of innovative packaging.
Cast Polypropylene Market Segment
Analysis - By End Use
Food and
Beverage Industry held the largest share in the Cast Polypropylene Market in 2020
with a CAGR of 5.3%. The cast polypropylene is used in the food and beverage
industry because it increases the shelf life of the product. With the cast
polypropylene it becomes easier to maintain the quality of the product during
transportation till the time it is consumed. According to the Food and
Agriculture Organization (FAO), when seen in constant value term the global
population grew by 34% and the net agriculture production increased by almost
70 % from 1996 to 2020. As there is growth in agriculture level there is a need
for increasing the shelf life for the food produces which is increasing the
demand for flexible and innovative packaging. The increase in the ready-to-eat
segment in the food and beverages industry is driving much of the demand.
Cast Polypropylene Market Segment Analysis - By Geography
Asia-Pacific (APAC) dominated the Cast Polypropylene Market in the year 2020 with a market share of 42% followed by North America and Europe. APAC as a whole is set to continue to be one of the largest and fastest growing packaging markets globally. Food Processing takes of the largest consumer packaging with 45%, pharmaceutical packaging as 25% and 10% for the personal care product. The three markets are dominating in the APAC region which are further driving the demand for the industry. In APAC, China is driving much of the Cast Polypropylene Market demand in Asia-Pacific region followed by India and Japan because of the presence of large number of manufacturing units. The strong and healthy growth in packaging sector is associated with growing population and middle-class economy.
Cast Polypropylene
Market Drivers
Rise in Demand for specialty film and laminates
With technological
advancement and increasing general awareness about packaging and its different
kind, the packaging industry is tending to rise. The increase in the
availability of technologically advanced material has led to the growth in the
cast polypropylene market as well. Specialty films and laminates are now used
in almost every kind of packaging in order to increase the finish and gloss of
the product.
Cast Polypropylene Market Challenges
Presence of Substitutes in the market
Innovation is the key to developing new products and because of this there are presence of substitutes in the market which hamper the growth. The presence of alternative solution for packaging like bi-axially oriented polypropylene (BOPP), polyethylene terephthalate (PET), aluminum foils, and others. The growing presence of alternative solution is hampering the growth of the cast polypropylene market.
The emergence of COVID-19 pandemic
The emergence of COVID-19,
which is declared a pandemic by the World Health Organization, is having a
noticeable impact on global economic growth. Currently the Cast Polypropylene Market
has been affected due to COVID-19 pandemic where most of the industrial
activity were temporarily shut down. This in turn has affected the demand and
supply chain as well which has been restricting the growth in year 2020. The
impact caused will lead to the restricted growth for the following year.
Cast Polypropylene Market Landscape
Technology launches,
acquisitions and R&D activities are key strategies adopted by players in
the Cast Polypropylene Market. Major players in the Cast Polypropylene Market are
Alpha Marathon, Hubei Huishi, Manuli Stretch, Mitsui Chemicals, Takigawa
Seisakusho, Uflex, Shanxi Yingtai, Vista Film Packaging, Taghleef Industries, Achilles
Corporation and Others.
Acquisitions/Technology Launches/ Product Launches
In January 2020, Coveris launches greener version of PP film. The Coveris Print Layer (PP CPL) is designed for flexible packaging of a wide range of food, pet food and non-food products. With an improved structure, Coveris said it offers outstanding stiffness that protects the product from external damage.
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