North America BOPP Films Market report is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
North America BOPP Films Market is expected to grow at a CAGR of 5.6% during the forecast period 2021 – 2026.
– The BOPP films offer a relatively low carbon footprint compared to other plastics films such as polyester and LDPE. In fact, after cellulose film, BOPP film is considered the most preferred substrate due to its ecofriendly nature. The increasing awareness of consumers in the region towards environmental concerns and product packaging affecting landfills drives the growth of the market
– Further, the remarkable property exhibited by BOPP films, among other commonly used flexible packaging films, is its ability to produce more yield utilizing low density during conversion and thus supports less plastic consumption per product. Additionally, the reprocessed granules of BOPP resin are widely adopted in the manufacture of injection model parts and other household items. This instance further leverages the adoption of BOPP films in the market.
– In the current market, one of the significant trends in the packaging industry in the region is how the product is personalized. The transparency in clear BOPP films allows manufacturers to provide a high aesthetic appeal to the product packaging, which in turn enables the products to stand out on the shelf and possibly increase brand awareness among the consumers. This instance is expected to drive the market.
– However, amidst the COVID-19 situation with the region experiencing massive incline in the number of cases, the BOPP industry faces several challenges resulting in significant trading turbulence, tariffs, disruptions in the supply chain, and fluctuations in the prices of raw materials. These instances hinder market growth.
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The North America BOPP Films Market is moderately fragmented with the presence of prominent global players, including Toray Plastics (America), Inc, Cosmo Films, Inc., Oben Holding Group, Taghleef Industries among others. These companies are leveraging the region’s drive for sustainability, personalized services to capture the market, and profits.
– June 2020: Cosmo Films Ltd, reported a consolidated profit of INR 113 Crore during the financial year 2019-2020, with an increase of 85% compared to INR 61 Crore in the fiscal year 2019. Further, the company expects a more robust demand post COVID period with an increasing shift in consumers towards packaged products regarding hygiene concerns.
Key Market Trends
Food Industry to Hold Major Share
– According to the study published by researchers at Penn State University in January 2020, on average, American households waste about a third of the food they acquire. As per the economists, the wasted food is estimated to the aggregate value of USD 240 billion annually. According to the UN Food and Agriculture Organization, food waste is responsible for the generation of 3.3 gigatons of greenhouse gas annual gas annually.
– The study further suggests that most food waste goes uneaten owing to the shorter shelf life offered by packaging coupled with the general increase of consumers storing food products in refrigerators. Thereby, the food industry in the region seeking packaging materials that offer prolonged shelf life and also drive sustainability.
– Unlike other plastics, the BOPP films employed in the food packaging industry provide greater moisture barriers, and the metalized variants of the film provide better oxygen barriers to the product. This instance plays a key role in the adoption of BOPP films in the food packaging industry. It allows manufacturers to extend the shelf life of the product and thereby help the region reduce food waste.
– Additionally, the BOPP film provides consistent seal integrity owing to the narrow gauge spread, lower seal initiation temperature, good heat seal strength, broader sealing window, and machinability. This, in turn, benefits the food packaging industry to protect food quality.
Pharmaceuticals & Medical Industry to register significant adoption
– The pharmaceutical packaging industry in the region has been undergoing significant changes over the last decade. The ends-user continually keeps updated with newer innovative technologies that are cost-effective. With the rise of flexible packaging in the pharmaceutical industry, the vendors are starting to deploy the power of distinctive packaging design that allows them to stand out from the rest of their competition. For instance, In March 2020, Innovia films announced the launch of Rayoface mBoss. This BOPP film is specifically designed to offer long-lasting embossing performance.
– The industry further demands reliable and speedy packaging solutions that deliver both production protection, tamper evidence, security needs, and quality. For instance, In 2019, U.S. Food and Drug Administration (FDA) reported that it receives over 100,000 U.S reports each year that cause a life-threatening situation in the patients owing to the medical error such as the wrong dosage of medicine.
– Due to innovations offered by the BOPP films, such as optimum performance on high-speed printing, resistance against harmful chemicals and pollution, good puncture, and flex resistance over a wide range of temperatures, is expected to enable further adoption in the industry forward.
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Highlights of the North America BOPP Films Market Report:
– Detailed overview of North America BOPP Films Market
– Changing the North America BOPP Films market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current and projected North America BOPP Films market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of North America BOPP Films Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.
The research includes historic data from 2016 to 2021 and forecasts until 2026 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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