Bi-axially Oriented Polypropylene Sheets Market Size Forecast to Reach $20 Billion by 2026
Rising Food and Grocery Retail Sales, and the Expansion of the Pharmaceutical Industry Are All Driving Rapid Urbanization, Therefore the Bi-Axially Oriented Polypropylene Sheets Market
Hyderabad, India – July 23, 2021 /MarketersMedia/ —
Bi-axially Oriented Polypropylene Sheets Market size is forecast to reach $20 billion by 2026, after growing at a CAGR of 5.6% during 2021-2026. Bi-axially oriented polypropylene films are most commonly used as food packaging material to package meat and cheese, pet food, bakery products, confectionaries, frozen food, and fresh produce. Tobacco packaging, tapes, cosmetics packaging, gift packaging, lamination, and pharmaceutical packaging are just a few more applications where bi-axially oriented polypropylene sheets can be found. One of the key factors that are likely to drive up the overall demand for bi-axially oriented polypropylene film in the ahead is the growing need for the aforementioned applications for bi-axially oriented polypropylene sheets. One of the most major non-packaging applications of bi-axially oriented polypropylene sheets is in the construction industry. India plans to invest US$ 1.4 trillion in infrastructure over the next five years, according to the India Brand Equity Foundation (IBEF). In addition, in India, construction projects like “100 smart cities” and “Housing for All by 2022” are influencing industry growth.
COVID-19 Impact
Due to the covid-19 outbreak, various countries are under shut down owing to which the market is witnessing a period of low demand from its end-use industries such as packaging, and construction. The COVID-19 pandemic is affecting operations of various industries, as most of the countries have issued “stay at home guidance” i.e., lockdown. As Bi-axially oriented polypropylene sheets are utilized in these industries, the declining operation of these industries is directly limiting its market growth during the pandemic. In Quarter 2 (April to June) 2020, construction output in the United Kingdom dropped by a record 35.0 percent as compared to Quarter 1 (January to March) 2020.
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Bi-axially Oriented Polypropylene Sheets Market Segment Analysis – By Application
Packaging held the largest market share in the applications for Bi-axially oriented polypropylene sheets market in 2020 and is growing at a CAGR of 5.8% during the forecast period. BOPP packaging sheets are commonly used in the packaging of products in a variety of end-use industries, including food and beverage, electrical and electronics, medicines, and cosmetics, and personal care items. Bags, pouches, wraps, laminates, labels, and tapes can all be made with them. BOPP packaging is suitable for high-quality packaging applications because it remains stable during printing and lamination operations.
Bi-axially Oriented Polypropylene Sheets Market Segment Analysis – By Geography
APAC dominated the Bi-axially Oriented Polypropylene Sheets market in 2020 with a share of 35%. Due to growing urbanization, the economy of APAC is largely influenced by the economic dynamics of nations such as China and India. People’s lifestyles are constantly changing as a result of rapid urbanization. People in cities have embraced a more modern way of life, which has resulted in an increase in the usage of BoPP as a premium product for a variety of home uses, including packaging. Factors such as the rising need for plastic packaging, faster electronic product manufacturing, the rise in digital printing, rising food and grocery retail sales, and the expansion of the pharmaceutical industry are all driving rapid urbanization, therefore the Bi-axially Oriented Polypropylene sheets market in this region is seeing increased demand.
Bi-axially Oriented Polypropylene Sheets Market Drivers
Growing Demand from Packaging Industry
BOPP films have embedded features such as a smooth surface, good clarity, and strong chemical and abrasion resistance, as well as the ability to withstand UV light. BOPP materials are utilized in a variety of packaging applications. Dairy products, bakery items, snack foods, beverages, and horticultural products all use them in their packaging. The need for BOPP films in food packaging is growing as customer preferences is shifting toward specialty and processed foods. In the medical industry, BOPP films and sheets are used to package common items. It serves as a barrier to protect drugs from external elements that could cause them to degrade or cause hazardous consequences.
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Bi-axially Oriented Polypropylene Sheets Market Challenges
Fluctuating prices of raw material
During the forecast period, raw material price volatility is expected to stymie the global Bi-axially oriented polypropylene sheets market. Technological advances are occurring in the worldwide Bi-axially oriented polypropylene sheets market. Bi-axially oriented polypropylene films are being developed in new and improved methods by companies.
Bi-axially Oriented Polypropylene Sheets Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Bi-axially Oriented Polypropylene Sheets Market. Major players in the Bi-axially Oriented Polypropylene Sheets market includes Aep Industries, Toyobo, Exxon Mobil, Jindal Poly Films, Amcor Limited, among others.
Key Takeaways
BOPP has grown in popularity as a high-growth film because it is a superb water vapor barrier, functions as a grease and oil barrier, is recyclable, and is unaffected by environmental changes. They offer exceptional clarity, high gloss, and dimensional stability.
The rise in consumer product demand in developing countries has also aided the growth of the BOPP business globally. Consumption of consumer goods has traditionally been linked to rising disposable income, particularly among the middle class. However, the BOPP industry’s expansion is likely to be hampered by cost instability, particularly in raw materials.
Demand for high-performance and cheap product developments through research and development, on the other hand, is anticipated to offer opportunities in the coming years.
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