Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market Research Report—Global Forecast till 2028

Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market Information By Product (bags, pouches, wraps, sachets, and others) End Use (pharmaceuticals, cosmetics & personal care, automotive, food & beverages, electrical & electronics) Forecast till 2028

ID: MRFR/CnM/9253-HCR | February 2023 | Region: Global | 100 Pages         

Biaxially Oriented Polyethylene Terephthalate BOPET Films Market Speak to Analyst Request a Free Sample

Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market

Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market is projected to be worth USD 24.8 Billion by 2028, registering a CAGR of 6.8% during the forecast period (2021 - 2028).

Segmentation
By Product Bags Pouches Wraps Sachets Others
By End Use Pharmaceuticals Cosmetics & personal care Automotive Food & beverages Electrical & electronics
Key Players
Companies Profiled   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)
Drivers
Market Driving Forces   Growing demand for BOPET films in food and beverage industry   Growing penetration of e-commerce industry
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Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market Overview


According to MRFR analysis, the global biaxially oriented polyethylene terephthalate (BOPET) films market is estimated to reach a value of over USD 24.8 billion by 2028, registering a CAGR of around 6.8%.


The biaxially oriented polyethylene terephthalate (BOPET) films is one of the important polyester films. This is a thin plastic sheet that has been expanded both manually and mechanically in the cross dimension. BOPET film also protects things from harm in transit and can protect them from wet weather. The biaxially oriented polyethylene terephthalate (BOPET) films finds high demand in various end-use industries. Additionally, the growing demand for BOPET films in food and beverages industry across the globe is expected to propel the growth of the market over the forthcoming years.


Covid Impact on Biaxially Oriented Polyethylene Terephthalate (BOPET) Films Market:


The global covid–19 pandemic has issued a tight supply of the products majorly owing to the reduction in operating capacities in the manufacturing facilities across Asia-Pacific, Europe, and North America. Moreover, the manufacturers are facing serious headwinds due to interruption in the supply of raw material and the variation in prices. The shutting or halt of manufacturing facilities by producers has affected the global BOPET films market. Furthermore, the companies are working aggressively toward safeguarding the health and wellbeing of their employees while also supporting government goals of maintaining critical business activities in power generation, food production, and healthcare. Reduced cash flow is another concern, with many customers delaying purchases or falling behind on payments, while inventory is tied up throughout disrupted supply chains. BOPET films are also commonly used in the packaging of e-commerce orders, which are in high demand due to global security measures.


According to the United Nations, the global economy is expected to decline by about 3% or more instead of recording a 2.5% growth which is projected by the World Economic Situation and Prospects report 2020. There are various monetary and fiscal policies that are imposed by governments across the globe to mitigate the impact of COVID-19 on the industrial sector while acting to cause a relief to its consumers.


However, there are various changes by the producers to cope with the pandemic in the coming years. For instance, downstream industries are likely to seek an alternative manufacturing location to serve their Korean, Japanese, and ASEAN customers. This will accelerate a process already in train as companies have been seeking lower cost locations than China for coming years.


Market Dynamics:


Drivers:

  • Growing demand for BOPET films in food and beverage industry


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 growing demand for ready-to-eat snacks as a result of a sedentary lifestyle. Furthermore, increased per capita disposable income coupled with increasing employed population is the primary driver of market expansion.


The majority of 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 as a result of customers' fast-paced lifestyles. Because of the strong demand, convenience food manufacturers have developed products that are higher in nutritional content and have less 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.



  • Growing penetration of e-commerce industry


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 the near future.


Restraints:

  • Fluctuating prices of raw materials


Polyethylene terephthalate (PET) is one of the most prevalent basic materials used in food packaging (PET). The fluctuating price of various raw materials has an impact on the packaging sector. Furthermore, resource conservation policies implemented by the government and business are raising the price of these basic materials, limiting market expansion.


Lack of raw material availability stymies technological innovation in packaging solutions. Many innovative packaging technologies are inaccessible due to high raw material costs, leaving firms reliant on outdated packaging, which has a negative impact on both the economy and the environment. Furthermore, the high cost of skilled labor is a deterrent to market expansion. Rapid technological advancement needs the utilization of highly trained personnel.


The production of packaging materials involves the use of highly trained and experienced individuals. The cost of packaging materials is rising as a result of this, as well as the high cost of the manufacturing process and the high cost of labor. As a result, these materials are limited to high-income locations where people can buy high-quality packaged food.


