Persistence Market Research (PMR) has published a new research report titled “BOPP Films for Packaging Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025.” The report states that the growing demand for packaged food across the globe has propelled the need for BOPP films for packaging. As consumers across the globe are constantly gaining awareness regarding the way food products are packed, the demand for cost-effective and advanced packaging is increasing at a rapid pace. As a result, manufacturers are constantly looking to adopt advanced methods in the production of BOPP films and are trying to suit the demands of various vertical industries. Market companies are also entering into mergers and acquisitions in order to acquire the technology of others players.
For instance, Uflex Ltd., collaborated with Comiflex for expanding its manufacturing capacity. In January 2017, Uflex Ltd. launched Super Barrier Polyester (BOPET) Film, hence gaining from the collaboration. Other similar companies operating in the BOPP films for packaging market are Cosmo Films Ltd., Polyplex Corporation Ltd., Manucor S.p.A., Innovia Films Limited, LC Packaging International BV, National Industrialization Company, and Jindal Poly Films Limited., among several others.
According to the report projections, the global BOPP films for packaging market is expected to witness a CAGR of 6.0% from 2017 to 2025. In 2017, the market was worth US$ 13,669.4 Mn and is expected to touch a valuation of US$ 21,736.5 Mn by the end of 2025.
Growth of the Flexible Packaging Industry to Augur Well for the Market
Regions such as Western Europe and North America embody the mature markets for BOPP packaging films. Nevertheless, the global market has been perceiving outstanding growth in emerging economies such as China and India fueled by the expansion of the flexible packaging industry in these countries. Moreover, other Asian countries such as Vietnam and Myanmar have been experiencing strong growth in their flexible packaging industries. This is likely to facilitate the growth of the Asia Pacific BOPP films for packaging market over the course of the forecast period. The rising preference for flexible packaging solutions can be attributed to the growing desire for convenience packaging among several industries.
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As countries such as Vietnam are foreseeing a change in the consumer perceptions regarding food consumption, a noteworthy number of consumers stress on nutritious food along with suitable packaging solutions that improve the shelf life of the packaged food products. Growing consumer awareness regarding packaging, coupled with a shift in the preference for flexible packaging solutions is anticipated to catapult the development of the global BOPP films for packaging market. BOPP films have even lower density than Polypropylene. The low density leads to higher yield than films of other plastics. This permits BOPP films to be more cost effective than substitutes. Additionally, the rising demand for an enhanced shelf life of food products has resulted in a greater demand for high moisture barriers in packaging films. This is further projected to boost sales of BOPP films for packaging in the coming years.
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Alternative Plastic Packaging to Pose a Threat to the Global Market
The burgeoning demand for high barrier flexible packaging solutions has led to a significant rise in the demand for high and ultra-high barrier films. Currently, several materials such as PVdC, EVOH, PEN, PA, and MFC are being used as barrier materials, which has strengthened the competition. Barrier property has also surfaced as the new criteria for product and brand differentiation owing to frequent product launches and innovations. As a result, several alternative plastic materials are emerging in the global market as a cheaper substitute for BOPP films.