The Bio-PET Film Market size is estimated to reach USD1.2 billion by 2027 after growing at a CAGR of around 6.0% from 2022 to 2027. Bio-PET (polyethylene terephthalate) is a polyester film that is used as a counterpart for PET. It has various applications in packaging, wrapping films, electronic insulation, and automotive interiors. It is partially prepared from renewable resources, with 30% plant-derived materials. The bio-PET provides cost-efficiency and transparency in packaging compared to conventional PET packaging. It is economical than petroleum-derived sources, offers environment protection, aroma barrier, dimensional stability, electrical insulation, and high tensile strength. The inclination towards bioplastics, government policies, and increasing application of bio-PET film in packaging, cosmetics, pharmaceutical, and others will drive the bio-PET film market. Thus, the Bio-PET film market is forecast to grow owing to the shift towards environment-friendly products and applications in various end-use industries in the forecast period.
The COVID-19 pandemic has negatively impacted the bio-PET film market. The halt in film production was faced by the manufacturers. The bio-PET film is majorly used in the packaging of food and beverages, cosmetic, medical, and automotive. The packaging industry is worst hit by the pandemic. The lockdown restrictions that disturbed the supply chain and halted manufacturing have impacted the bio-based PET packaging applications. The majority share was held by food and beverage packaging applications in hotels, retails, and other areas. Moreover, a 16%-40% decline in food packaging during covid-19 was reported due to lockdown restrictions in hotels, restaurants, retails, and public space. Thereby, the demand for bioplastic food packaging was disturbed owing to pandemic restrictions, trend change, and a fall in demand. The medical industry also saw a halt in the initial phase of covid-19. A fall of 17% in 2020 was reported compared to the previous year. According to the World Health Organization (WHO), the requirement of more than 89 million masks, 1.6 million goggles, and 75 million gloves was estimated. The bio-PET film has application in face shields, sanitizer bottles, supplement packages, pumps, and others. The huge gap in demand and supply chain for medical packaging, low healthcare forces, and halted production of healthcare units impacted the bio-pet film market for the short term. Thus, the bio-PET industry saw a fall, owing to a negative covid impact on the demand for bio-PET film products and applications.
Bio-PET Film Market Segment Analysis – By Type
By type, the laminating film is expected to have the largest share of over 35% in the bio-PET film market share and will dominate the bio-PET film market in the coming years. It is majorly in applications such as food and beverage packaging, pharma, office uses, printings, and others. It is high in demand due to its excellent properties of strength, aroma barrier, dimensional stability, moisture barrier, and recyclability. All these properties make laminating film a preferable option for various applications such as food and non-food packaging, paper, surface protection, printing, cosmetics, and others. According to the Ministry of Food Processing Industries (MOFPI), an increase from $370 billion in 2017 to $1.145 trillion by 2025 is estimated for the total consumption by the food and beverage segment, thereby increasing the demand for laminating films in this segment. With the growth in the global bioplastic packaging industry by various end-users, the laminating films will be in high demand, thereby leading to a drive in the bio-PET film market in the forecast period.
For More Information About Bio-PET Film Market @
Report Price: $ 5900 (Single User License)
Bio-PET Film Market Segment Analysis – By Raw Material
By raw material, the sugar cane holds the largest share of more than 40% in the bio-PET film market. The bio-PET is 70% terephthalic acid and almost 30% mono ethylene glycol (MEG). The bio-PET film industry makes high use of sugar cane-derived ethanol for MEG and thereby contributes to the production of a bio-PET film. According to the Brazilian Sugarcane Industry Association (UNICA), 1,038 million tons of sugarcane was produced in Brazil, and 17.2 billion gallons of ethanol were produced. The ethanol is a used as starting form in 30% MEG for making the bio-PET. For instance, in bottle manufacture and packaging, Coca-Cola has been using Brazilian sugarcane for making the bio-PET bottles and launched its Plant Bottle. The sugar cane produced bio-PET is used in the majority of applications for fibers, biofuel, packaging, bottles, medical packages, and insulations in electronics. Sugarcane-derived ethanol is used in Thus, the sugarcane raw material for bio-based polyethylene terephthalate is gaining traction in the forecast period.
