According to the report, increasing focus on sustainable and cost-effective packaging formats is contributing to the build-up of polypropylene packaging films market through 2029. Consumer proclivity for recyclable formats, combined with exceptional strength and durability, will also continue to provide a boost to sales of polypropylene packaging films in 2019 and beyond.
As flexible packaging continues to steal the spotlight, it is highly likely that a multitude of opportunities will be created for the key market players in the near future.
Flexible packaging is seeing high growth in demand, with sustainability concerns and progressive economies collectively upholding the visibility of these formats. With convenience coming up as one of the key considerations, sales of flexible packaging forms are set for a massive upswing over the years to come.
According to the report, end users will continue to markedly prefer for films with thickness in the range of 18 to 50 microns, with global sales poised to reach about 5,100 thousand tons in 2019. Demand for films with a thickness range of 51 to 80 micron is estimated to shoot up by the end of 2029, as end users seek user-friendly formats that are less vulnerable to external damage. Sales of BOPP type of polypropylene packaging films have been, and will continue to remain bullish, reveals study.
Demand for BOPP type will majorly be driven by their moisture-resistant abilities and barrier properties, and will further be upheld by their surface gloss and transparency attributes. While clear films evidently stand out in terms of being the most "sought-after" film types, end users are developing a fad for metalized films that would help them create visual cues favorable for their brands.
Food and beverages will continue to sustain high demand for PP packaging films, finds the report. In the food and beverage landscape, a wide range of products and their complex specifications call for flexible packaging formats such as polypropylene packaging films. On account of properties such as high chemical resistance, low odor, and exceptional inertness, PP packaging film grades have marked their space in the food and beverage packaging space.
According to the study, growth opportunities for the polypropylene packaging films market players are picking pace in East Asia, owing to profound growth of the regional industrial ecosystems such as food and beverages, pharma, and others. Newer opportunities blooming in the East Asia polypropylene packaging films market are set in motion by the growing middle-class population, who have contributed to the economy build-up across these regions.
Key players in the PP packaging films market will continue to draw upon the global sustainability drive by including "green" offerings in their existing portfolios, which is likely to help them enhance customer confidence. For instance, Mondi plc., an international packaging and paper group, made an official announcement that its coex PP food packaging film grades have been certified as recyclable. According to the report, the manufacturers are also focusing on implementation of new enterprise resource planning (ERP) systems that would not only help in curbing operational costs but also fine-tuning efficient utilization of resources.
This study forecasts a 6% CAGR for the PP packaging films market through 2029 and underlines key opportunities in the market during the projection period.