Latin America Polypropylene (PP) Packaging Film Market Size

Latin America Polypropylene Packaging Film Market Analysis

The Latin America polypropylene (pp) packaging film market is expected to reach a CAGR of 7.5% during the forecast period (2021 - 2026). The growth of the market is attributed to its multiple applications due to the low coefficient of friction, extraordinary impact, and chemical resistance. Moreover, the demand is likely to increase across the region due to its optimum moisture absorption properties and lightweight.

• The demand for flexible packaging is rising faster than many other forms. It includes trends, like e-commerce, digital printing, which further drive market development and growth. Customers are increasingly becoming more eager to pay extra for certain product attributes boosted by flexible packaging. This is likely to boost the market growth.
• Moreover, with the growing food industry in the region, the demand for packaging is significantly driven by the industry, and food enterprises across the region are adopting BOPP solutions as part of their packaging needs. With the growing demand, manufacturers in the region are expanding their production capabilities.
• For household and personal care products, flexible plastic materials, such as polyamine and polypropylene, provide packages with outstanding visibility, appealing structure, and safety features.Polypropylene (pp) packaging film is majorly used in a wide variety of applications such as packaging of beauty products, as they can protect the inside materials from damages caused by oxidation and improve the shelf life.
• Latin America region is one of the prominent exporters of raw materials for China. Due to the recent shutdown in production industries, exports from Brazil are facing the brunt of it due to the outbreak of COVID-19.Moreover, Brazil's economy is expected to observe a significant slump over the coming year due to coronavirus. According to Banco Central do Brasil, Brazil's GDP growth as of January 3, 2020, stood at 2.3%, and as of March 13, 2020, it is downgraded to 1.68%. This is expected to influence all the major industries operating in the country until the end of 2020.
• Overall, Latin America's economic condition is expected to reach stagnation, and large economies in the region are expected to observe mild contractions. The COVID-19 outbreak and its associated financial implications will push Latin America into recession in 2020, and SP Global forecasts the region's GDP to contract 1.3% in 2020 and bounce back to 2.7% in 2021.