SELBYVILLE, Del., Aug. 11, 2021 /PRNewswire/ -- As per the latest Global Market Insights Inc. research report, the Cast Polypropylene (CPP) Films Market is estimated to reach over $1.8 billion by 2027, registering a CAGR of 4.9% from 2021 to 2027. The research report provides a detailed analysis of the market size & estimations, major investment pockets, the competitive scenario, drivers & opportunities, top winning strategies, and wavering market trends.
Cast polypropylene films offer a great appearance, high performance, and easy conversion in flexible packaging and other applications. Changing lifestyles and increasing per capita income in developing economies are set to boost the demand for packed food through the assessment timeframe. Subsequently, surging demand for packaged foods across developed regions is speculated to key driver for the cast polypropylene films market growth in the near future. Moreover, the increasing presence of healthcare facilities and the growing consumer need for hygienic food products are expected to further boost product demand in the coming years.
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The CPP films market from the retort CPP films product segment is estimated to grow at a CAGR of approximately 4.4% over the analysis timeline. Retort CPP films have low odor, high transparency, and superior heat & cool resistance properties, and thus, find extensive usage across the food processing sector, especially in bakery products. These films are used for packaging cut vegetables and cooked vegetables to preserve their freshness for an extended period, which is expected to propel the demand for retort CPP films in the future.
Key reasons for the cast polypropylene films market growth:
- Soaring demand for hygienic food packaging.
- Mounting stationery demand in developing regions.
- Optimistic growth of the flexible packaging industry.
2027 forecasts show the 'above 50 microns' segment retaining its dominance:
Based on thickness, the above 50 microns segment was valued at around USD 284 million in 2020. The segment is projected to witness moderate growth through the forecast period due to its prevalent application in hot/cold anti-fog bags.
The Asia Pacific to continue its top status in terms of revenue:
In terms of region, Asia Pacific holds the lion's share in the market and had garnered revenue of about USD 630 million in 2020. Expanding end-use industries in APAC is likely to foster a regional business outlook. Moreover, growing textile and pharmaceutical industries in the region are anticipated to further augment the cast polypropylene films market share in the Asia Pacific region through the review period.
Impact of COVID-19 pandemic on cast polypropylene (CPP) films market:
After the COVID-19 outbreak, there was an upsurge in consumer interest in robust food packaging, which has enhanced the prominence of hygienically packaged food products that preserve the nutritional integrity of the contents. Consequently, there has been a rise in the demand for flexible packaging with optimum thickness, which is expected to stimulate market demand across the globe over the study timeline. Furthermore, increased focus on automation across the food packaging sector is slated to further impel product uptake in the forthcoming years.
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Leading market players:
Major companies in the cast polypropylene films industry are Manuli Stretch, Profol, Uflex Limited, Mitsui Chemicals Tohcello, Inc., and Jindal Poly Films Limited, among others. Industry players are focused on product development, merger & acquisition, strategic partnership & joint venture, and R&D investment strategies over the long run.
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Cast Polypropylene Films Market Overview - 2027
SOURCE Global Market Insights Inc.