Biaxially Oriented Polypropylene (BOPP) Films Market Synopsis

Biaxially Oriented Polypropylene (BOPP) Films Market Size Was Valued at USD 77.34 Billion in 2023, and is Projected to Reach USD 140.64 Billion by 2032, Growing at a CAGR of 6.87% From 2024-2032.

BOPP (Biaxially-Oriented Polypropylene) film is a premium plastic film commonly utilized across different sectors because of its outstanding strength, durability, and versatility. Manufactured by extruding polypropylene resin and biaxially orienting the film, BOPP provides excellent resistance to tearing, puncturing, and other types of damage, which makes it perfect for packaging, labeling, and laminating uses.

  • In the food packaging industry, BOPP is widely favored for its moisture-resistant characteristics, excellent clarity, and capacity to prolong product shelf life, thereby contributing to a decrease in food waste.
  • BOPP film is appreciated for its visual attractiveness, since its excellent transparency improves product visibility, and its metallic versions create a striking shelf appearance. The film's adaptability enables it to be transformed into different types, such as pouches, bags, and labels, satisfying the varied requirements of producers. It is especially popular in industries such as food and drink packaging, labeling, personal care, medical, and agricultural films. Its capability for recycling and minimal carbon emissions render it a more sustainable choice than other plastic films.
  • BOPP film provides affordability, featuring a low cost per square foot and simple conversion, making it a compelling choice for companies aiming to lower packaging expenses without sacrificing quality. Its uses in tamper-evident packaging and adhesive tapes enhance its versatility, establishing BOPP as an essential material in the worldwide packaging and manufacturing sectors.

Biaxially Oriented Polypropylene (BOPP) Films Market Trend Analysis

Growth in the Food and Beverage Packaging Industry

  • The food and beverage sector are crucial in fueling the expansion of the Biaxially Oriented Polypropylene (BOPP) films market, given that BOPP films are commonly utilized for food product packaging. As the global food and beverage industry attains a valuation of $7.9 trillion in 2023, the need for sustainable and efficient packaging solutions within this sector is increasingly rising. BOPP films, recognized for their outstanding barrier qualities, recyclability, and affordability, are becoming more popular for packaging dry foods, snacks, and drinks.
  • In 2020, the Asia Pacific region represented 42% of the worldwide food and beverage market, while North America held 22%. The growing need for sustainable packaging options in this sector is propelling the use of BOPP films, especially with the emergence of mono-material packaging designed to improve recyclability. The worldwide online food delivery services market, a significant sector, is projected to increase from $115 billion in 2020 to $127 billion in 2021, with a CAGR of 10.3%, thereby enhancing the demand for creative, sustainable packaging solutions such as BOPP films.
  • The increasing movement towards sustainability, alongside the demand for effective and clear packaging options, establishes BOPP films as a significant contributor to the future of food packaging. Businesses are progressively emphasizing BOPP films to meet consumer demands for environmentally friendly packaging options.

Increasing BOPP Films with Recycled Content and Biodegradability for Eco-Friendly Packaging

  • Sustainability and environmentally friendly trends are swiftly propelling the expansion of the Biaxially Oriented Polypropylene (BOPP) films market. As global awareness regarding plastic waste rises, the need for recyclable and biodegradable materials is on the rise. BOPP films are especially appealing in this regard, since they are entirely recyclable. This is an important element as sectors move towards more eco-friendly packaging solutions. In India, more than 3.4 million tons of plastic waste are generated each year, yet only 30% is recycled. BOPP films are recyclable, aiding in the reduction of this problem by allowing the repurposing of materials within the polypropylene recycling process.
  • The slim profile of BOPP films further boosts their sustainability features by minimizing packaging weight, thus decreasing plastic usage and shipping expenses. Furthermore, the production of BOPP film consumes less energy compared to other plastic films, resulting in a reduced carbon footprint. Additionally, BOPP films are essential in minimizing food waste by safeguarding items from environmental factors, thereby aiding sustainability objectives and lowering greenhouse gas emissions.
  • Producers can take advantage of this trend by developing BOPP films that have improved biodegradability or include post-consumer recycled materials, matching the increasing need for sustainable packaging options. This emphasis on sustainability satisfies regulatory requirements and attracts a growing number of environmentally aware consumers.

