ALBANY, New York, August 9, 2016 /PRNewswire/ --
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.
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.
The global bi-axially oriented polypropylene market is undeniably fragmented; so much so, that the top seven players accounted for less than 20% of the overall market in 2015. The low shares of these manufacturers, namely, Jindal Poly Films, Taghleef Indsutries, Oben Group, Vibac Group, Cosmos Films, and Vitopel, have resulted in intense competition. Transparency Market Research predicts that the rivalry among the players is likely to be intensified by the entry of several local players.
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"The degree of competition will rise from medium to high during the forecast period as an increasing number of local manufacturers lower the cost of the final product by raising the production," the author of the study states. The offerings of economical BOPP films by local or new players will enable them to compete with existing companies.
The expansion of production capacities and geographical expansions form a key part of the growth strategy of several companies. A case in point would be Jindal Poly Films Ltd. In November 2015, the company announced its global expansion plan, which includes an investment of over US$15 mn and the addition of three new BOPP production lines in various facilities across India, the U.S., and Europe.
BOPP Market to be deterred by Fluctuating Prices of Raw Materials
The prices of BOPP are primarily dependent on the prices of polypropylene, which have a strong correlation with crude oil. As a result, any fluctuations in the prices of crude oil impact those of BOPP. This acts as a major impediment to the global BOPP market.
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On the other hand, a key opportunity for players in the BOPP market, as identified by TMR's team of analysts, is the growing need for unique packaging and specialty BOPP films. "Manufacturers can focus on the development of new and innovative BOPP films that cater to specific requirements such as flavor and color retention, transparent, colored, or opaque films, and heat sealable films," an analyst states.
Food Leading Application Segment by Demand and Revenue
TMR predicts that the BOPP market will expand at a 5.8% CAGR from 2016 to 2024 in terms of revenue. The value of the market was pegged at US$12.7 bn in 2015 and this is projected to increase to US$20.9 bn by 2024. By volume, the market is likely to register a 6.3% CAGR during the forecast period.
The food segment holds the lead position in the overall BOPP market by application in terms of volume as well as value. The segment is projected to touch US$14.4 bn in revenue the end of the forecast period. Geographically, Asia Pacific will continue leading the global BOPP market, accounting for a volume share of 63% by 2024.
This review is based on the findings of a TMR report titled "Bi-axially Oriented Polypropylene (BOPP) Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2024."
BOPP Market, by Application
- Others (medical, consumer goods, etc.)
BOPP Market, by Region
- U.S. Northeastern region
- U.S. Southern region
- U.S. Western region
- U.S. Midwestern region
- Costa Rica
- El Salvador
- Rest of Central America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Ivory Coast
- Rest of MEA
Browse Regional Market Research Blog: http://www.europlat.org/global-bopp-market.htm
Browse Other Research Reports:
- Ethylene Propylene Diene Monomer (EPDM) Market: http://www.transparencymarketresearch.com/ethylene-propylene-diene-monomer-rubber.html
- Sulfur Chemicals Market: http://www.transparencymarketresearch.com/global-sulfur-chemicals-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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SOURCE Transparency Market Research