BOPET Films Market is Expected to Grow at a CAGR of 4.8% by 2030
According to ChemAnalyst report, “BOPET Films Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, The BOPET Films market has witnessed considerable growth as it reached 4.21 million tonnes in 2020 and is expected to achieve a healthy CAGR of 4.8% during the forecast period until 2030. The rapidly growing demand for BOPET Films due to its versatile properties by various end-use industries is expected to boost the BOPET Films market globally in the span of the next ten years. Increasing demand for BOPET Films by the flourishing packaging industry is the major factor driving the BOPET Films market across the globe. However, the high production cost of BOPET films can somehow hinder market growth in the future.
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BOPET stands for Biaxially Oriented Polyethylene Terephthalate, which is a Polyester film made from orientated Polyethylene Terephthalate (PET). These versatile engineered films are clear, flexible, and transparent in nature and inherent versatile properties such as high tensile strength, reflectivity, chemical, and dimensional stability, gas and aroma barrier properties, and electrical/thermal insulation.
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The BOPET films are widely used for various industrial and commercial applications including flexible packaging, insulating materials, covering over paper, consumer electronics, printing media, green energy, automotive parts, medical devices, and others. The biaxial orientation of the PET film makes it desirable for food packaging, electrical/thermal insulation, and printing sheets. BOPET films are extensively used in plastic bottles for soft drinks due to their excellent water and moisture barrier properties. Owing to their high mechanical strength, these films are often used in tape applications such as the carrier for magnetic tape or backing for pressure-sensitive adhesive tapes. Flexible packaging structures account for the largest end-use of BOPET films where its unique properties have enabled it to become the backbone that high-performance multi-layer plastic structures are built around. Due to growing urbanization and industrialization, the demand for plastic packaging, electronic products, and digital printing is rapidly increasing along with retail sales of food and grocery, which is likely to augment the BOPET market in the next few years.
The BOPET Films Market is segmented on the basis of type, end-use, sales channel, and region. Based on different types, the BOPET films are categorized into Thin films and Thick films. The thin films segment is anticipated to dominate the BOPET films market globally in the upcoming years owing to the rising demand for BOPET films in the food and beverage, and pharmaceuticals industry. On the basis of end-use industries, the BOPET market is segregated into packaging, pharmaceuticals, electrical and electronics, imaging, industrial, automotive, and others. Among these, the packaging industry holds the largest share in the BOPET films market and is expected to maintain its dominance until 2030 due to the increasing demand for flexible packaging especially from the personal care, food and beverages, and pharmaceutical sector across the globe.
The unprecedented fall of COVID-19 in 2020 caused a drastic decline in the BOPET Films market around the world. Many end-user industries including personal care, automotive, electrical and electronics, imaging, and others witnessed a huge negative impact due to the interruptions in the global supply chain. Several manufacturing units halted their operations temporarily during the first half of 2020 in order to contain the spread of the deadly coronavirus, which had affected the BOPET films market across the globe. However, the demand for BOPET Films from the flexible packaging industry remained significant during the covid times.
Among different regions, the Asia Pacific region dominated the BOPET Films market globally in 2020 and is expected to maintain its dominance over the next ten years owing to the rising demand for flexible packaging, flat panel displays, printed circuit boards, etc. especially in emerging economies like China, India, Japan, and others. Rapid industrialization and urbanization in India and China have led to continuous changes in people’s lifestyles which has further propelled the demand for BOPET films in the Asia Pacific region. In North America, the demand for BOPET films is continuously growing in the food and beverages, and construction industry, which will then accelerate the BOPET films market in the forecast period.
BOPET Films Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in BOPET Films market include include Toray, SKC Films, DuPont, Mitsubishi, Jiangsu Shuangxing, Polyplex, Kolon, Jindal, JBF, SRF, Terphane, Uflex, PT Trias Sentosa, Polinas, Coveme, Jiangsu Xingye, Kanghui Petrochemical, Billion Indusrial Hildings, DDN, Fuweifilm, Qiangmeng Industry, Ningbo Jinyuan, Shaoxing Weiming, and others.
“Growing demand for BOPET Films from the blooming packaging industry is likely to boost the BOPET Films market across the globe in the next ten years. Increasing awareness regarding fitness trends, healthy foods, and natural ingredients is driving the food and beverages industry which is expected to propel the demand for BOPET films in the upcoming years. Emerging technological advancements like drone technology will further create new opportunities for growth for leading players in the BOPET films industry.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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