30-Jan-17 Biaxially Oriented Polypropylene Market share is set to cross US$20 bln by 2024, as per Global Market Insights, Inc, amid escalating product demand in labelling, packaging, lamination and printing applications. In 2015, the global insulation business was valued at over US$40 bln and may surpass US$75 bln by 2024, with estimated 5% growth. This inclination will positively influence the global business over the projected timeframe. The product is widely used in the food packaging applications due to its higher strength and clarity, which helps in convenient coating and printing over frozen food, snacks, confectionary and ready to eat meals. The global food & beverage business is witnessing inclining growth due to enhancing consumer spending pattern along with improved lifestyle dynamics. In 2005, the overall food & beverage industry generated revenue more than US$8 trillion and crossed US$15 trillion in 2015, this results in fueling the BOPP (biaxially oriented polypropylene) market size. The product is widely used in the pharmaceutical and cosmetic packaging. Positive growth outlook in these sectors mainly due to increasing consumer awareness towards personal wellbeing will stimulate the global biaxially oriented polypropylene(BOPP) market size by 2024. For instance, in 2005, the global cosmetic sector generated revenue close to US$150 bln and reached US$210 bln in 2015. BOPP film is broadly used in packaging applications across pharmaceutical and cosmetic industries, as it helps in preserving the product characteristics including aroma. The global BOPP market size for tobacco will observe sluggish growth around 4.5%.
Petrochemical derivatives such as polypropylene (PP) is the chief raw material in the BOPP (biaxially oriented polypropylene) market share and thus follows the same price dynamic forces. Oscillating petrochemical prices across the globe may negatively influence the overall BOPP market price trends by 2024. Increasing product adoption in tapes for industrial packaging due to its high strength will upsurge growth prospects for the BOPP market size participants.
In 2015, food accounted for the largest biaxially oriented polypropylene market share. BOPP is widely used in food packaging applications owing to its low cost, high barrier and durability properties. These product characteristics help in protecting the food’s aroma and freshness. Escalating package food industry, particularly due to elevating working population across the globe will boost industry share by 2024. BOPP market for tapes generated revenue close to US$1.5 bln. Superior mechanical and optical characteristics of BOPP tapes, makes them desirable in industrial packaging applications. It also helps in easy labelling over the packed product and assists in product differentiation. In 2015, North America biaxially oriented polypropylene market share accounted for more than 10% of the global revenue. The regional growth will be particularly driven by strong pharmaceutical industry in the U.S. Additionally, the region is substantial contributor in package food industry. This in turn will boost product regional product penetration.Asia Pacific accounted for the biggest (biaxially oriented polypropylene) BOPP market share. Cumulating cosmetic and food industry in China and India due to improving consumer spending pattern is the major reason fueling regional growth.
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