Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market Size was valued at USD 16.55 billion in 2023. The Biaxially Oriented Polyethylene Terephthalate (BOPET) Films market industry is projected to grow from USD 17.68 Billion in 2024 to USD 28.02 billion by 2032, exhibitinga compound annual growth rate (CAGR) of 5.93% during the forecast period (2024 - 2032). Increased demand for BOPET films in the food and beverage industry and growing penetration of the e-commerce industry are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Increased use of the Internet and smartphones, a greater reliance on platforms to promote e-commerce networks, the expansion of universal corporate models, and the introduction of new payment methods are all factors to consider. Furthermore, e-commerce automation offers tremendous growth potential for e-commerce enterprises. As a result of the COVID-19 epidemic, people's lives and purchasing patterns have changed, allowing them to transfer from traditional retail outlets to online portals to buy goods and services. As a result, marketers were forced to adapt to the new reality and rethink their old strategies. Consumer behavior changes are projected to continue for a long period. The increased usage of cashless payment technologies has assisted these shifts in customer behavior. As a result, demand for BOPET films is expected to rise in market CAGR shortly.
Additionally, convenience food is popular as it has a long shelf life and is ready to eat. These items often take less time to prepare and are served hot in ready-to-eat containers. The convenience food market is predicted to rise due to the growing demand for ready-to-eat snacks due to a sedentary lifestyle. Furthermore, increased per capita disposable income and an increasing employed population are the primary drivers of market expansion. Most customers are shifting to easily digestible foods, which will fuel the growth of the food packaging business. The demand for fast food items has increased in recent years due to customers' fast-paced lifestyles. Because of the strong demand, convenience food manufacturers have developed products with higher nutritional content and fewer negative health impacts. Because of the strong demand for convenience foods, there is a clear correlation between the demand for food packaging and the expansion of this sector. Due to the strong demand for pharmaceuticals, treatments, and other products, the pharmaceutical business in European countries is booming. The packaging market has grown due to these countries' huge populations, greater health awareness, and increased need for hospitals and healthcare centers.
Furthermore, many international players are interested in establishing firms in emerging economies through FDI incentive schemes, boosting these countries' economies and industrialization impact. As a result, it's plausible to argue that developing-country industrialization and urbanization create profitable investment prospects for the pharmaceutical industry. Thus, these factors are driving the Biaxially Oriented Polyethylene Terephthalate (BOPET) Films market revenue.
Based on Product, the Biaxially Oriented Polyethylene Terephthalate (BOPET) Films market segmentation includes bags, pouches, wraps, sachets, and others. The bags segment accounted for the largest market share in 2022. BOPET bags are lightweight, stackable, and have excellent tensile and barrier qualities. These are commonly used for packaging dairy goods, cereals and pulses, beverages, grass seeds, pet food, animal nutrition, and fertilizers, fueling the growth of this segment.
Figure1: Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market, by Product, 2022 &2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on end-use, the Biaxially Oriented Polyethylene Terephthalate (BOPET) Films market segmentation includes pharmaceuticals, cosmetics & personal care, automotive, food & beverages, and electrical & electronics. The food & beverages segment was the largest end-use industry in 2022. It held significant market shares in 2022 and is expected to grow significantly over the review period. Moreover, the pharmaceutical segment will likely witness the fastest growth over the forecast period. The growing demand for biodegradable material for pharmaceutical packaging will boost the BOPET film's growth shortly.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American biaxial oriented polyethylene terephthalate (BOPET) films market will dominate this market, because of the region's diverse end-use sectors; the market for biaxially oriented polyethylene terephthalate (BOPET) films is growing. The food industry's increased need for BOPET films, which are used for packaging various products,will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2:BIAXIALLY ORIENTED POLYETHYLENE TEREPHTHALATE (BOPET) FILMS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Biaxially Oriented Polyethylene Terephthalate (BOPET) Films market accounts for the second-largest market share due to the Region's growing food and beverage and automotive industries contributing the most to regional growth. Further, the GermanBiaxially Oriented Polyethylene Terephthalate (BOPET) Films market held the largest market share, and the UK Biaxially Oriented Polyethylene Terephthalate (BOPET) Films market was the fastest growing market in the European Region.
