CPP packaging-films market to reach $7 billion in 2027, up 4% CAGR: new study
The global market for cast-polypropylene (CPP) packaging films was estimated at US$5.3 billion last year; the market is projected to reach US$7 billion by 2027, growing a CAGR of 4%, says a new study from ResearchAndMarkets.
Bags & pouches, one of the segments analyzed in the report, is projected to record a 4.6% CAGR and reach US$2.5 billion by the end of the analysis period. Taking into account the post-pandemic recovery, growth in the wraps segment is readjusted to a revised 4.1% CAGR for the next 7-year period.
The US CPP packaging films market was estimated at US$1.4 billion in 2020. China, the world's second-largest economy, is forecast to reach a projected market size of US$1.4 billion by 2027, trailing a CAGR of 6.6%.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 3.2%, respectively, to 2027. Within Europe, Germany is forecast to grow at approximately 3% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$923.6 million by 2027.
In the global lamination segment, USA, Canada, Japan, China and Europe will drive the 3.5% CAGR estimated for this segment. These regional markets, accounting for a combined market size of US$834.4 million in 2020, will reach a projected size of US$1 billion by the close of the analysis period. China will remain among the fastest-growing in this cluster of regional markets. Latin America will expand at a 3.7% CAGR through 2027.