biaxially oriented is a polymer processing technique used in thin films. Potato chip bags use biaxially oriented film (Frito Lay).
The proces I am familar with biaxially orients PP and PET. Polymer is extruded, then it is stretched in the machine direction (made longer, orientation 1). It is then passed through a large oven that stretches the film in the cross machine direction (makes wider, orientation 2).