Opportunity:

  • Growing demand for BOPET films in pharmaceutical industry


Due to strong demand for pharmaceuticals, treatments, and other products, the pharmaceutical business in European countries is booming. The packaging market has grown as a result of these countries' huge populations, greater health awareness, and increased need for hospitals and healthcare centers. Furthermore, a lot of international players are interested in establishing firms in emerging economies through FDI incentive schemes, which will boost these countries' economy 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.


The packaging of medical products has a significant impact on their shelf life. Packaging protects products from a variety of circumstances that can cause them to rot, hence there is a clear link between packaging and storage stability. As a consequence, packaging helps to extend the shelf life of products.


Supply Chain Analysis:


The supply chain analysis is the process of evaluating every stage and step taken by stakeholders involved throughout the production and distribution of BOPET films. The supply chain includes raw materials and suppliers, BOPET films producers, distribution channels, and end users.


The distribution channel in this market comprises distributors, wholesalers, and e-commerce merchants. The end users have a high bargaining power as there are various suppliers and producers of BOPET films globally, which increases the switching cost.


Segment Overview:


By Product


The global biaxially oriented polyethylene terephthalate (BOPET) films market is bifurcated into bags, pouches, wraps, sachets, and others. Among these, bags accounted for the largest market share in 2020. BOPET bags are lightweight, stackable, and have excellent tensile and barrier qualities. These are commonly used to package dairy goods, cereals and pulses, beverages, grass seed, pet food, animal nutrition, and fertilizers, fueling the growth of this segment.


By End Use


The global biaxially oriented polyethylene terephthalate (BOPET) films market is bifurcated into pharmaceuticals, cosmetics & personal care, automotive, food & beverages, electrical & electronics, and others. Among all, the food and beverages segment was the largest end-use industry of the market in 2020. It held for the significant market shares in 2020 and furthermore, is expected to witness the significant growth over the review period. Moreover, pharmaceutical segment is likely to witness the fastest growth over the forecast period. The growing demand for biodegradable material for pharmaceutical packaging is anticipated to boost the BOPET films growth in the near future.


Regional Analysis:


North America: 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 to package a variety of products. The BOPET packaging film is highly recyclable, allowing for increased flexible packaging recycling rates and helping brands achieve their circular-economy goals. As a result, the region's market is expected to grow at a profit in the next years.


Europe: Europe is a well-established market that is primarily driven by the region's growing food and beverage and automotive industries, with Germany, France, and the United Kingdom contributing the most to regional growth.


Asia-Pacific: Rapid industrialization and urbanization in the region is the key driver of the biaxially oriented polyethylene terephthalate (BOPET) films market, which is fueled by the potential for growth in emerging economies such as South Korea, India, Thailand, and Malaysia. Furthermore, being the world's largest producer, expanding automotive production and sales benefit the regional market for biaxially oriented polyethylene terephthalate (BOPET) films. In the future years, the Asia-Pacific region's burgeoning personal care and cosmetics industry is expected to boost demand for biaxially oriented polyethylene terephthalate (BOPET) films.


Latin America: Biaxially orientated polyethylene terephthalate (BOPET) films are expected to be in high demand throughout Latin America due to the region's potential for growth in the food and beverage packaging industry. Increased car manufacturing and sales in the region have benefited the industry's growth.


Middle East & Africa: Due to rising demand for eco-friendly BOPET films in major nations such as Saudi Arabia, the United Arab Emirates, and South Africa, the Middle East and Africa region is likely to see a considerable demand for biaxially oriented polyethylene terephthalate (BOPET) films.


Competitive Landscape:


Some of the key companies profiled in the global biaxially oriented polyethylene terephthalate (BOPET) 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), POLÄ°NAS (Turkey), and others.


Intended Audience



  • Pharmaceuticals

  • Cosmetics & Personal Care

  • Automotive

  • Food And Beverages

  • Electrical & Electronics



Report Scope:

Report Attribute/Metric Details
  Market Size   2028: USD 24.8 Billion
  CAGR   6.8% CAGR (2021-2028)
  Base Year   2020
  Forecast Period   2021-2028
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product, End Use
  Geographies Covered   North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
  Key Vendors   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), and POLÄ°NAS (Turkey)
  Key Market Opportunities   Growing demand for BOPET films in pharmaceutical industry
  Key Market Drivers   Growing demand for BOPET films in food and beverage industry • Growing penetration of e-commerce industry


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Frequently Asked Questions (FAQ) :

The global biaxially oriented polyethylene terephthalate (BOPET) films market is estimated to reach a value of over USD 24.8 billion by 2028, registering a CAGR of around 6.8%.

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), POLÄ°NAS (Turkey), and others.