Market Forecast
The global biaxially oriented polyethylene terephthalate (BOPET) films market is expected to exhibit a CAGR of over 6.8% to reach a value of around USD 24.8 billion by the end of 2028.
Polyethylene terephthalate (PET) films are created by forming the material into a film and then stretching it in both machine and cross directions. This film provides great clarity, stiffness, a smooth surface, chemical and abrasion resistance, and is easy to work with. BOPET films are popular because they are simple to prepare and provide an effective oxygen barrier. Ink, glue, and aluminium metallization adhere better to BOPET films. Medical devices, consumer electronics, renewable energy, and automotive, among other industries, use BOPET films.
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Regulatory Framework
All materials and/or raw materials used are compliant with FDA regulations and restrictions on indirect food additives from the United States of America, as outlined in the Code of Federal Regulations of the E.E.U.U Drugs and Food Administration (FDA), title 21, parts:
- - 21 CFR 177.1630 (A): This rule specifies the safe use of polyethylene terephthalate and polyethylene terephthalate copolymers in food packaging goods.
- - 21 CFR 179.45 (D): This rule regulates the use of polyethylene terephthalate and polyethylene terephthalate copolymers in the irradiation of packed goods.
EC Regulation 1935/2004 – Food Contact Materials: The Framework Regulation –
- The products comply with the requirements of regulation (EC) 1935/2004 as amended till Commission
- Regulation act 450/2009.
- The products comply with traceability requirements set out in Article 17 (Traceability) of regulation (EC)
- 1935/2004.
- The product is produced according to quality management systems, which comply with requirements of the regulation (EC) No 2023/2006 on Good Manufacturing Practice
Impact of Coronavirus Outbreak
Millions of individuals have been impacted by the COVID-19 global pandemic, which has impact negatively on our healthcare system. As a result, the demand for flexible packaging is growing at a rapid pace. In the near future, industry experts predict a significant increase in demand for these products.
COVID-19 has had a major impact on the healthcare systems of several countries throughout the world. As the pandemic spread like a forest fire across the US and Europe over the last 60-90 days, the demand for flexible packaging to distribute medical supplies like gowns, masks, and other protective gear has skyrocketed.
Biaxially-oriented PET (BOPET) plastic film producers are seeing substantial increases in larger purchases from flexible packaging manufacturers as a result of major growth in the demand for flexible packaging in these and other industries. According to industry analysts, the raw material supply chain that supports the flexible packaging sector is now meeting demand.
In the European market, transportation costs have risen, resulting in an increase in the price of European BOPET film. Both the US and European packaging industries must be aware of the human impact that rising demand for flexible packaging is having on their workforces.
The issue of flexible packaging sustainability, which has been a major concern for the industry for many years, has been put on hold, at least for the time being. Once the COVID-19 epidemic has been resolved, everyone should expect this critical issue to resurface.
Segmentation
By End Use
- On the basis of end-use, the global biaxially oriented polyethylene terephthalate (BOPET) films market has been segmented into pharmaceuticals, cosmetics & personal care, automotive, food and beverages, electrical & electronics, and others.
- Food, particularly fresh produce, meat, confectionary, and dairy goods is the most common end-use industry for BOPET packaging films. BOPET packaging films are ideal for high-quality aesthetic packaging applications because they remain stable during printing and lamination procedures.
- BOPET films are generally used to store solid, liquid, and semisolid formulations such as tablets, syrups, capsules, and topical medication formulations in solid, liquid, and semisolid forms. Chronic diseases are becoming more common as a result of changing lifestyles, dietary habits, and sleep patterns, all of which contribute to an increased demand for pharmaceuticals.
- Flexible packaging is provided using BOPET films. The personal care packaging market is expected to increase at a faster rate during the forecast period, owing to rising demand for beauty and cosmetic items as well as technical advancements in packaging.
- BOPET films are biodegradable and toxic-free, and producers have developed a sustainable solution in response to escalating environmental pollution caused by increasing plastic waste. Because of their favorable features, these types of films are getting a lot of traction in the automotive and electronics industries.
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By Region
- North America: North America was the largest market of biaxially oriented polyethylene terephthalate (BOPET) films in 2020. It held for the significant share of the total market in 2020. The U.S. is a major contributor of the market. The growing demand for BOPET films from food and beverages industry contribute to the significant growth of the market in the region.
- Asia-Pacific: Asia-Pacific emerged as the fastest-growing regional market of BOPET films. Factors such as improving economic conditions along with fast-paced urbanization and industrialization is driving the global market growth.
- Europe: Europe is a well-established market and is primarily driven by the growth of the food and beverages and automotive industry in the region, Germany, France, and the UK being the major contributors to the regional growth.
- Latin America: Owing to the region's potential for expansion in the food and beverage packaging business, biaxially oriented polyethylene terephthalate (BOPET) films are likely to be in high demand throughout Latin America. The expansion of the industry is aided by increased automotive production and sales in the region.
- Middle East & Africa: The market in the Middle East & Africa region is expected to witness a strong demand for biaxially oriented polyethylene terephthalate (BOPET) films on account of growing demand for eco-friendly BOPET films in the major countries such as Saudi Arabia, the UAE, and South Africa.
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Competitor Analysis
Some of the key players operating in the global biaxially oriented polyethylene terephthalate (BOPET) films market includes 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), and others.
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