The India BOPE Films Market is expected to grow at a high CAGR during the forecasting period (2022-2029).
Within the last couple of years, biaxially oriented polyethylene (BOPE) has emerged as a major potential contender in packaging designed for recyclability. As is the case with the longer-running trend of all-PE blown-film packaging (e.g., standup pouches), the drivers for this monomaterial option are sustainability and the circular economy. BOPE films are the part of composite films used for several packaging of food products including mayonnaises, snacks, ketchups, sauces, confections, pasta, fresh & frozen items tea, breakfast cereal, coffee,, perfumes, light industry products,.
Hence BOPE films play a major role in the food processing and packaging industry. According to the India Brand Equity Foundation Organization report, the Indian packaging industry is valued at more than US$ 32 Billion in 2015 and is projected to reach around US$ 73 billion in the 2020 growing with a CAGR of 18% between 2015 to 2020.
The packaging industry has employed more than 10 lakh people across the country with more than 10,000 registered firms. The BOPE films for packaging are gaining demand in the food processing industries due to several reasons including it provides a barrier against moisture, low water absorption, transparency, high impact strength, high dimensional stability, resistance to strain, resistance to heat and flam.
Further several leading players in India are increasing the production capacity of the BOPE films due to rising Indian processed food demand. For instance, in November 2020, Jindal Films has started the production of its Ethy-Lyte range of bi-axially oriented, high-density polyethylene (BOPE) films, with the aim of enabling the creation of fully recyclable mono-PE packaging solutions.
Furthermore, increasing demand for packaged food in India due to growing population and rising urban & rural incomes as well as growing government funding for processed food industry in India.
For instance as per the India Brand Equity Foundation, the packaged food industry in India is the third largest market and the Ministry of Food Processing has been allocated around US$ 216.25 million in the Union Budget 2018-19. This propels the demand for the BOPE films used in the food packaging industry
The Indian government is planning to set up mega projects of food processing parks in several states to combat the population demand for processed foods. For instance, on 16th December 2019, the Union Minister of Madhya Pradesh for food processing inaugurated Avantee Mega Food Park in Dewas, Madhya Pradesh, India. This first food park of central India has accumulated around 51 acres of land and has been constructed at a cost of around US$ 20 million.
Growing technological advancement with compact design equipment for the formation of BOPE have created ample opportunities for this market. For instance, in July 2020, Nova Chemicals launched new resin technology. HD-BOPE is a transformative technology that enables the manufacture of all-polyethylene, recyclable multilayer film structures with significantly improved physical performance versus blown film. Nova Chemicals has been working with stretch line manufacturer Brückner Maschinenbau to accelerate the development and commercialisation of the technology.
Further increasing demand of flexible packaging with advent of advanced technology have created huge demand for the BOPE market
For instance, in February 2020, Jindal Poly Films approved an investment of USD 99.4 million (INR 700 crores) for the expansion of its company’s operations in India, adding a polyester film line and BOPP film line.
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