Biaxially Oriented Polyamide Films Market size will surpass USD 6 billion by 2024 & will exhibit growth by a CAGR of over 10% up to 2024.
The superior barrier properties of
BOPA films will augment its market growth in the study period. The product has
excellent mechanical properties such as resistance to puncture, burst, impact,
and tear. It also exhibits high abrasion as well as flex crack resistance.
Stretching the film in two directions enhances its dimensional stability
providing optimum performance during converting and packaging. The product also
provides excellent surface gloss and transparency which makes it suitable to be
used in packaging applications where appearance and aesthetics are of high
importance.
The product has a high resistance to
organic solvents, and chemicals such as acids & alkalis, making it a
preferable choice for medical & pharmaceutical packaging. The product also
possesses high barrier to gases and aroma. It has a lower oxygen transmission
rate than other oriented films such as BOPP and BOPET. These factors will boost
the product’s demand for flexible packaging purposes and will augment the BOPA
films market development till 2024.
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Rising high performance packaging
material demand in the Asia Pacific food & beverage industry will drive the
BOPA films market growth during the forecast timeframe. This high demand for
packaging materials have been propelled by growing processed food consumption
in China, Japan, India, and Korea owing to the dynamic and busy lifestyle of
the people living in these countries. Additionally, high performance food
packaging material demand has also been boosted by various government standards
which regulate the quality of packaged food & beverage products. Growing
awareness about the benefits of fresh food item consumption will also
contribute to the BOPA films market growth as the product is widely used for
packaging fresh and perishable items such as meat, dairy products, fish,
vegetables, fruits, etc.
The limited technological availability
for product manufacturing coupled with their high price will be the key factors
hampering the product market growth in coming years. BOPA films are not
commonly manufactured in all regions and most countries have to rely on imports
from Asia Pacific to cater to domestic demand leading to increased product
price. The stretching equipment needed for BOPA film production are expensive and
are not easily available, with only a handful of companies selling these
machines. This increases the capital costs and presents a major entry barrier
for new players.
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Specialty and plain BOPA films are the
two product segments in the overall BOPA films market. Specialty segment
dominated the market and is likely to generate a revenue exceeding USD 5.5
billion by 2024. This segment’s development will be augmented by the growing
demand for vacuum, retort and shrink-packaging films in the food & beverage
industry. Three-layered films are a key specialty BOPA films sub-segment which
is likely to grow by more than 11.5% CAGR till 2024.
Medical & pharmaceutical packaging
is a key application segment in the BOPA films market. This segment is likely
to generate a revenue above USD 250 million by 2024. The product is mostly used
in cold formed pharmaceutical packaging industry. They are also used for
packing medicinal pills, surgical instruments & accessories, gauzes &
bandages, syringes etc.
Asia Pacific is the most significant
BOPA films market which is likely to account for over three-fourth of the total
industry by 2024. Asia Pacific product market will gain by around 11.5% CAGR
during the study period. High growth in the Asia Pacific flexible packaging
market coupled with increased acceptance of the product in the packaging
industries of China, Japan, and South Korea will augment the BOPA films market
in this region.
Major BOPA films market players
include Unitika, AdvanSix, Sojitz, Mitsubishi, Kunshan Yuncheng Plastic
Industry, AMB Spa, Triton, Oben, A.J. Plast Public Company, Green Seal Holding,
Cangzhou Mingzhu Plastic Company, Kuraray, Domo, Impak Films, GUNZE, NOW Plastics,
Thaipolyamide, AEC Group, Transparent Paper Ltd., Idemitsu, etc.
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