Biaxially Oriented Polyethylene Terephthalate (BoPET) Market size is forecast to reach $5.86 billion by 2025, after growing at a CAGR of 7.1% during 2020-2025. With its inherent properties of being clear, transparent, flexible and strong despite being lightweight owing to this the Biaxially Oriented Polyethylene Terephthalate market is witnessing an increase in demand. Although concerns around environmental issues and plastic packaging continue to plague flexible packaging suppliers and hence Biaxially Oriented Polyethylene Terephthalate (BoPET) market.
Application – Segment Analysis
Packaging holds the largest market share in the applications for Biaxially Oriented Polyethylene Terephthalate market as BOPET packaging films are oriented films and are predominantly used in the packaging of products in various end-use industries such as food & beverages, electrical & electronics, pharmaceuticals, and cosmetic & personal care products, among others. These films can be used for manufacturing bags, pouches, wraps, laminates, labels and tapes. Food remains the most prominent end-use industry for BOPET packaging films, especially fresh produce, meat, confectionery, and dairy products. BOPET packaging films remain stable through printing and laminating processes, making them desirable for high-quality graphic packaging applications. Also, their excellent heat resistance and sealing properties make BOPET a preferred choice for manufacturing labels and tapes. whereas adhesive tapes were used for electrical insulation.
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Geography – Segment Analysis
APAC dominated the Biaxially Oriented Polyethylene Terephthalate market. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, owing to the rapid urbanization. Rapid urbanization has led to the continuous changes in people’s lifestyles. Urban people have adopted a modern way of living, which contributed to the increase in BoPET film consumption as a premium product for various household purposes, including packaging. The factors such as rising demand for plastic packaging, accelerating manufacturing of electronic products, growth in digital printing, increasing retail sales of food and grocery, expansion of pharmaceutical industry are overall encouraging the rapid urbanization, hence the Biaxially Oriented Polyethylene Terephthalate market is witnessing increase in demand in this region.
Drivers – Biaxially Oriented Polyethylene Terephthalate Market
Easy Availability of Raw Materials
Easy availability of raw materials is anticipated to boost the demand for global biaxially-oriented polyester (BoPET) market in the forecast period as, Biaxially oriented polyethylene terephthalate (BoPET) is a polyester film made from stretched polyethylene terephthalate (PET). It is manufactured by using high quality resins and state of art technology. The basic raw material for biaxial-oriented polyester films is polyethylene terephthalate in granulate form. Polymers often contain special additives depending on the film type. BOPET films remain the only viable choice to help the supply chain comply with sustainability pledges to incorporate high levels of recycled content into food contact flexible packaging structures.
Increase in demand from Environmental Friendly product
With the increasing demand for environmental friendly products the Biaxially Oriented Polyethylene Terephthalate market is growing. Ranging from the clothes, we wear to the food, we eat – PET Film is used everywhere. Such an extensive use is supported by a waste-reducing nature of BOPET film, which helps protecting natural resources and makes positive contribution in our daily lives. The invention of BOPET film has provided a significant help to the family of polymers in uplifting their rank on the scale on environmental friendliness, as BOPET is considered to be a “green” or environmentally friendly polymer. The reason behind Polyester films being considered as environmental friendly because they are Safe, Non-toxic, Lightweight and easy recyclable.
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Challenges – Biaxially Oriented Polyethylene Terephthalate Market
Volatility in prices of raw materials
Volatility in prices of raw materials is projected to hamper the global biaxially-oriented polyethylene terephthalate (BoPET) market during the forecast period. 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. Whereas COVID 19 pandemic is also responsible for this oscillating prices.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Biaxially Oriented Polyethylene Terephthalate market. In 2019, the market of Biaxially Oriented Polyethylene Terephthalate has been consolidated by the top five players accounting for xx% of the share. Major players in the Biaxially Oriented Polyethylene Terephthalate Market are Toray Industries, Inc., SKC Inc., E. I. du Pont de Nemours and Company, and Teijin Limited, among others.
In August 2019, Teijin Limited has completed the acquisition of all the shares of Renegade Materials Corporation (Renegade), a leading North American supplier of highly heat-resistant thermoset prepreg for the aerospace industry. The acquisition was completed on August 1, Eastern Standard Time.
Asia-Pacific dominates the Biaxially Oriented Polyethylene Terephthalate market (BoPET) owing to the rapid urbanization.
Urban people have adopted a modern way of living, which contributed to the increase in BoPET film consumption as a premium product for various household purposes, including packaging, which is likely to aid in the market growth of Biaxially Oriented Polyethylene Terephthalate (BoPET).
Implementation of stringent government regulations related to sustainable and environment friendly products will be the small hurdle for Biaxially Oriented Polyethylene Terephthalate (BoPET) market.
COVID 19 pandemic will create an oscillating market for Biaxially Oriented Polyethylene Terephthalate market (BoPET), first by decreasing and then by increasing due to the lockdown situation globally.
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