Biaxially Oriented Polypropylene Market Size

Biaxially Oriented Polypropylene Market Size

Biaxially Oriented Polypropylene Market size was valued at over USD 12.5 billion in 2015 and will witness gains at more than 5% CAGR through 2024 driven by significant product demand across labeling, printing, packaging and lamination applications.

The overall insulation industry generated revenue close to USD 40 billion in 2015 and will exceed USD 75 billion with projected growth of more than 5% over the projected timeframe. The product owing to its superior clarity and strength is widely used in the food packaging, as it allows easy printing and coating over packaged food such as frozen food, snacks, ready to eat meals and confectionery.

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The overall food & beverage industry is experiencing escalating growth on account of improving consumer lifestyle dynamics and increasing spending power. For instance, the global food & beverage business was roughly around USD 8 trillion in 2005 and reached close to USD 15 trillion in 2015, which is ultimately resulting in the expansion of biaxially oriented polypropylene market share. Furthermore, increasing consumer awareness towards food preservation will substantially boost the product demand.
 

BOPP is also used in in the cosmetic and pharmaceutical packaging. Strong growth indicators exist in the industries, particularly due to rising consumer spending towards personal wellbeing. The overall cosmetic industry was valued at over USD 150 billion in 2005 and was marked close to USD 210 billion in 2015, this trend results in driving the global BOPP market size over the estimated period. The product-based films are widely preferred in cosmetic and pharmaceutical packaging as offers superior barrier characteristics which helps in retaining the product properties such as aroma, at the time of prolonged storage.
 

Polypropylene is the major raw material used in the overall industry. Wavering crude oil prices will negatively impact the global market trends over the projected period. Growing product application as tapes across industrial packaging owing to its superior strength along with valued added feature such as clarity will create new growth avenues for the biaxially oriented polypropylene market.