Global BOPP (Biaxially Oriented Polypropylene) and BOPET (Biaxially Oriented polyethylene terephthalate) films market to Grow at a CAGR of 4.88% by 2030 | ChemAnalyst
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Majority of films being produced in the world today is used in food and beverages industry for packaging. The major end uses of these chemicals are in electrical and electronics, pharmaceutical. The remaining 20% of the demand of films comes from other applications, such as spending on personal hygiene, tobacco and many more. Tent and tubular production process are currently the most used in BOPP and BOPET films production process. About 70% of the world’s BOPP and BOPET films is produced using tent and tubular production process. This revolutionary technology is known to be the most economical one, with remarkable benefits such as reduced capital investments, maintenance costs, and waste treatment.
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Among various applications of films, food and beverages dominate the Global BOPP and BOPET films market. As of FY19, the food and beverages dominate films end user market and are expected to propel the market growth backed by drivers like increasing e-commerce activities, rapid urbanization, and industrialization globally. In the past few years, the increasing industrialization and urbanization and increasing demand from e-commerce activities. These factors are likely to propel the demand for Global BOPP and BOPET films in the forecast period. Moreover, increased use of ready to eat foods and spending on personal hygiene are further driving the films demand in the forecast period.
BOPP and BOPET films prices are linked to its increasing demand from various sectors like e-commerce, education, health and hygiene and pharmaceuticals. Over the past few years, global BOPP and BOPET films prices have become highly susceptible to the demand of these chemicals. In the first half of FY20 sudden outbreak of novel coronavirus followed by unprecedented fall in demand rendered a sharp downfall in the global BOPP and BOPET films prices. Various industrial operations shutdown in the first half of the FY20 which impacted various industries including these chemicals market as it is majorly used packaging industry and pharmaceutical sector. Therefore, chemicals market has also being affected due to shaken market outlook.
Regionally, Asia Pacific dominates the Global BOPP and BOPET films market and holds the largest market share in FY19. Asia’s films market is anticipated to grow in the economies like India, China, and Japan due to continuously rising population and high demand from the food and beverages and increasing e-commerce sector. South Asia, particularly India, seems to be the key market for chemicals as the country is seen as a generally under-supplied market with limited domestic manufacturing. Moreover, increasing focus of the Indian government towards spreading awareness for production in India through campaigns such as MAKE IN INDIA Project would stimulate the growth of the global ABS market in the forecast period.
According to ChemAnalyst report, Global BOPP and BOPET films Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global BOPP and BOPET films market are Kemira Oyj, AkzoNobel N.V., BASF SE, Dow Chemical Company, Nalco Holdings, and Ashland, Inc. etc. In FY19, the leading chemicals producer Kemira Oyj is using kraft pulping proces. The technology improves the efficiency of the manufacturing process and cuts CO2 emissions and water and electricity use.
“Being directly linked to the Chemicals industry, the global BOPP and BOPET films industry has shown a robust growth alongside growing population and changing consumer preference. India is forecasted to become the world's fifth largest consumer market by 2025. In addition, growing per capita income globally poised a stronger outlook to the country’s chemicals demand. The nationwide lockdown affected the demand and increased the price due to minimum demand. China also serves as the key growth region with sufficiently installed capacities. With new competitors emerging across the Asian films market, players anticipate that supply will soon outpace demand soon. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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