New York, July 14, 2023 (GLOBE NEWSWIRE) -- Polypropylene Packaging Films Market Overview
The research documents by MRFR indicate that the “Polypropylene Packaging Films Market Research Report Information by End Use, Region, Type, and Application - Forecast Till 2032”, the Polypropylene Packaging Films market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 5.90%. The reports even share predictions regarding the market's growing revenue share, which will likely reach USD 52.1 Billion by the end of 2032. As per the reports, the market was worth nearly USD 31.1 Billion in 2022.
The packaging sector is constantly evolving to satisfy consumers' shifting needs. The rise of the middle class and rising disposable incomes are two major factors influencing the demand for polypropylene packaging films across industries, including food and beverage, consumer goods, industrial goods, and others. Due to the growing demand for packaging film to increase product shelf life, the market for polypropylene is growing. The market's growth is further aided by the simple availability of ecologically friendly packaging choices, which has led to an increase in the number of uses for polypropylene packaging film.
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Competitive Analysis
The catalog of the top leaders across the global Market for Polypropylene Packaging Films includes players such as:
- MITSUI CHEMICALS AMERICA INC.
- Polyplex Corporation Ltd.
- LyondellBasell Industries Holdings
- TRINIFLEX
- Blueridge Films, Inc.
- Jindal Poly Films
- Cosmo Films Ltd.
- Panverta
- Manuli Stretch s.p.a
- Profol Group
- Polibak
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 52.1 Billion |
| Compound Annual Growth Rate (CAGR) | 5.90% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | The growing need for the film to extend the product's shelf life, as well as the rising middle class's disposable money and population. |
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Market Drivers
The global Polypropylene Packaging Films industry has advanced enormously in recent years. The primary aspect causing a surge in market performance is the rising disposable incomes globally. Furthermore, the factors such as the changing needs of consumers, the growth of middle-class populations, the rising need for film to extend product shelf life, and simple accessibility of environmentally friendly packaging options are also projected to have a positive impact on the development of the market over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Polypropylene Packaging Films industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. In addition, several governmental organizations and key market players are collaborating and, therefore, introducing solutions like innovations and research and development processes through excellent funding that will positively impact the global market for Polypropylene Packaging Films over the review timeframe.
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Segment Analysis
Among all the types, the biaxially oriented polypropylene (BOPP) segment secured the leading position across the global market for polypropylene packaging films in 2022. The BOPP provides brilliant graphic reproduction, clarity, and shelf appeal while being moisture-resistant. It offers a tonne of flexibility for incorporating printing, labels, logos, laminations, and other branding tools. Moreover, the growing adoption of BOPP across the food industry for the packaging of fresh fruits, vegetables, and meats is believed to be one of the vital parameters enhancing the growth of the market segment.
Among all the application areas, the bags & pouches segment secured the leading position across the global market for polypropylene packaging films in 2022. Demand for flexible packaging forms has caused a constant rise in the last few years, given the substantial changes in end-user preferences and factors.
Among all the end-user sectors, the food segment secured the leading position across the global market for polypropylene packaging films in 2022. The consistent expansion in the food and beverage sector, especially due to the needs of the middle class's rapidly expanding population.
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Regional Analysis
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that the North American Region secured a leading position across the global Polypropylene Packaging Films industry in 2022 with the largest contribution of nearly 45.80%. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Polypropylene Packaging Films Market held the largest market share, and Canada was the fastest-growing North American Region. The rapidly expanding food and beverage sector is the main aspect supporting regional market expansion.
The European Region anticipates ensuring the second spot across the global Polypropylene Packaging Films industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Polypropylene Packaging Films Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The region's main aspect supporting regional market expansion is the increased demand for polypropylene packaging films for use in bags and pouches across the region.
The Asia-pacific Region is anticipated to secure the maximum growth across the global Polypropylene Packaging Films industry over the coming years. The regional market is projected to showcase the maximum growth rate over the assessment era. India, China, and Indonesia are the leading development contributors in the region. Further, the China Polypropylene Packaging Films Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the product's increased demand in the food and healthcare sectors across the region.
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