Biaxially-oriented Polyester (BoPET) Market: Overview
Biaxially-oriented Polyethylene Terephthalate (BoPET) is a film made from PET. It is manufactured by stretching polyethylene terephthalate in two different directions. The resulting film is transparent and has water resistant capabilities. Biaxially-oriented polyester (BoPET) also possess high tensile strength, good chemical resistance, and aroma and gas barriers. It is extensively used as a protective covering over paper and food packaging. biaxially-oriented polyester (BoPET) film is primarily made from Monoethylene glycol MEG and purified terephthalic acid (PTA). The film is widely utilized in various end-uses such as packaging, and industrial specialty, due to its excellent performance. The global biaxially-oriented polyester (BoPET) market is expanding rapidly, especially in developing countries such as China. The country has witnessed increase in the production capacity for biaxially-oriented polyester (BoPET) films in the last few years. The global biaxially-oriented polyester (BoPET) market is moderately fragmented in terms of manufacturers and consumers due to wide usages and low technology barriers.
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Biaxially-oriented Polyester (BoPET) Market: Drivers & Restraints
Extensive usage of biaxially-oriented polyester (BoPET) in packaging is anticipated to drive the market in the near future. This is encouraging companies to increase the production of biaxially-oriented polyester (BoPET). Furthermore, easy availability of raw materials is anticipated to boost the demand for global biaxially-oriented polyester (BoPET) market in the near future.
The global BoPET market is witnessing technological advancements. Companies are striving to develop new and better ways to manufacture biaxially-oriented polyester (BoPET). Development of new manufacturing processes of biaxially-oriented polyester (BoPET) is estimated to propel the global biaxially-oriented polyester (BoPET) market in the near future. However, volatility in prices of raw materials is projected to hamper the global biaxially-oriented polyester (BoPET) market during the forecast period.
Biaxially-oriented Polyester (BoPET) Market: Key Segments
Based on type, the global biaxially-oriented polyester (BoPET) market can be segmented into universal film, electrical insulating film, capacitor film, and laminating film. The universal film segment is anticipated to expand at a significant pace owing to the rise in demand for high-quality biaxially-oriented polyester (BoPET) in emerging economies such as India and China.
In terms of application, the global biaxially-oriented polyester (BoPET) market can be divided into packaging, industrial specialties, electrical, imaging, and others. The packaging segment is estimated to expand at a considerable pace due to the increase in demand for packaged food products across the global biaxially-oriented polyester (BoPET) market.
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Biaxially-oriented Polyester (BoPET) Market: Regional Outlook
Based on region, the global biaxially-oriented polyester (BoPET) market can be split into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America and Europe are anticipated to constitute large share of the global biaxially-oriented polyester (BoPET) market during the forecast period. The global biaxially-oriented polyester (BoPET) market in Asia Pacific is likely to expand at a significant pace due to the rise in the per capita income in the developing countries such as China and India in the region. Increased per capita income results in increased spending power of the consumer which further increases demand for high quality consumer products. This increasing demand for the high quality consumer products is anticipated to fuel growth in the global biaxially-oriented polyester (BoPET) market in the Asia Pacific Region. Middle East & Africa is expected to be an attractive region of the global biaxially-oriented polyester (BoPET) market during the forecast period due to the rise in demand for biaxially-oriented polyester (BoPET) in industrial applications in the region.
Biaxially-oriented Polyester (BoPET) Market: Key Players
Prominent players operating in the global biaxially-oriented polyester (BoPET) market include Toray Industries, Inc., SKC Inc., E. I. du Pont de Nemours and Company, and Teijin Limited. These players engage in research & development activities, strategic alliances, and mergers & acquisitions to expand their market share.
