Biaxially Oriented Polypropylene Market Analysis and Precise Outlook 2016 to 2024
Date: 2019-02-01   Author: Ronak Bora  Category: #market

Biaxially Oriented Polypropylene Market Analysis and Precise Outlook 2016 to 2024

As per a recent industry report put forward by Global Market Insights Inc., Biaxially Oriented Polypropylene Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 20 billion by 2024 with a projected CAGR of 5% over 2016-2024.

Escalating product demand in labelling, packaging, lamination and printing applications was the major factor propelling the global biaxially oriented polypropylene (BOPP) market size in the past few years. In 2015, the global insulation business was valued at over USD 40 billion and may surpass USD 75 billion by 2024, with estimated 5% growth. This inclination will positively influence the global business over the projected timeframe. The product is widely used in the food packaging applications due to its higher strength and clarity, which helps in convenient coating and printing over frozen food, snacks, confectionary and ready to eat meals.

The global food &beverage business is witnessing inclining growth due to enhancing consumer spending pattern along with improved lifestyle dynamics. In 2005, the overall food &beverage industry generated revenue more than USD 8 trillion and crossed USD 15 trillion in 2015, this results in fueling the BOPP (biaxially oriented polypropylene) market size.

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The product is widely used in the pharmaceutical and cosmetic packaging. Positive growth outlook in these sectors mainly due to increasing consumer awareness towards personal wellbeing will stimulate the global biaxially oriented polypropylene (BOPP) market size by 2024. For instance, in 2005, the global cosmetic sector generated revenue close to USD 150 billion and reached USD 210 billion in 2015. BOPP film is broadly used in packaging applications across pharmaceutical and cosmetic industries, as it helps in preserving the product characteristics including aroma. The global BOPP market size for tobacco will observe sluggish growth around 4.5%.

Petrochemical derivate such as polypropylene (PP) is the chief raw material in the BOPP (biaxially oriented polypropylene) market share and thus follows the same price dynamic forces. Oscillating petrochemical prices across the globe may negatively influence the overall BOPPmarket price trends by 2024. Increasing product adoption in tapes for industrial packaging due to its high strength will upsurge growth prospects for the BOPP market size participants.

In 2015, food accounted for the largest biaxially oriented polypropylene market share. BOPP is widely used in food packaging applications owing to its low cost, high barrier and durability properties. These product characteristics help in protecting the food’s aroma and freshness. Escalating package food industry, particularly due to elevating working population across the globe will boost industry share by 2024.

BOPPmarket for tapes generated revenue close to USD 1.5 billion. Superior mechanical and optical characteristics of BOPP tapes makes them desirable in industrial packaging applications. It also helps in easy labelling over the packed product and assists in product differentiation.

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In 2015, North America biaxially oriented polypropylene market share accounted for more than 10% of the global revenue. The regional growth will be particularly driven by strong pharmaceutical industry in the U.S. Additionally, the region is substantial contributor in package food industry. This in turn will boost product regional product penetration.

Asia Pacific accounted for the biggest (biaxially oriented polypropylene) BOPP market share. Cumulating cosmetic and food industry in China and India due to improving consumer spending pattern is the major reason fueling regional growth.

In 2015, the overall biaxially oriented polypropylene market size was fragmented with major industry players holding less than 30% of the industry share. Some prominent BOPP market share contributors are Taghleef Industries, Innovia Films, Jindal Poly Films, Vitopel S.A, Biaxplen Ltd, Xpro India, Polyplex Corporation, Cosmos Films, SRF Limited, Chemosvit A.S and Oben Holding Group.

 

About Global Market Insights

 

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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