LONDON--(BUSINESS WIRE)--The global biaxially oriented polypropylene (BOPP) films market is expected to grow at a CAGR of more than 6% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global BOPP films market for 2016-2020. The market is classified into three application segments, including food packaging, non-food packaging, and others. The food packaging segment held the highest market share in 2015 accounting for about 57%.
Technavio’s research study segments the global BOPP films market into the following regions:
APAC: largest market for BOPP films
The global BOPP films market is led by APAC, which accounted for a share of 51% of the global market in 2015. The primary reasons behind the growth of the market in this region are population growth, rise in disposable income, and rapid urbanization. BOPP films are used in this region for packaging food, pharmaceutical, and personal care products.
The BOPP films market in APAC is experiencing a fast-paced growth because of the increasing demand from the packaged food and healthcare sectors. The demand from these sectors is increasing because of economic development in countries such as China and India which has resulted in lifestyle changes and increases in disposable incomes. However, APAC faces certain challenges such as overinvestment in production, which has led to oversupply, low prices, and poor returns.
Chandrakumar Badala Jaganathan, a lead analyst at Technavio for research on plastics, polymers, and elastomers, says, “A trend in the APAC market is the inclination toward the replacement of rigid packaging products with flexible packaging options. Manufacturers are providing innovating packaging options and replacing aluminum foils, waxed paper, and cellophane.”
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BOPP films market in EMEA
EMEA accounted for a share of 30% of the global BOPP films market in 2015. This region has experienced economic difficulties. However, the market is now experiencing a change in economic conditions, and manufacturers are moving to more flexible packaging formats, which is leading to the growth of the BOPP films market in EMEA.
The region is experiencing investment in sectors such as retail, converting equipment, and food processing. This region is also experiencing growing investment in BOPP film production because of the low cost of PP resin, which is available in the region. This is likely to affect global trade as well as the local markets. The BOPP films market in EMEA is growing at a steady rate driven by an increase in demand for flexible packaging among the urban population.
“The trend of transferring operations to countries with cheap labor costs will affect the future location of BOPP film producers across the globe. Areas of large populations and rising incomes in Africa are likely to become future hot spots for new investments,” says Chandrakumar.
BOPP films market in Americas
The Americas have been producing BOPP films at a slower pace, resulting in the import of BOPP films from other regions to fulfill their needs. American manufacturers continue to operate with slower, older, and smaller machines. For this reason, the operational cost is high. Many players in this region have withdrawn from the market and are making way for overseas players. The Americas are experiencing sluggish growth because of low production capacities of BOPP films and the rising food safety and hygiene standards. North America dominates the BOPP films market in the Americas.
Key countries in the Americas:
The market in the Americas consumed 1.43 million metric tons of BOPP films in 2015 and will consume 1.88 million metric tons by 2020, growing at a CAGR of 5.59%.
Browse Related Reports:
- Global Packaging Film Market 2015-2019
- Plastic Films Market in the US 2015-2019
- Flexible Plastic Packaging Market in the US 2015-2019
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