Biaxially Oriented Polypropylene (BOPP) Films Market Segment Analysis:

Biaxially Oriented Polypropylene (BOPP) Films Market Segmented based on type, thickness, application, and end-user industry.

By Type, Transparent BOPP Films segment is expected to dominate the market during the forecast period

  • Transparent BOPP films are expected to lead the market owing to their flexibility, excellent barrier characteristics, and growing application in eco-friendly packaging options. Their capacity to improve packaging clarity while offering efficient moisture and oxygen protection makes them very appealing for food and consumer goods packaging. As eco-aware consumers grow in number and regulatory demands increase for recyclable and mono-material packaging, clear BOPP films like TOPPAN’s GL-SP meet these requirements by providing excellent transparency, recyclability, and a lightweight substitute for conventional multi-material solutions.
  • Moreover, BOPP films such as D408, designed for particular packaging requirements for products like rice and pasta, provide distinct benefits including reduced costs in secondary packaging and enhanced production efficiency. The leading presence of these films in international markets, such as the Middle East, Africa, North America, and Europe, is fueled by their versatility for different food packaging uses, their compliance with sustainability objectives, and their capacity to enhance production efficiency, establishing transparent BOPP as a pivotal material in upcoming packaging trends.

By End-Use Industry, Food & Beverage segment is expected to dominate the market during the forecast period

  • The food and beverage (F&B) sector are poised to lead the packaging market, propelled by innovations in packaging design and material technology. Beverage firms, especially in the high-end category, are progressively utilizing materials such as Biaxially-Oriented Polypropylene (BOPP) films to stand out in a competitive landscape. These movies provide longevity, water resistance, and visual attractiveness, rendering them perfect for premium packaging, such as craft beers, liquors, and limited-edition items.
  • In the non-alcoholic beverage industry, packaging is adapting to meet the demands of upscale consumers, featuring sophisticated designs and functional elements such as convenient closures. With the increasing demand for premium beverages like sparkling waters and craft sodas, packaging has become vital in appealing to selective consumers.
  • BOPP films improve packaging appeal with finishes such as metallic, mirror, and soft-touch effects, all while guaranteeing product safety during transportation and storage. With increasing sustainability issues, food and beverage companies are improving packaging to lower expenses and lessen environmental effects. BOPP films featuring enhanced barrier characteristics contribute to prolonging product shelf life and support sustainability objectives, allowing companies to stay competitive.

Biaxially Oriented Polypropylene (BOPP) Films Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

  • North America is set to dominate the BOPP films market during the forecast period, fueled by a rise in demand for innovative packaging solutions. As a leading provider, Inteplast secures its competitive advantage by delivering exceptional product quality, innovation, and customer support, supported by an economical operational strategy. The increasing demand for effective packaging in the region, particularly for food items, is driving the use of BOPP films, recognized for their clarity, which boosts product visibility and attractiveness on shelves. This trend is additionally driven by increasing consumer desire for packaged foods, emphasizing the importance of prolonging shelf life and maintaining product quality.
  • In 2023, the market for organic packaged food in the U.S. hit USD 23.2 billion, with forecasts indicating ongoing expansion. Retail and food services, major revenue sources in the area, are progressively embracing flexible BOPP packaging because of its lightweight nature, sustainability, and resource efficiency. The market is also gaining from consumer interest in eco-friendly, recyclable packaging, which corresponds with rising regulatory demands for sustainable options.

