BOPA Market to cross USD 250mn by 2024 from medical & pharmaceutical packaging industry

Biaxially Oriented Polyamide (BOPA) Films Market size will surpass USD 6 billion by 2024; according to a new research report by Global Market Insights, Inc.

The superior barrier properties of BOPA films will augment its market growth in the study period. The product has excellent mechanical properties such as resistance to puncture, burst, impact, and tear. It also exhibits high abrasion as well as flex crack resistance. Stretching the film in two directions enhances its dimensional stability providing optimum performance during converting and packaging. The product also provides excellent surface gloss and transparency which makes it suitable to be used in packaging applications where appearance and aesthetics are of high importance.

The product has a high resistance to organic solvents, and chemicals such as acids & alkalis, making it a preferable choice for medical & pharmaceutical packaging. The product also possesses high barrier to gases and aroma. It has a lower oxygen transmission rate than other oriented films such as BOPP and BOPET. These factors will boost the product’s demand for flexible packaging purposes and will augment the BOPA films market development till 2024.

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Rising high performance packaging material demand in the Asia Pacific food & beverage industry will drive the BOPA films market growth during the forecast timeframe. This high demand for packaging materials have been propelled by growing processed food consumption in China, Japan, India, and Korea owing to the dynamic and busy lifestyle of the people living in these countries. Additionally, high performance food packaging material demand has also been boosted by various government standards which regulate the quality of packaged food & beverage products. Growing awareness about the benefits of fresh food item consumption will also contribute to the BOPA films market growth as the product is widely used for packaging fresh and perishable items such as meat, dairy products, fish, vegetables, fruits, etc.

The limited technological availability for product manufacturing coupled with their high price will be the key factors hampering the product market growth in coming years. BOPA films are not commonly manufactured in all regions and most countries have to rely on imports from Asia Pacific to cater to domestic demand leading to increased product price. The stretching equipment needed for BOPA film production are expensive and are not easily available, with only a handful of companies selling these machines. This increases the capital costs and presents a major entry barrier for new players.

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Specialty and plain BOPA films are the two product segments in the overall BOPA films market. Specialty segment dominated the market and is likely to generate a revenue exceeding USD 5.5 billion by 2024. This segment’s development will be augmented by the growing demand for vacuum, retort and shrink-packaging films in the food & beverage industry. Three-layered films are a key specialty BOPA films sub-segment which is likely to grow by more than 11.5% CAGR till 2024.

Medical & pharmaceutical packaging is a key application segment in the BOPA films market. This segment is likely to generate a revenue above USD 250 million by 2024. The product is mostly used in cold formed pharmaceutical packaging industry. They are also used for packing medicinal pills, surgical instruments & accessories, gauzes & bandages, syringes etc.

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Asia Pacific is the most significant BOPA films market which is likely to account for over three-fourth of the total industry by 2024. Asia Pacific product market will gain by around 11.5% CAGR during the study period. High growth in the Asia Pacific flexible packaging market coupled with increased acceptance of the product in the packaging industries of China, Japan, and South Korea will augment the BOPA films market in this region.

Major BOPA films market players include Unitika, AdvanSix, Sojitz, Mitsubishi, Kunshan Yuncheng Plastic Industry, AMB Spa, Triton, Oben, A.J. Plast Public Company, Green Seal Holding, Cangzhou Mingzhu Plastic Company, Kuraray, Domo, Impak Films, GUNZE, NOW Plastics, Thaipolyamide, AEC Group, Transparent Paper Ltd., Idemitsu, etc.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.