Biaxially Oriented Polyamide (BOPA) Films Market Analysis by Type (Sequential Stretching, Mechanical Simultaneous Stretching, and LISIM Simultaneous); by Function (Safety, Barrier, Microporous, and Others); and by Application (Food Packaging, Pharmaceutical Packaging, Electronics, Household, Chemical & Industrial, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4296 | Published Date: Feb 22, 2023
The global biaxially oriented polyamide (BOPA) films market is estimated to garner a revenue of ~ USD 6 Billion by the end of 2035 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~ USD 4 Billion in the year 2022. The growth of the market can be attributed to the increasing utilization of biaxially oriented polyamide (BOPA) films as flexible packaging material, especially in the food & beverage industry, along with the rapidly increasing personal care product industry. As per the United States Environmental Protection Agency (EPA), in 2018, 14.5 million tons of packaging and plastic containers were manufactured in the USA.
Global biaxially oriented polyamide (BOPA) films market trends such as, higher utilization of these films in several industries on account of excellent mechanical strength, high abrasion resistance, and resistance to flex-cracks, making them highly appropriate in packaging of products. It is observed in research, BOPA film has an outstanding shield to gas, fat, and aroma transmission, as well as remarkable mechanical durability and resistance to impact, puncture, and pin holing. Biaxially oriented polyamide (BOPA) films have an excellent property to prevent the oxidation of food items or products. All these characteristics of BOPA and its higher demand is anticipated to influence the market growth positively over the forecast period.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 4 Billion |
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Forecast Year Market Size (2035) |
~ USD 6 Billion |
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Regional Scope |
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Growth Drivers
Surge in Packaged Food Consumption - For instance, global consumption of ultra-processed foods has skyrocketed. In several parts of the world, these foods now contribute for 26-62% of a person's daily energy needs.
Packaged foods, such as ready to eat meals, processed meats, and baked goods, are considerably high in demand as a result of their easy to store and easy to cook factors. Such food items require a specific type of packaging, so that they stay fresh without getting any type of contamination. Therefore, the surge in packaged food consumption is fueling up the market growth of BOPA films.
Growing Intake of Sea Food - Seafood includes all bony fishes as well as shrimp, tuna, clams, and oysters. The increasing intake of these sea food items is increasing the demand for their export, which leads to their proper packaging. For instance, global fish consumption is expected to increase to 21.6 kg per capita in 2030, which is up from 20.4 kg in 2018.
Escalation in Pharmaceutical Industry - The escalating growth of the pharmaceutical industry is anticipated to boost the demand for biaxially oriented polyamide (BOPA) films as a durable packaging material for packing various kind of drugs. The global pharmaceutical industry is expected to be worth approximately USD 2 trillion by the end of 2030.
Increasing Expenditure in Research and Development – According to the World Bank, the total expenditure globally on research and development surged from 2.2% of the total GDP in 2018 to 2.63% of the total GDP in 2020. Such spending on research and development expenditure is estimated to be helpful for the manufactures to obtain raw materials and cover basic production costs.
Significant Progression in Chemical Industry - The total global revenue of the chemical industry reached its highest level in the previous 15 years in 2021, totaling about USD 4 trillion.
Challenges
The global biaxially oriented polyamide (BOPA) films market is segmented and analyzed for demand and supply by application into food packaging, pharmaceutical packaging, electronics, household, chemical & industrial,
others. Out of these types of segments, the food packaging segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing demand for packaging in several industry at rapid pace, especially in food & beverage industry and rise of various e-commerce portals which delivers food at doorsteps backed by the up-surged urbanization. For instance, in 2020, the global packaging industry grown to be worth of around USD 769 billion.
The global biaxially oriented polyamide (BOPA) films market is also segmented and analyzed for demand and supply by type into sequential stretching, mechanical simultaneous stretching, and LISIM simultaneous. Amongst these segments, the sequential stretching segment is expected to garner a significant share. The growth of the segment can be assigned to fact that it is a quite cost-effective processing method. Moreover, sequential stretching is a most common process that is used in the production of BOPTFE, BOPS, BOPLA, BOPET, BOPA, and others. Additionally, higher production of plastic has also spurred the demand for sequential stretching processing method. For instance, in 2021, approximately 400 million metric tons of plastic were produced across the globe.
Our in-depth analysis of the global biaxially oriented polyamide (BOPA) films market includes the following segments:
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By Type |
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By Function |
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By Application |
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The North America biaxially oriented polyamide (BOPA) films market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing expansion of the food and beverage industry which is fueling up the high demand for BOPA films since they are significantly required in food packaging for distribution and export. Food is a sensitive substance that can be contaminated within a short time period, therefore, it requires specialized packaging methods and this requirement is fulfilled by BOPA films in every parameter. As per the data provided by the U.S. Department of Agriculture, foodservice and food retail industries supplied approximately USD 1.81 trillion worth of food in 2020, out of this total, USD 922.2 billion value of food was supplied by foodservice facilities only. Moreover, rising demand for BOPA films from domestic products, as well as a significant surge in the pharmaceutical industry is also estimated to augment the growth of the global BOPA films market over the forecast period in the region. Pharmaceutical products come with the strict precautions and can be packed in materials that have been tested and recommended to preserve their capacity to treat diseases. As of 2021, the pharmaceutical industry in the United States was estimated to hit USD 500 billion, while nearly USD 550 billion were spent on medicine by Americans in a similar year.
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Mondi plc, a leading company in paper and packaging, launched Retort Pouch Recyclable, a mono-material solution. With this innovative high-barrier film, aluminum is replaced with a fully recyclable retort pouch solution. The mono-material solution is best suitable for wet pet food manufacturers and fully recyclable owing to the extensive research.
Mitsubishi Chemical Corporation, acquired the Gelest, Inc. from New Mountain Capital, LLC. Now Gelest has become the exclusively owned subsidiary of Mitsubishi Chemical America. Gelest is a renowned company in metal-organics, organosilanes, silicones, including medical devices, personal care and life sciences. The acquisition of the company is based on the advance management and growing customer pool.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Surge in packaged food consumption and escalation in pharmaceutical industry are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2035.
Ans: Presence of high concentration active chemicals in BOPA films are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Unitika Ltd, Sojitz Corporation, Mondi plc, Mitsubishi Chemical Corporation, Now Plastics Inc, Toray Industries, Inc., Drytac Corporation, Transcendia, Inc., Toyobo Co., Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, function, application, and by region.
Ans: The food packaging segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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