H1 2023: During H1 2023, the key producers of Biaxially oriented polypropylene (BOPP film) in the Asia Pacific market were Forop Advanced Materials Co.,ltd, Scientex Berhad, Chintec (Xiamen) plastic film technology co. ltd., and Gettel. Inc. In January 2023, Jindal Poly Films Limited (JPFL), one of the leading BOPP film and BOPET film producers of India, faced a fire incident at the Mundhegaon unit in Igatpuri taluka. The boiler ignited a diesel tank and exploded, causing the tragedy. However, as a result of this incident, the manufacturing process got temporarily halted at the site. BOPP Film prices declined across Asian countries, primarily India and China due to the low prices of raw material polypropylene during H1 2023. Lunar New Year holiday led to closing of offices and factories in China shut down for about three weeks which made the BOPP Film market sluggish in the country. On the contrary, South Korea recorded a positive market outlook in H1 2023. In South Korea, the demand from downstream packaging and electronics industries was stable till April 2023. However, prices of BOPP films began to fall in South Korea from April 2023 to kept falling till June 2023. In April 2023, Cosmo First, a leading Biaxially Oriented Polypropylene (BOPP) Film manufacturer, announced an investment of USD 609 million in capex over the next two years for the expansion of BOPP Film and other films, Zigly, and the expansion of their film vertical.
The Asia Pacific BOPP Film market stood at nearly 5 million tonnes in 2022 and is expected to grow at a steady CAGR of 5.31% during the forecast period until 2032. The rise in demand for BOPP Film for mainly food packaging coupled with the growing population across the continent is likely to swell the demand for BOPP Film in the APAC region.
BOPP (Biaxially Oriented Polypropylene) film is made using polypropylene. It is prepared by been physically and manually stretched using the cross-direction approach, which results in two different molecular chain orientations. The two methods that are most frequently utilized to produce BOPP films are tenter and tubular processes. BOPP films have desirable attributes such as resistance to moisture, light weight, non-toxic, biodegradable, and ease of recycling. BOPP films are used in a variety of industries, including packaging, labelling, and lamination. Given that it is used to package food products, packaging is the most lucrative industry for BOPP films. Due to their qualities, including moisture resistance, seal ability, high clarity, and graphic reduction, BOPP films are employed in food packaging with their role in extending the shelf life of food items. Milk and dairy products need to be carefully stored and protected from light and air, which therefore use BOPP films for packaging. Dairy production is continuously increasing across Asia Pacific region, which is fueling the BOPP film market's continuous growth.
The increase in e-commerce in Asia Pacific region, which calls for premium packaging materials, is further driving up the demand for BOPP films. Due to the rising per capita consumption of packaged products and beverages, the food and beverage industry dominates in terms of BOPP film usage. In addition, rising spending on beauty and personal care products along with growing awareness about personal hygiene in the area is further the boosting demand for BOPP films. The BOPP Film market is expected to reach 8.8 million tonnes in the year 2032.
Based on the end-user industry, the Asia Pacific BOPP Film market is segmented into Food Packaging, Tobacco Packaging, Non-Food Packaging, Industrial, and Others. Among these, the Food Packaging is consuming the majority of BOPP Film and held a market share of approximately 62% in the year 2022. The growing demand for flexible packaging material for food & beverage packaging is anticipated to result in BOPP film market expansion across Asia Pacific region.
Major players in the Asia Pacific BOPP Film are Forop Advanced materials co.,ltd, Scientex Berhad, Chintec (xiamen) plastic film technology co. ltd., Gettel Inc., Jindal Poly Films Limited (JPFL), Cosmo Films Limited, Vacmet India Ltd., Nahar Poly films Limited, Polyplex Corporation Ltd., Toray Industries, Inc, Formosa Industries, PT. Argha Karya Prima Industry Tbk, Tri-Pack Films Limited, Thai film Industries (TFI), Guangdong Decro Film New Materials Co., Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of BOPP Film which covers production, demand and supply of BOPP Film market in the globe.
• To analyse and forecast the market size of BOPP Film
• To classify and forecast Asia Pacific BOPP Film market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of BOPP Film market in the globe.
To extract data for Asia Pacific BOPP Film market, primary research surveys were conducted with BOPP Film manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Asia Pacific BOPP Film market over the coming years.
ChemAnalyst calculated BOPP Film demand in the globe by analyzing the historical data and demand forecast which was carried out considering the raw materials to produce BOPP Film. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• BOPP Film manufacturers and other stakeholders
• Organizations, forums and alliances related to BOPP Film distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as BOPP Film s manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Asia Pacific BOPP Film market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
5 million tonnes
Market size Volume by 2032
8.8 million tonnes
Growth Rate
CAGR of 5.31% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Policy and Regulatory Landscape.
Segments covered
By End-Use: (Food Packaging, Tobacco Packaging, Non-Food Packaging, Industrial, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
China, India, Japan, South Korea, Malaysia, Indonesia, and Rest of APAC
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What was Asia Pacific market size of BOPP Film in terms of volume in 2022?
Ans:
The Asia Pacific market size of BOPP Film has grown significantly in the historic period of 2015-2022 and reached approximately 5 million tonnes in 2022.
Q2.
Which industry is the major consumer of Asia Pacific BOPP Film market?
Ans:
The Food Packaging industry is dominating the BOPP Film market with a market share of approximately 62% in 2022.
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