The global BOPA film market value is expected to rise from US$ 1,130.8 million in 2024 to US$ 1,899.7 million by 2034. This estimated growth is expected to be driven by an average CAGR of 5.30% in the BOPA film market over the next decade.
Surging demand for safe and hygienic food products is anticipated to raise sales of BOPA films over the forecast period. Manufacturers of processed food, RTE meals, and canned fruits and vegetables are leading contributors to market growth.
Increasing applications of BOPA films due to their dimensional stability and lightweight also lead to their increasing adoption rate. Within the food industry, BOPA films are observing significant demand to package red meat, cheese packaging, and processed meat.
The adoption of BOPA films hinges on its excellent barrier function. End-use industries utilize BOPA films on this very consideration. Apart from this, markets in Asia Pacific and Europe are projected to rule the BOPA film market in the next ten years.
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“Key players are projected to find significant opportunities in economies of Asia Pacific, followed by Europe. Additionally, the future of BOPA films in food packaging applications seems to be bright. Manufacturers are thus concentrating on high-growth countries by expanding their production facilities and improving their production capabilities,” says an analyst of Future Market Insights.
Key Takeaways from the BOPA Film Market Report
- In North America, the Canada BOPA film market is anticipated to rise at a CAGR of 3.5% through 2034.
- In Europe, the United Kingdom BOPA film market is expected to register a relatively higher CAGR of 4.1% through 2034.
- In Asia Pacific, India and China are projected to expand at CAGRs of 6.2% and 5.4% through 2034, respectively.
- Thailand is projected to expand at a CAGR of 5.4%, whereas South Korea is anticipated to expand at a CAGR of 4.3% through 2034.
- Based on end use, the food segment is projected to occupy a market share of 71.1% in 2024.
- By grade, the nylon 6 segment is anticipated to acquire a share of 89.9% in 2024.
Top Tactics of Companies Seeking Higher Market Share
Key players are focusing on constructing new production facilities or extending the existing ones for improved BOPA film production. This strategy is projected to assist in meeting the increasing demand for BOPA films. Additionally, players are constantly innovating and creating BOPA film variants with better properties that better suit various applications. This includes films with improved heat resistance, increased barrier properties, and improved printability.
Players are further expanding into new markets with significant scope for growth. As per the recent analysis by FMI analysts, opportunities for BOPA films are higher in Asia Pacific. Players are also adopting acquisitions and partnerships to consolidate their market position.
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New Developments Impacting the BOPA Film Market
- In September 2023, Tredegar Corporation revealed its agreement to sell the flexible packaging films business to Oben Group for a net consideration of US$ 116 million. Oben is a key player in the packaging industry and boasts a diversified portfolio of BOPA, BOPP, CPP, BOPE, etc.
- In June 2023, AdvanSix created a new nylon by utilizing 100% post-consumer recyclate. For this, AdvanSix used Aegis Resins and Capran BOPA films.
Key Market Segments Covered in BOPA Film Market Research
By Grade:
- Nylon 6
- Nylon 66
By Thickness:
- Up to 10 Micron
- 11 to 20 Microns
- 21 to 30 Microns
- Above 30 Micron
By End Use:
- Food
- Pharmaceuticals and Healthcare
- Electrical and Electronics
- Chemicals
- Others (Industrial Packaging)
By Region:
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- The Middle East and Africa
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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