Sustainable & Flexible Packaging Solutions drive BOPA Films Market Growth: Future Market Insights Report

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DUBAI, U.A.E, Aug. 5, 2020 /PRNewswire/ -- The BOPA films market is expected to grow at a CAGR of 5.4% between 2020 and 2030, concludes Future Market Insights in its recent report.

Biaxially Oriented Polyamide, or BOPA films, are extremely lightweight, environmentally friendly and offer a high degree of protection to goods while in transit. They can also withstand extreme environmental conditions, making them an ideal choice in packaging perishable commodities such as foodstuffs. They also help eliminate moisture, prolonging their lifespans.

A number of green spaces are anticipated for the BOPA films market across major end-use industrial verticals. Domains such as consumer goods, cosmetics and pharmaceuticals are also adopting them to offer sustainable packaging solutions. In the pharmaceutical sector, these are employed to make blood & parental nutrition bags.

These widespread applications will generate favorable growth conditions for the BOPA films market in the future.

"Heightening demand for flexible packaging solutions is generating opportunities for manufacturers to introduce new solutions by incorporating recycled and sustainable alternatives to acquire a competitive edge," says the FMI analyst.

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Key Takeaways from FMI's BOPA Films Market Report

• BOPA films of 11-20 microns are the most popularly used material, generating 3/5^th of the revenue
• Nylon 6 derived BOPA films will account for a substantial portion of the revenue
• Food industry will accelerate the market by nearly twofold during the forecast period
• BOPA films market shall be valued at US$ 1.58 Bn by 2030-end
• Europe and East Asia shall capture over half of the global BOPA films market

BOPA Films Market- Key Trends

• Growing preference for online food purchases is bolstering adoption of BOPA films on the packaging front
• Providing orientation to convert resins into packaging films has heightened BOPA usage in industrial packaging
• Recycling challenges associated with multilayered packaging will restrain growth prospects in the long-run
• Re-usability of BOPA films will sustain its demand in the long-run

BOPA Films Market- Region-wise Analysis

• East Asia will account for over 33% of the global BOPA films market due to availability of adequate raw material
• Influx of MNCs and local players underpins South Asia's BOPA films market growth
• Europe & North America will capture 1/3^rd share by 2020-end
• Latin America is poised to expand at a 6.5% CAGR through 2020

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BOPA Films Market- Competitive Landscape

The global BOPA films market is highly consolidated, including players such as Kolon Industries Inc., A.J Plast Public Company Ltd., Unitika Ltd., Winpak Ltd., Domo Chemicals, Hyosung Corporation, Toray Advanced Film Co., Ltd., Mitsubishi Chemical Corporation, Sojitz Plastics America Inc. and Oben Holding Group S.A.C.

Diversification of product portfolio, enhancing production volume and global market penetration constitute the aforementioned players' growth strategies. For example, Winpak Ltd. revised its target to produce 14,000 metric tons from 11,000 metric tons in 2017 in its North American market. The company has also signed up with the polypropylene recycling coalition in 2020.

Companies are also expanding their R&D capacities. For instance, Unitika Ltd. announced its plan to expand its production capacity to 26,500 tons form 16,500 tons in 2019 while Oben Holdings inaugurated its second BOPA plant in Peru with a capacity of 13,000 MT annually.

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BOPA Films Market Taxonomy

Grade

• Nylon 6
• Nylon 66

Thickness

• Up to 10 microns
• 11 to 20 microns
• 21 to 30 microns
• Above 30 microns

End Use

• Food
• Pharmaceutical and Healthcare
• Electrical and Electronics
• Chemicals
• Others (Industrial Packaging)

Region/Country

North America

• U.S
• Canada

Latin America

• Brazil
• Mexico
• Argentina
• Rest of Latin America

Europe

• EU-5
• Russia
• Poland
• BENELUX
• Nordic Countries

Middle East & Africa

• GCC
• South Africa
• Turkey
• Northern Africa
• Rest of MEA

East Asia

• China
• Japan
• South Korea

South Asia

• India
• Indonesia
• Thailand
• Malaysia
• Rest of South Asia

Oceania

• Australia
• New Zealand

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BOPA Films Market Report

Future Market Insights, in its new report, offers an unbiased analysis of the global BOPA films market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the BOPA films market through two major segments across seven regions. The report allows readers to avail quantitative and qualitative insights, enabling them to take appropriate business decisions and steer their operations forward.

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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SOURCE Future Market Insights