Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market Worth USD 24.8 Billion by 2028 Witnessing a CAGR of 6.8%
Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market Insights and Industry Analysis by Product (bags, pouches, wraps, sachets, and others) End-Use (pharmaceuticals, cosmetics & personal care, automotive, food & beverages, electrical & electronics), Competitive Market Size, Share, Trends, and Forecast to 2028
/EIN News/ — New York, US, May 12, 2022 (GLOBE NEWSWIRE) — Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Biaxially Oriented Polyethylene Terephthalate Films Market Information by Product, End-User, and Region – Forecast till 2028”, the market is estimated to grow at a CAGR of 6.8% CAGR to reach USD 24.8 Billion by 2028.
Biaxially oriented polyethylene terephthalate (BOPET) films are critical polyester films that are available in thin plastic sheets, which can be expanded mechanically and manually in cross dimension. BOPET films help protect objects from harm during transit and wet weather.
Biaxially oriented polyethylene terephthalate films are in high demand in numerous end-use industries. Moreover, the heightened growing demand for these films in the food and beverages industry worldwide would translate into substantial market growth in the upcoming years.
Market Competitive Analysis:
The prominent contenders in the biaxially oriented polyethylene terephthalate films market include:
- Polyplex (India)
- Jindal Poly Films Ltd. (India)
- Garware Polyester Ltd. (India)
- Mitsubishi Polyester Film Inc. (U.S.)
- Terphane (U.S.)
- Sumilon Industries Ltd. (India)
- Fatra, A.S. (Czech Republic)
- Jiangsu Xingye Polytech Co. Ltd. (China)
- Fuwei Films (Holdings) Co. Ltd. (China)
- POLİNAS (Turkey)
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Market USP Covered
Easy and high availability of chief raw materials worldwide has been favorable for the biaxially-oriented polyethylene terephthalate films market to a large extent. These types of films find extensive use in the pharmaceutical and cosmetic packaging sectors. These industries exhibit robust growth indicators for the product, in view of the surging consumer purchasing capacity and their focus on personal wellbeing.
With the soaring preference for eco-friendly products, it is expected that the biaxially oriented polyethylene terephthalate films market would note strong growth in the next couple of years. Ranging from food to clothes, these films are being used in almost every sector. The strong product demand is backed by the waste-reducing property of BOPET films, which helps preserve natural resources and make healthy contributions to the environment.
Inaccessibility of various packaging technologies owing to exorbitant raw material costs leaves the vendors dependent on outdated packaging. This could have a negative impact on the environment as well as the economy. Moreover, significant costs of skilled labor can be a big challenge for the worldwide market.
Browse In-depth Market Research Report (100 Pages) on Biaxially Oriented Polyethylene Terephthalate (BOPET) Films:
The COVID-19 outbreak has been unfavorable for majority of the sectors worldwide, giving rise to a number of public health measures, and disrupting the supply chains of the manufacturers. The spread of the pandemic has led to a shutdown of various operational facilities across the globe.
However, the companies active in the market are trying to safeguard the wellbeing and health of their employees while backing government goals with respect to the maintenance of vital business activities in food production, healthcare, and power generation. Reduction in cash flow has been another major concern, with most of the customers falling behind on payments or unable to make purchases, while inventory is canceled owing to disrupted supply chains. On the bright side, with BOPET films used extensively in the packaging of a variety of e-commerce orders, which are enjoying sustained demand, can result in strong market demand in the years ahead.
The biaxially oriented polyethylene terephthalate (BOPET) films market, with respect to product, caters to pouches, bags, sachets, wraps, and more. The top position has been grabbed by the bags segment in the worldwide market, since these are stackable, lightweight, and have impressive barrier and tensile qualities. These bags are extensively used for packaging cereals, pulses, dairy goods, grass seed, beverages, animal nutrition, fertilizers, and pet food, which propel the segment’s position further in the market.
The biaxially oriented polyethylene terephthalate (BOPET) films industry, depending on end-user, has been considered for cosmetics & personal care, electrical & electronics, pharmaceuticals, food & beverages, automotive, and others. Out of these, the food and beverages segment has been the top end-use industry in the market since 2020. The segment accounts for the biggest share in the market and can experience massive growth in the ensuing years. On the other hand, the pharmaceutical segment can most likely accrue the fastest CAGR between 2020 and 2027. The vast demand for biodegradable materials for pharmaceutical packaging can enhance the BOPET films market growth rate in the future.
Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market Regional Analysis
North America has taken the lead in the global market for BOPET films and is likely to continue thriving all throughout the analysis period. The tremendous business growth in the region is in response to the rapid emergence of consumer-friendly and sustainable packaging solutions. Favorable aspects like expanding working population, hectic lifestyles, and evolving eating habits have lifted up the demand for BOPET packaging films in the region. Presence of a flourishing pharmaceutical sector in the United States that generates substantial demand for biaxially oriented polyethylene terephthalate films has been favorable as well. Additionally, since the United States owns more than half of the region’s packaged food industry, the country has established itself as the market leader in the region.
Europe is another striking market for BOPET films, on account of the huge demand generated by major end-users like medical and pharmaceutical. The personal care and cosmetic industries have emerged as some of the most prominent end-users of BOPET films in the region, giving a significant push to the market growth.
Asia Pacific will record the fastest-growth in the future, as a result of the rapidly expanding sectors like pharmaceutical, cosmetic, and food. This growth is in response to the surging consumers’ living standard and rising spending power. Blossoming working population across India and China paired with the huge demand for packaged food among consumers also add to the market value. The booming e-commerce sector in India and the resultant rise in the demand for high-quality tapes to pack and label products will be a major growth booster for the market.
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