BOPP films: Key market research findings
- The need to comply with food safety legislations fuels market growth
- Food and packaging segment accounts for a majority of the market’s revenue
- Key vendors – Formosa Plastics, Jindal Poly Films, Taghleef Industries, and Treofan Group
Technavio’s market research analysts predict the global market for BOPP films to grow at a CAGR of more than 6% between 2016 and 2020. The demand for BOPP films is augmented by the need to comply with food safety and hygiene standards. Many policies have been formulated, and regulations are being imposed by governments to ensure adherence to food safety levels. For instance, the US Food and Drug Administration (FDA) has a section, Ingredients Packaging and Labeling, that lists the quality standards that stakeholders must adhere to before launching their products in the market. By 2020, APAC will continue its dominance over the global BOPP films market by accounting for more than 53% of the overall market space. The growth of the BOPP films market in APAC during the forecast period is likely to be fueled by factors such as population growth, a rise in disposable income, and rapid urbanization.
The new market research report from Technavio presents a breakdown and analysis of the BOPP films segments based on the application.
“The market is currently witnessing a shift towards BOPP films. The food product and non-food product packaging industries are increasingly using BOPP films for packaging as these films provide longer shelf life and are cost-effective. These are produced using low-cost methods and are convenient for use in the packaging of food products, personal care products, and pharmaceutical products. Besides, consumers prefer products with flexible packaging, which has been possible with the use of BOPP films,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
According to out analysts, the food and packaging segment will continue its dominance as the key revenue generator in the global BOPP films market with a market share of more than 58%. BOPP films are widely used in different food sectors such as biscuits, confectionery, bakery, pasta, meat, dried fruits, fresh produce, and dairy products. These films enhance product appeal and can also be printed to provide statutory information. BOPP films used for food packaging are coextruded heat-sealable films that are used as a single web for product packaging. These films are UV resistant, have good clarity, and are ideal for food packaging.
The prominent players in the global BOPP films market include Formosa Plastics, Jindal Poly Films, Taghleef Industries, and Treofan Group. The global BOPP films market is highly fragmented due to the presence of several small and large providers operating in a competitive environment. The market is dominated by a few international vendors that have a significant global presence with massive production facilities located around the world.
A more detailed analysis is available in the Technavio report, Global BOPP Films Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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