Active Key Players in the Biaxially Oriented Polypropylene (BOPP) Films Market

  • Amcor plc (Switzerland)
  • Toray Industries, Inc. (U.S.)
  • Taghleef Industries (UAE)
  • SRF Limited (India)
  • UFlex Limited (India)
  • NAN YA Plastics Corporation (Taiwan)
  • Polyplex (India)
  • Jindal Poly Films Limited (India)
  • CCL Industries (Canada)
  • Futamura Chemical Co., Ltd. (Japan)
  • Cosmo Films (India)
  • Ampacet Corporation (U.S.)
  • Altopro Inc. (Mexico)
  • Vibac Group S.p.a. (Italy)
  • ObenGroup (Peru)
  • Sibur Holdings (Russia)
  • Zhejiang Kinlead Innovative Materials (China)
  • Inteplast Group (U.S.)
  • Poligal S.A. (Spain)
  • Polinas (Turkey)
  • Polibak (Turkey)
  • Treofan Group (Germany)
  • Tatrafan SRO (Slovakia), and other Active Players

Key Industry Developments in the Biaxially Oriented Polypropylene (BOPP) Films Market:

  • In October 2024, TOPPAN, RM Tohcello, and Mitsui Chemicals introduced a recycled biaxially oriented polypropylene (BOPP) film, now ready for mass production after a successful pilot test of printed BOPP flexible packaging film recycling since August 2023. Samples are set for release this month, supporting Japan’s Resource Circulation Strategy for Plastics, which targets a 60% recycling rate for plastic packaging by 2030. Printed film waste is processed at Mitsui Chemicals’ Nagoya Works.
  • In April 2024, Inteplast BOPP Films and VerdaFresh have collaborated to develop a high-barrier flexible film that extends food shelf life while reducing waste. The new packaging combines Inteplast’s BOPP film with VerdaFresh’s coating technology, delivering superior moisture and oxygen barriers to replace traditional materials like aluminum and PVDC. Recognized by the Association of Plastic Recyclers, VerdaFresh’s coating enables recyclability as a mono-material, supporting sustainable packaging that meets growing market demand.

Global Biaxially Oriented Polypropylene (BOPP) Films Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 77.34 Bn.

Forecast Period 2024-32 CAGR:

6.87%

Market Size in 2032:

USD 140.64 Bn.

Segments Covered:

By Type

  • Transparent BOPP Films
  • Metalized BOPP Films
  • White Opaque BOPP Films
  • Pearlized BOPP Films

By Thickness

  • Below 15 Microns
  • 15-30 Microns
  • Above 30 Microns

By Application

  • Packaging
  • Labeling
  • Lamination
  • Stationery

By End-Use Industry

  • Food & Beverage
  • Pharmaceuticals
  • Personal Care & Cosmetics
  • Industrial
  • Others

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Growth in the Food and Beverage Packaging Industry

Key Market Restraints:

  • Competition from Other Materials

Key Opportunities:

  • Increasing BOPP Films with Recycled Content and Biodegradability for Eco-Friendly Packaging

Companies Covered in the report:

