Global Cast Polypropylene (CPP) Films Market size is forecast to exceed USD 1.77 billion by 2025; according to a new research report by Global Market Insights, Inc.
Global cast polypropylene films market will be driven by rapidly growing food packaging industry across the globe. Food and beverages industry created the major chunk of product demand in 2018 and accounted for over 50% market share in same year. Increasing disposable income and changing lifestyle of consumers in Asia Pacific has been fueling the food & beverages industry growth from past several years.
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According to the European Union, China was the world’s largest food and beverages market and is likely to grow with exponential CAGR during the forecast timeframe. Cast polypropylene film demand in agriculture application segment is projected to grow with a CAGR over 5% in coming years owing to the increasing agricultural trade between the countries. According to OECD latest reports, agricultural trade has been grown with a CAGR around 8% in last decade and is likely to experience the prominent growth numbers in near future. However, strong substitution treat from biopolymer films on account of its sustainable traits shall hamper CPP films market size for food packaging applications.
Retort CPP films demand is forecast to grow with a CAGR over 5% in next few years. They are highly used in bakery industry owing to their properties such as low odor, high transparency, and good heat & cool resistance. In addition, increasing demand for ready to eat and partially cooked convenience food shall fuel the product demand over the forecast duration. Metallized CPP films demand is anticipated to grow with the highest CAGR during the forecast timespan due to their high barrier properties. Growing food packaging and agriculture industry will drive the product demand in coming years.
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Demand for 30-50-micron thick cast polypropylene films will grow with a CAGR around 6% over the forecast period. Product application for snack and condiments packaging is likely to fuel its demand during the forecast timespan. 20-30-micron thick CPP films held the market share over 50% in 2018 due to the high product usage in food & beverages industry, which is the largest application segment in cast polypropylene films market.
Medical & pharmaceutical was the one of the fastest growing application segment in 2018. Increasing health awareness and medical tourism will have positive impact on industry growth in next few years. Global healthcare expenditure is expected to growth with a CAGR over 5% from USD 8.5 trillion in 2018 to USD 11.6 trillion in 2025. Positive growth in healthcare expenditure is likely boost the product demand over the forecast period.
Cast polypropylene films demand in Latin America will grow with a 6% CAGR during the forecast period. Increasing demand for food packaging in the region is anticipated to be the major factor behind it. Increasing middle class population and living standard in countries such as Brazil, Mexico are projected to drive the food packaging market growth in the region over the forecast period. Asia Pacific was the largest CPP film market in 2018 and forecast to remain the largest by the end of 2025. Increasing population and development in end-user industries are fueling the product demand in the region.
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Many multinational and local manufacturers are operating in the cast polypropylene films market. Some major players working in the industry includes Jindal Poly Films, Profol, Panverta, Manuli Stretch, Mitsui Chemicals, Polibak, Copol, Tri-Pack Films, Polyplex, Poligal, Uflex, Plastchim-T and 3B Films Ltd.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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