With a favorable demand outlook, the global MOPP packaging films market is expected to reach US$ 367.7 Mn by 2031, growing at a CAGR of 5.2% over the forecast period.
Sales of MOPP packaging films were dampened due to the outbreak of COVID-19 pandemic. However, with expedited vaccine drives and improvements in supply chains, FMI projects steady recovery of the market in 2021, growing at a 4.7% CAGR by volume.
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Increasing applications of MOPP packaging films in manufacturing of tapes, wraps and labels is driven by their superior benefits such as high tensile strength and tear resistance.
Not only MOPP packaging films have beneficial mechanical properties, but they are visually appealing and contribute to a product’s aesthetic appeal, becoming an ideal choice of primary and secondary packaging solutions.
Growing preference regarding eco-friendly packaging alternatives is encouraging advancements in MOPP packaging films market. These films are made from a single material and have high recycled value. As a result, increasing adoption of sustainable solutions in the packaging industry to comply with environment protection initiatives will continue driving sales of MOPP packaging films during the forecast period.
As per FMI’s in-depth regional analysis, the U.S. is projected to dominate the North America MOPP packaging films market. Growth can be attributed to the presence of several key market players in the country and high demand from the pharmaceutical and foodservice industries.
“Market players are currently focusing on product innovations to offer greater sustainability. Besides this, emphasis on research initiatives is expected to increase as companies aim at offering customized packaging solutions for specific industries,” says the FMI analyst.
Key Takeaways:
- By thickness, above 60-micron MOPP packaging films segment is projected to grow at a 5.6% CAGR through 2031.
- Based on application, the labels segment is expected to hold 38.6% of the total MOPP packaging films market share in 2031.
- Sales of MOPP packaging films in the food industry are projected to expand at a CAGR of 5.6% during the forecast period.
- The U.S. is anticipated to emerge as a lucrative market, accounting for 86.2% of sales in North America by 2031.
- Germany is projected to hold 15.8% of the Europe MOPP packaging films market by the end of 2031.
- India will continue exhibiting high demand for MOPP packaging films over the forecast period, holding 48.7% of the South Asian market share.
- North America and Europe currently hold over 53.6% of the total MOPP packaging films market owing to presence of well-established packaging films industry.
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Growing Preference for Post-Consumer Recycled and Easily Recyclable Plastic Packaging Products to Drive MOPP Packaging Films Sales
Traditionally, it was not possible to manufacture high-quality packaging films from completely recycled products, but with advancements in technology standard, quality packaging films can be made completely using recycled raw material. This is gaining popularity among a lot of manufacturers, as it helps in significantly reducing the carbon footprint of manufacturers, besides helping them to woo consumers showing inclination for sustainable packaging solutions.
Post-consumer recycled plastic is gaining a lot of traction as it is not only environmentally friendly but also comparatively affordable. The use of recycled plastic decreases the demand for the manufacturing of new plastic resins, which reduces the consumption of energy and fossil fuels compared to the requirement for the manufacturing of virgin plastic.
MOPP packaging films are highly recyclable as they are made from a single material and has great value after recycling. As a result, several manufacturers like Monta Klebebandwerk GmbH and Nowofol Kunststoffprodukte GmbH & Co. KG are expanding their product portfolio with post-consumer recycled MOPP packaging film products.
MOPP Packaging Films Market Landscape
Nowofol Kunststoffprodukte GmbH & Co. KG, Futamura Chemical Co., Ltd., Transcendia, Inc. are the top players operating in the MOPP packaging films market. Furthermore, Now Plastics Inc., Lenzing Plastics GmbH Co KG, Toray Plastics (America), Inc. are also some of the noticeable players in the MOPP packaging films market. The Tier 3 players in the market hold 65-75% in the global MOPP packaging films market. In conclusion, key players contribute almost 25-35% of the global market.
Leading players operating in the global MOPP packaging films market are focusing on strategic collaborations, mergers and acquisitions to expand their production facilities and global footprint. In addition to this, product portfolio expansion and customization of products will remain prominent growth strategies among players during the forecast period. For instance:
- In 2020, Toray Plastics (America) Inc. opened a new US$ 4 Million worth innovation centre in Front Royal, Virginia. The new production facility is spread across 5,000 sq ft and houses a custom design pilot line to develop new resin systems and technologies.
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