The global biaxially oriented polyamide (BOPA) films market is estimated to garner a significant revenue by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a notable revenue in the year 2021. The growth of the market is primarily attributed to the wide use of these films as flexible packaging material in the ever growing food & beverage industry. As per the United States Environmental Protection Agency (EPA), in 2018, 14.5 million tons of packaging and plastic containers were manufactured.
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biaxially oriented polyamide (BOPA) films have gained popularity as an alternative to biaxially oriented nylon films in specialized packaging applications. Biaxially oriented polyamide (BOPA) films have an excellent property to prevent the oxidation of food items or products. Some of the key attributes of BOPA films include excellent mechanical strength, high abrasion resistance, and resistance to flex-cracks, that make them highly appropriate in packaging of products. It is observed that, 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.
Surge in Packaged Food Consumption - 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, surge in packaged food consumption is fueling up the market growth of BOPA films. 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.
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 towards their proper packaging also. 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 pharmaceutical industry is anticipated to boost the demand of biaxially oriented polyamide (BOPA) films as a durable packaging material for packing various kind of drugs. The 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.
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.
The global biaxially oriented polyamide (BOPA) films market is segmented and analyzed for demand and supply by application into food packaging, packaging, pharmaceutical packaging, electronics, household, chemical & industrial, and others, out of which, the packaging segment is anticipated to grow at a significant rate over the forecast period owing to the upsurge in urbanization, and rise of various e-commerce portals which delivers goods at doorsteps. For instance, in 2020, the global packaging industry grown to be worth of around USD 769 billion.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global biaxially oriented polyamide (BOPA) films market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031 backed by the expansion of food and beverage industry which is fueling up the high demand of BOPA films. As per the data provided by the U.S. Department of Agriculture, foodservice and food retailing 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.
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The global biaxially oriented polyamide (BOPA) films market is further classified on the basis of region as follows:
Our in-depth analysis of the global biaxially oriented polyamide (BOPA) films market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Surge in packaged food consumption, growing intake of sea food, escalation in pharmaceutical industry, and increasing expenditure in research and development are some major factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
Presence of high concentration of active chemicals in BOPA films, stringent governmental standards, and availability of its substitutes are estimated to hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are AdvanSix Inc., Unitika Ltd., Sojitz Corporation, Mondi plc, Mitsubishi Chemical Corporation, Now Plastics, Toray Industries, Inc., Drytac, Transcendia, Inc., and others.
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.
The market is segmented by type, function, application, and by region.
The packaging segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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