Bi-axially Oriented Polypropylene Market is projected to increase to US$20.9 billion by 2024

The global bi-axially oriented polypropylene market is undeniably fragmented; so much so, that the top seven players accounted for less than 20% of the overall market in 2015. The low shares of these manufacturers, namely, Jindal Poly Films, Taghleef Indsutries, Oben Group, Vibac Group, Cosmos Films, and Vitopel, have resulted in intense competition. Transparency Market Research predicts that the rivalry among the players is likely to be intensified by the entry of several local players.

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“The degree of competition will rise from medium to high during the forecast period as an increasing number of local manufacturers lower the cost of the final product by raising the production,” the author of the study states. The offerings of economical BOPP films by local or new players will enable them to compete with existing companies.

The expansion of production capacities and geographical expansions form a key part of the growth strategy of several companies. A case in point would be Jindal Poly Films Ltd. In November 2015, the company announced its global expansion plan, which includes an investment of over US$15 mn and the addition of three new BOPP production lines in various facilities across India, the U.S., and Europe.

Demand for Flexible Packaging Directly Impacting Demand for BOPP

BOPP is increasingly employed in flexible packaging owing to its inherent advantages such as ease of printing, low cost, inertness to food packaging, and low moisture transmission.

“The demand for BOPP will be in line with that for flexible packaging in the near future,” the author of the study predicts. The demand for flexible packaging has been on the rise thanks to the rapid growth in the pharmaceutical, food and beverages, electronics, and personal care industries and this growth is sure to impact the demand for BOPP in the coming years. The BOPP market is also fueled by the low cost and recyclability of BOPP films.

BOPP Market to be Deterred by Fluctuating Prices of Raw Materials

The prices of BOPP are primarily dependent on the prices of polypropylene, which have a strong correlation with crude oil. As a result, any fluctuations in the prices of crude oil impact those of BOPP. This acts as a major impediment to the global BOPP market.

On the other hand, a key opportunity for players in the BOPP market, as identified by TMR’s team of analysts, is the growing need for unique packaging and specialty BOPP films. “Manufacturers can focus on the development of new and innovative BOPP films that cater to specific requirements such as flavor and color retention, transparent, colored, or opaque films, and heat sealable films,” an analyst states.

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Food Leading Application Segment by Demand and Revenue

TMR predicts that the BOPP market will expand at a 5.8% CAGR from 2016 to 2024 in terms of revenue. The value of the market was pegged at US$12.7 bn in 2015 and this is projected to increase to US$20.9 bn by 2024. By volume, the market is likely to register a 6.3% CAGR during the forecast period.

The food segment holds the lead position in the overall BOPP market by application in terms of volume as well as value. The segment is projected to touch US$14.4 bn in revenue the end of the forecast period. Geographically, Asia Pacific will continue leading the global BOPP market, accounting for a volume share of 63% by 2024.

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This release was published on openPR.