The Asia-Pacific Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due torapid industrialization and urbanization in the Region. Moreover, China’s Biaxially Oriented Polyethylene Terephthalate (BOPET) Films market held the largest market share, and the IndianBiaxially Oriented Polyethylene Terephthalate (BOPET) Films market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Biaxially Oriented Polyethylene Terephthalate (BOPET) Films market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The biaxially oriented polyethylene terephthalate (BOPET) films industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Biaxially Oriented Polyethylene Terephthalate (BOPET) Films industry to benefit clients and increase the market sector. In recent years, the Biaxially Oriented Polyethylene Terephthalate (BOPET) Films industry has offered some of the most significant advantages to medicine. Major players in the Biaxially Oriented Polyethylene Terephthalate (BOPET) Films market, includingPolyplex (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 XingyePolytech Co., Ltd. (China), Fuwei Films (Holdings) Co., Ltd. (China), and POLINAS (Turkey)., and others, are attempting to increase market demand by investing in research and development operations.
Solvay is a Belgian multinational chemical company established in 1863, headquartered in Neder-Over-Heembeek, Brussels, Belgium.Solvay Launched CYCOM EP2750, a high-rate compression molding prepreg, especially for primary aerospace structures. This technology combines advanced continuous fiber prepreg materials.
Toray Industries, Inc. is a multinational corporation headquartered in Japan that specializes in industrial products centered on technologies in organic synthetic chemistry, polymer chemistry, and biochemistry. Its founding business areas were fibers, textiles, plastics, and chemicals.Toray Industries, Inc. acquired TenCate Advanced Composites Holding B.V. (Netherlands), a manufacturer and distributor of carbon fiber composite materials. TenCate was named Toray Advanced Composites after the acquisition. This helped Toray strengthen its position in the market at the level.
February 2020: Solvay Launched CYCOM EP2750, a high-rate compression molding prepreg, especially for primary aerospace structures. This technology combines advanced continuous fiber prepreg materials.
December 2020: Toray and Joby Aviation made a long-term supply agreement for composite material for its aircraft. This agreement focused on gaining unparalleled strength and toughness from Toray's prepreg material for final products.
March 2018: Toray Industries, Inc. acquired TenCate Advanced Composites Holding B.V. (Netherlands), a manufacturer and distributor of carbon fiber composite materials. TenCate was named Toray Advanced Composites after the acquisition. This helped Toray strengthen its position in the market at.
| Report Attribute/Metric | Details |
| Market Size2023 | USD 16.55 billion |
| Market Size 2024 | USD 17.68 billion |
| Market Size2032 | USD 28.02 billion |
| Compound Annual Growth Rate (CAGR) | 5.93% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, End Use, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â 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 XingyePolytech Co., Ltd. (China), Fuwei Films (Holdings) Co., Ltd. (China), and POLINAS (Turkey) |
| Key Market Opportunities | Growing demand for BOPET films in the pharmaceutical industry |
| Key Market Dynamics | Growing demand for BOPET films in the food and beverage industry. Growing penetration of the e-commerce industry |
Biaxially Oriented Polyethylene Terephthalate BOPET Films Market Highlights:
Frequently Asked Questions (FAQ) :
The Biaxially Oriented Polyethylene Terephthalate (BOPET) Films market size was valued at USD 16.55 Billion in 2023.
The market is projected to grow at a CAGR of 5.93% during the forecast period, 2024-2032.
North America had the largest share of the Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market
The key players in the market are 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 XingyePolytech Co., Ltd. (China), Fuwei Films (Holdings) Co., Ltd. (China), and POLINAS (Turkey).
The bags category dominated the Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market in 2023.
Food & beverages category had the largest share of the Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