  • Amcor plc (Switzerland), Toray Industries, Inc. (U.S.), Taghleef Industries (UAE), SRF Limited (India), UFlex Limited (India), and Other Active Players.
  1. INTRODUCTION
    1. RESEARCH OBJECTIVES
    2. RESEARCH METHODOLOGY
    3. RESEARCH PROCESS
    4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
    5. MARKET SEGMENTATION
  2. EXECUTIVE SUMMARY
  3. MARKET OVERVIEW
  4. GROWTH OPPORTUNITIES BY SEGMENT
  5. MARKET LANDSCAPE
    1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
    2. INDUSTRY VALUE CHAIN ANALYSIS
    3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    4. MARKET TREND ANALYSIS
    5. REGULATORY LANDSCAPE
    6. PESTLE ANALYSIS
    7. PRICE TREND ANALYSIS
    8. PATENT ANALYSIS
    9. TECHNOLOGY EVALUATION
    10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
      1. Geopolitical Market Disruptions
      2. Supply Chain Disruptions
      3. Instability in Emerging Markets
    11. ECOSYSTEM
  6. BIAXIALLY ORIENTED POLYPROPYLENE (BOPP) FILMS MARKET BY TYPE (2017-2032)
    1. BIAXIALLY ORIENTED POLYPROPYLENE (BOPP) FILMS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. TRANSPARENT BOPP FILMS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. METALIZED BOPP FILMS
    5. WHITE OPAQUE BOPP FILMS
    6. PEARLIZED BOPP FILMS
  7. BIAXIALLY ORIENTED POLYPROPYLENE (BOPP) FILMS MARKET BY THICKNESS (2017-2032)
    1. BIAXIALLY ORIENTED POLYPROPYLENE (BOPP) FILMS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. BELOW 15 MICRONS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. 15-30 MICRONS
    5. ABOVE 30 MICRONS
  8. BIAXIALLY ORIENTED POLYPROPYLENE (BOPP) FILMS MARKET BY APPLICATION (2017-2032)
    1. BIAXIALLY ORIENTED POLYPROPYLENE (BOPP) FILMS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. PACKAGING
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. LABELING
    5. LAMINATION
    6. STATIONERY
  9. BIAXIALLY ORIENTED POLYPROPYLENE (BOPP) FILMS MARKET BY END-USE INDUSTRY (2017-2032)
    1. BIAXIALLY ORIENTED POLYPROPYLENE (BOPP) FILMS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. FOOD & BEVERAGE
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. PHARMACEUTICALS
    5. PERSONAL CARE & COSMETICS
    6. INDUSTRIAL
    7. OTHERS
  10. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
      1. Competitive Benchmarking
      2. BIAXIALLY ORIENTED POLYPROPYLENE (BOPP) FILMS Market Share By Manufacturer (2023)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
    2. AMCOR PLC
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
    3. TORAY INDUSTRIES, INC.
    4. TAGHLEEF INDUSTRIES
    5. SRF LIMITED
    6. UFLEX LIMITED
    7. NAN YA PLASTICS CORPORATION
    8. POLYPLEX
    9. JINDAL POLY FILMS LIMITED
    10. CCL INDUSTRIES
    11. FUTAMURA CHEMICAL CO., LTD.
    12. COSMO FILMS
    13. AMPACET CORPORATION
    14. ALTOPRO INC.
    15. VIBAC GROUP S.P.A.
    16. OBENGROUP
    17. SIBUR HOLDINGS
    18. ZHEJIANG KINLEAD INNOVATIVE MATERIALS
    19. INTEPLAST GROUP
    20. POLIGAL S.A.
    21. POLINAS
    22. POLIBAK
    23. TREOFAN GROUP
    24. TATRAFAN SRO
    25. OTHER ACTIVE PLAYERS
  11. GLOBAL BIAXIALLY ORIENTED POLYPROPYLENE (BOPP) FILMS MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Type
      4. Historic And Forecasted Market Size By Thickness
      5. Historic And Forecasted Market Size By Application
      6. Historic And Forecasted Market Size By End-Use Industry
      7. Historic And Forecasted Market Size By Country
        1. USA
        2. Canada
        3. Mexico
    3. EASTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Russia
        2. Bulgaria
        3. The Czech Republic
        4. Hungary
        5. Poland
        6. Romania
        7. Rest Of Eastern Europe
    4. WESTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Germany
        2. United Kingdom
        3. France
        4. The Netherlands
        5. Italy
        6. Spain
        7. Rest Of Western Europe
    5. ASIA PACIFIC
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Malaysia
        6. Thailand
        7. Vietnam
        8. The Philippines
        9. Australia
        10. New-Zealand
        11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Turkey
        2. Bahrain
        3. Kuwait
        4. Saudi Arabia
        5. Qatar
        6. UAE
        7. Israel
        8. South Africa
    7. SOUTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
  12. INVESTMENT ANALYSIS
  13. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies

Global Biaxially Oriented Polypropylene (BOPP) Films Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 77.34 Bn.

