Demand for biaxially oriented polypropylene (BOPP) has grown 3.5% per annum over the last five years (to the end of 2019). The industry is worth around US$14 billion, supplying around 8.3 million tonnes last year. But what effect has a year of unprecedented change had on the outlook for BOPP?
This article draws on findings from our latest BOPP Film Global Supply Demand Report.
Slower demand in China had slowed global growth at the start of 2020
Chinese BOPP film demand has been unable to match the pace of new capacity added in China in recent years. Additional capacity has meant increased competition, excess product in the market and rising inventories.
Film demand growth slowed steeply in 2019, with some sources even reporting a slight decline in consumption. In the first half of last year, there was a noticeable reduction in operating rates – an apparent attempt to balance a well-oversupplied market.
As the world’s largest BOPP film market (accounting for almost half of global demand), China’s slowing demand growth has resulted in a slower global growth rate overall, in the last five years to the end of 2019.
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