DUBAI, UAE, : /PRNewswire/ -- ESOMAR-certified market research firm Future Market Insights (FMI) in its latest analysis forecasts that the polypropylene packaging films market will register a year-on-year growth of 5.9% in 2021, reaching a valuation of 26.2 Bn. Owing to the growing inclination towards flexible packaging, the market is set to expand at a CAGR of 6.5% between 2021 and 2031.
The swift growth of polypropylene packaging films market can be attributed to the growing demand for flexible polypropylene packaging solutions across various industries, such as food and beverage, Pharmaceuticals, electronics and others.
With rising disposable income and increasing middle-income population, there is a huge demand for packaged foods across the world. Food manufacturers are continuously focusing on increasing the shelf life of products. As a result, polypropylene films are being adapted on large scales for packaging purposes.
Polypropylene packaging films not only extend the shelf life of food products but also help to maintain the quality of food. They are excellent alternative to cellophane, waxed paper and aluminum foil.
Owing to various features of polypropylene films such as recyclability, optical clarity, cost efficient and lightweight, they are extensively utilized for flexible packaging solutions across various application.
As the world is moving towards sustainable packaging, demand for ecofriendly solutions is gaining traction. Rising environmental concerns along with increasing awareness among people about the benefits of sustainable and recyclable packaging solutions will positively impact the demand for polypropylene films.
Similarly, increasing adoption of polypropylene films in electric and pharmaceutical products packaging, owing to their heat resistance, moisture proof and impact resistance properties will drive the market swiftly during the forecast period. The market is expected to surpass 13.2 Mn Tones in 2021.'
BOPP films segment leads the polypropylene packaging films market. This can be attributed to its moisture-resistant, better gas barrier, higher modulus, higher tensile strength properties along with increasing research and development activities for BOPP material.
North America leads the polypropylene packaging films market as a result of increasing demand for packaged goods in the region. The North America market is set to register a CAGR of 5.4% between 2021 and 2031.
"Growing scope of polypropylene films application in electronic, tobacco and healthcare industries along with increasing research and development activities will expand the polypropylene packaging films market during the forecast period," says the FMI analyst.
Key Takeaways from Polypropylene Packaging Films Market Survey
- North America leads the polypropylene packaging films market. The market is set to expand at 5.4% CAGR between 2021 and 2031.
- Europe market is forecast to register 4.7% CAGR during the forecast period.
- With expanding healthcare and food and beverage industries, East Asia is anticipated to take the spotlight during the forecast period.
- BOPP films segment leads the polypropylene packaging films market.
- Top 5 players operating in the market hold 8-10% market share in 2021.
Key Drivers
- Increasing inclination towards flexible packaging is driving the polypropylene packaging films market.
- Expanding application in food and beverage and healthcare sectors will positively impact the demand for polypropylene films
- Rising environmental concerns and increasing awareness among people regarding benefits of polypropylene films also will contribute to the growth of the market.
- Growing middle class population and rising disposable income will accelerate the sales of PP films.
Key Restraints
- Fluctuations in the cost and availability of raw materials is hampering the growth of polypropylene packaging films market.
- Availability of better alternative packaging solutions might reduce the adoption of PP packaging films in various applications.
Competitive Landscape
Key companies operating in the global polypropylene packaging films market are focusing on expanding their product portfolio as well as their distribution networks. They have adopted various strategies such as mergers and acquisitions, development of new products and collaborations to gain a competitive edge in the market.
- In July 2020, LyondellBasell, the world's largest licensor of polyolefin technologies announced that Quanzhou Grand Pacific Chemicals Co. Ltd. (QGPC) will use the LyondellBasell Spheripol technology for a 450 KTA polypropylene plant to be built in Quanzhou, P.R. China.
- In January 2019, Taghleef Industries (TI) completes the acquisition of Biofilm. The acquisition will help Taghleef Industries to increase its annual BOPP production capacity to more than 500000 tons.
Some of the prominent players operating in the Polypropylene packaging films market profiled by FMI are:
- Toray Plastics (America) Inc.
- Cosmo Films Ltd.
- Vacmet India Ltd.
- IrplastS.p.a,
- Polinas Plastik Sanayi ve Ticaret A.S.
- Profol Kunststoffe GmbH
- Taghleef Industries L.L.C.
- Thai Film Industries Public Company Ltd.
- Oben Holding group S.A.C.
- Rowad National Plastics Co., Ltd.
- LC Packaging International BV
- Jindal Poly Films Ltd., Uflex Ltd.
- Polyplex Corporation Limited
- Copol International Ltd,
- Schur Flexibles Holding GesmbH
- Filmax, Inteplast Group Ltd.,
- Dunmore Corporation
- Poligal S.A.
More Insights on the Global Polypropylene packaging films Sales Outlook
FMI provides an unbiased analysis of polypropylene packaging films market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for polypropylene packaging films with a detailed segmentation on the basis of:
By Product Type:
- BOPP
- CPP
By Film Format:
- Clear Films
- Coated Films
- Matte Films
- White Films
- Metallized Films
By Thickness:
- Up to 18 micron
- 18 to 50 micron
- 51 to 80 micron
- Above 80 micron
By Application:
- Bags & Pouches
- Lamination
- Tapes
- Labels
- Wraps
- Others
By End Use:
- Food & Beverages
- Personal Care & Cosmetics
- Electric & Electronics
- Industrial
- Pharmaceuticals & Medical
- Tobacco
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
Key Questions Covered in the Polypropylene Packaging Films Sales Outlook Report
- The report offers insight into polypropylene packaging films demand outlook for 2021-2031
- The market study also highlights projected sales growth for polypropylene packaging films market between 2021 and 2031
- Polypropylene packaging films market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Polypropylene packaging films market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
-Ends-
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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