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Bi-axially Oriented Polypropylene Sheets Market Size Forecast to Reach $20 Billion by 2026

(Publishing-NewsWire.com, September 27, 2021 ) 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. Furthermore, the Government-wide Circular Economy Initiative, which aims to create a circular economy in the Netherlands by 2050, is boosting the country's construction industry. Hence, with the increase in construction activities across the globe, the demand for Bi-axially oriented polypropylene sheets will be foreseen to grow enormously.



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.



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. BOPP is also used for label and tape manufacturing due to its high heat resistance and sealing qualities. According to the United States Department of Agriculture (USDA), in 2018, the total value of all retail food and beverage sales in Japan was $479.29 billion (¥53,339 billion), an overall increase of 2.3 percent. Thus, increasing food production will require more packaging material, thus acts as a driver for the market during the forecast period.



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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. According to the Ministry of Industry and Information Technology (MIIT), retail sales of grain, oil, and food reached 499.63 billion yuan (about $70.41 billion), up 13.8 percent from last year in China. During the period, beverage sales stood at 63.46 billion yuan in China, a 6.3-percent growth year-on-year. With the increasing retail sale, the demand for packaging materials will also see an upsurge in its demand. According to the Sea-Circular Organization, the packaging industry in China is projected to record a Compound Annual Growth Rate (CAGR) of 13.5 percent during the forecast period (2020-2025) retail thereby, accelerating the growth of the BOPP in Asia Pacific during the forecast period. Additionally, the packaged food market of India is expected to reach US$ 70 billion by 2025 by IBEF. Therefore, these are the factors influencing the Bi-axially oriented polypropylene films market in the region.



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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. The food processing industry is booming in a lot of regions. The market for food packaging will grow dramatically as the food sector grows. For instance, in 2018, Canada's overall food and beverage industry revenue hit $87 billion, according to the United States Department of Agriculture (USDA). Russia has the eighth largest market for packaged food goods, with a trading volume of 27.5 million tonnes, according to the International Trade Administration (ITA). In 2018, total processed food production in Ukraine was $15 billion, and processed food exports amounted to $9.4 billion, representing 50% of Ukraine's agricultural products and processed food exports. The packaging material production industry accounted for 1.7 percent of Mexico's GDP in 2017, 5.8 percent of GDP in the industrial sector, and 8.5 percent of GDP in manufacturing. This in turn is driving BOPP sheets demand.



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. The development of innovative BOPP sheets production technologies is expected to boost the worldwide Bi-axially oriented polypropylene sheets market in the near future. The COVID 19 epidemic is also to blame for the fluctuating pricing.



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.



Related Reports:



A. Biaxially Oriented Polyethylene Terephthalate Market

https://www.industryarc.com/Research/Biaxially-Oriented-Polyethylene-Terephthalate-Market-Research-501578



B. Bi-oriented Polypropylene Market

https://www.industryarc.com/Research/Bi-oriented-Polypropylene-Market-Research-507245



For more Chemicals and Materials Market reports, please click here



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IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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