The exponential growth of the printing and packaging sectors will bring about a positive change in BOPP market dynamics over the next few years, owing to the fact that biaxially oriented polypropylene (BOPP) is widely used for labelling, printing, laminating, and packaging across the cosmetic, retail, and pharmaceutical sectors. The cosmetic sector was worth more than USD 150 billion in 2005 and increased up to USD 210 billion in 2015. This growth is expected to fuel BOPP industry, as this thermoplastic polymer possesses excellent strength and clarity, owing to which it is used extensively for packaging applications in the cosmetic sector. Global BOPP market size is anticipated to touch USD 20 billion by 2024, growing at a rate of 5% over 2016-2024, subject to the product’s utilization across myriad sectors for easy printing, labeling, coating, and packaging.
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On the grounds of rising purchase parity and changing consumer lifestyles, global food & beverage sector was around USD 15 trillion in 2015. Food applications held more than 50% of BOPP industry share in 2015 and are anticipated to grow lucratively over the years ahead, subject to increased product usage for F&B packaging pertaining to its superior barrier, moisture protection, low cost, and high durability, rising consumer awareness regarding food preservation, and rising working population demanding packaged meals.
The U.S. holds a major portion of the North America F&B sector, which will propel the regional BOPP market. Subject to the changing consumer lifestyles and growing preference toward packaged food, North America BOPP market, driven by the U.S., will generate a considerable revenue by 2024. In 2015, North America held more than 10% of the overall BOPP industry share, with a valuation of USD 1.5 billion. This figure is expected to rise significantly over the next few years, pertaining to the presence of large-scale pharma and F&B companies in the region.
Led by the emerging economies of India and China, APAC BOPP market will witness the highest growth rate of 6.5% over 2016-2024, primarily due to the surging development of the pharmaceutical, retail, cosmetic, and F&B sectors. The e-commerce sector in APAC particularly requires tapes for labeling and packaging, which will propel the regional BOPP industry from tape applications. Having been valued at USD 1.5 billion in 2015, tapes applications are expected to register massive gains by 2024, pertaining to their superior mechanical and optical features and subsequent deployment across myriad industrial end-use sectors.
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BOPP market is quite fragmented, with the top manufacturers holding less than 30% of the overall share, including the presence of small and medium-sized enterprises and large corporations. Major players are Vitopel S.A., Tempo Group, Innovia Films, Dunmore, SRF Limited, Kopafilm Elektrofolien GmbH, Biaxplen Ltd., Polyplex Corporation Limited, Xpro India Limited, Chemosvit A.S., Poligal S.A, Zubairi Plastic Bags Industry LLC, Oben Holding Group, Manucor S.p.A., Taghleef Industries, Futamura Chemical Co, Rowad Global Packaging Co. Ltd., BIOFILM, Uflex Ltd, Vibac Group S.p.a., Ltd., Jindal Poly Films, Treofan Group, and Cosmos Films Ltd.
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