Forecast Period 2024-32 CAGR:

6.87%

Market Size in 2032:

USD 140.64 Bn.

Segments Covered:

By Type

  • Transparent BOPP Films
  • Metalized BOPP Films
  • White Opaque BOPP Films
  • Pearlized BOPP Films

By Thickness

  • Below 15 Microns
  • 15-30 Microns
  • Above 30 Microns

By Application

  • Packaging
  • Labeling
  • Lamination
  • Stationery

By End-Use Industry

  • Food & Beverage
  • Pharmaceuticals
  • Personal Care & Cosmetics
  • Industrial
  • Others

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Growth in the Food and Beverage Packaging Industry

Key Market Restraints:

  • Competition from Other Materials

Key Opportunities:

  • Increasing BOPP Films with Recycled Content and Biodegradability for Eco-Friendly Packaging

Companies Covered in the report:

  • Amcor plc (Switzerland), Toray Industries, Inc. (U.S.), Taghleef Industries (UAE), SRF Limited (India), UFlex Limited (India), and Other Active Players.
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Frequently Asked Questions :

What would be the forecast period in the Biaxially Oriented Polypropylene (BOPP) Films Market research report?

The forecast period in the Biaxially Oriented Polypropylene (BOPP) Films Market research report is 2024-2032.

Who are the key players in the Biaxially Oriented Polypropylene (BOPP) Films Market?

Amcor plc (Switzerland), Toray Industries, Inc. (U.S.), Taghleef Industries (UAE), SRF Limited (India), UFlex Limited (India), NAN YA Plastics Corporation (Taiwan), Polyplex (India), Jindal Poly Films Limited (India), CCL Industries (Canada), Futamura Chemical Co., Ltd. (Japan), Cosmo Films (India), Ampacet Corporation (U.S.), Altopro Inc. (Mexico), Vibac Group S.p.a. (Italy), ObenGroup (Peru), Sibur Holdings (Russia), Zhejiang Kinlead Innovative Materials (China), Inteplast Group (U.S.), Poligal S.A. (Spain), Polinas (Turkey), Polibak (Turkey), Treofan Group (Germany), Tatrafan SRO (Slovakia), and Other Active Players.

What are the segments of the Biaxially Oriented Polypropylene (BOPP) Films Market?

The Biaxially Oriented Polypropylene (BOPP) Films Market is segmented into Type, Thickness, Application, End-Use Industry, and region. By Type, the market is categorized into Transparent BOPP Films, Metalized BOPP Films, White Opaque BOPP Films, Pearlized BOPP Films. By Thickness, the market is categorized into Below 15 Microns, 15-30 Microns, Above 30 Microns. By Application, the market is categorized into Packaging, Labeling, Lamination, Stationery. By End-Use Industry the market is categorized into Food & Beverage, Pharmaceuticals, Personal Care & Cosmetics, Industrial, Others (Electronics, Stationery, And Household Products). By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Biaxially Oriented Polypropylene (BOPP) Films Market?

BOPP (Biaxially-Oriented Polypropylene) film is a premium plastic film commonly utilized across different sectors because of its outstanding strength, durability, and versatility. Manufactured by extruding polypropylene resin and biaxially orienting the film, BOPP provides excellent resistance to tearing, puncturing, and other types of damage, which makes it perfect for packaging, labeling, and laminating uses.

How big is the Biaxially Oriented Polypropylene (BOPP) Films Market?

Biaxially Oriented Polypropylene (BOPP) Films Market Size Was Valued at USD 77.34 Billion in 2023, and is Projected to Reach USD 140.64 Billion by 2032, Growing at a CAGR of 6.87% From 2024-2032.