The polypropylene packaging films market is predicted to expand 5.9% year on year (YoY) in 2021, reaching US$ 26.2 billion, according to new data from Future Market Insights (FMI). Overall sales of polypropylene packaging films will grow at a CAGR of 6.5 percent between 2021 and 2031, according to the study. Polypropylene packaging sheets are seeing increased sales as people become more interested in flexible packaging.
The increased need for flexible polypropylene packaging solutions across numerous industries, such as food & beverage, pharmaceuticals, electronics, and others, can be linked to the rapid rise of the polypropylene packaging film market. There is a large demand for packaged meals around the world as disposable income rises and the middle-class population grows. Food makers are constantly working to extend the shelf life of their products. As a result, polypropylene films are being used for packaging on a huge scale.
Polypropylene packing films serve to protect food quality as well as extend the shelf life of food products. They’re a good substitute for cellophane, waxed paper, and aluminum foil.
Polypropylene films are widely used for flexible packaging solutions across a wide range of applications because of their recyclability, optical clarity, economic effectiveness, and lightweight. the
The Market for Polypropylene Packaging Films: Key Takeaways
- The market for polypropylene packaging films is dominated by North America. Between 2021 and 2031, the market is expected to grow at a CAGR of 5.4 percent.
- During the projected period, the Europe market is expected to grow at a rate of 4.7 percent.
- East Asia is expected to take center stage throughout the projection period, thanks to growing healthcare and food & beverage industries.
The market for polypropylene packaging films is led by BOPP films.
- In 2021, the top five competitors in the market will control 8-10% of the market.
Key players in the global polypropylene packaging films market are concentrating on growing both their product portfolio and distribution networks. To obtain a competitive advantage in the market, they have used a variety of techniques such as mergers and acquisitions, product creation, and collaborations.
LyondellBasell, the world’s largest licensor of polyolefin technologies, announced in July 2020 that Quanzhou Grand Pacific Chemicals Co. Ltd. (QGPC) will build a 450 KTA polypropylene plant in Quanzhou, P.R. China, using LyondellBasell Spheripol technology.
Taghleef Industries (TI) completes the acquisition of Biofilm in January 2019. Taghleef Industries will be able to raise its yearly BOPP production capacity to more than 500000 tonnes as a result of the acquisition.