Bio-PET Film Market Segment Analysis – By Application
By application, the packaging film has the largest growth with a 30% share in 2021 and is expected to dominate the bio-PET film market size in the coming years. The demand for bio-PET packaging film for various industries such as food and beverage, automotive, cosmetic, and healthcare has increased due to the high tensile strength, chemical resistance, aroma barrier, UV resistance, and others. The bio-based PET film is used in pharmaceutical, automotive, cosmetic, and others due to UV blocking, optimized shrinkage, moisture barrier, low haze, and others. Furthermore, the films are increasingly used in FMCGs, owing to the need for protection, and flexibility. According to the Flexible Packaging Association (FPA), approximately 19% of the total $178 billion US packaging industry was held by flexible packaging. The flexible packaging film has multiple applications owing to its excellent mechanical and physical properties and thus creating a demand for the bio-PET film market.
Bio-PET Film Market Segment Analysis- By End-Use Industry
By end-use industry, the food packaging segment is expected to have the largest share of more than 35% in 2021 and is expected to dominate the bio-PET film market in the forecast period. The bio-based PET or the polyester film has excellent dimensional stability, optical clarity, moisture barrier, and tensile strength, thus offering high performance in various applications. According to the Indian Institute of Packaging (IIP), Indian packaging consumption has seen a growth of more than 200% in a decade, with an increase from 4.3 kgs per person per annum to approx. 8.7 kgs per person per annum. The food and beverage packaging is used to secure the food from moisture, chemical resistance, and degradation. The use of bio-PET film for pre-cooked meals, nuts, sweets, confectionaries, spreads, and ice-cream has increased, owing to the excellent mechanical, transparency, and physical properties of the bio-PET film. The demand for bio-PET packaging for food and non-food items is high due to the usage of polyhydroxybutyrere and polylactic acid as it offers recyclability, versatility, and high strength. Thus, contributing a major share to the food packaging industry and boosting the demand for the bio-PET film market in the forecast period.
Bio-PET Film Market Segment Analysis – By Geography
By geographical analysis, the Asia pacific holds the largest share of more than 45% in the Bio-PET film market for the year 2020. The bio-PET film market is driven due to a decrease in crude oil prices and a shift towards environmentally friendly alternatives to the conventional PET. The increase in bio-based plastic production by major countries such as China and India will boost the market, owing to the boom in beverage, automotive, textile, and electronics. Furthermore, Europe is also growing rapidly due to the rise in consumer awareness towards environment-friendly alternatives and government regulations for a reduction in greenhouse house emissions. According to Plastic Industry Trade Association, Asia is the largest producer of bioplastics, with a 56% share in the total production. It is due to the adoption of the Kyoto protocol by Japan that restricts the usage of synthetic polyethylene terephthalate usage. The Jilin Province in China has also implemented a ban on plastic to boost the use of bio-based plastic options such as polylactic acid (PLA), bio-PET, bio-propylene, and others. Thus, owing to such development in the Asia Pacific, the growth of the bio-PET film industry will increase rapidly in packaging films, bio-PET bottles, electronic insulation films, and others in the forecast period.
Bio-PET Film Market Drivers
An increase in awareness for environment-friendly plastics and government policies will drive the bio-PET film market
The increasing awareness for the manufacturing and usage of bio-based PET has boosted the market for bio-PET film. According to the European Bioplastics (Association of Bioplastics), bioplastics production will increase to 2.8 million metric tons in 2025. Furthermore, a total of 885 metric tons of bio-based and non-biodegradable bioplastics was produced in 2020, owing to the rising demand for bio-PET and other types. The Japanese government has also made policies to boost plant-based plastics with the motive to deal with marine plastic wastages. The Japan Clean Ocean Material Alliance, CLOMA makes policies to increase the use of recycled or biodegradable plastics. Thus, the demand for bio-PET products is rising and thereby leading to increased application of bio-based PET by various end-users and providing a better bio-PET film market outlook.
A shift in bioplastics and bio-PET by large companies will drive the Bio-PET film market
The increasing shift towards bio-based or plant-based plastics by top companies such as Coca-Cola has boosted the demand for bioplastics and bio-PET film. Coca-Cola has collaborated with companies such as Ford, Nike, Heinz, Procter & Gamble to start the use of bio-PET on its bottles and packaging. The application of bio-polyethylene terephthalate for bio-based and 100% plant-based bottle manufacturing and packaging such as food and non-food, cosmetics, automotive, medical packaging, fibers, printing, and others have boosted the growth prospects for bioplastics, owing to inclination towards green plastics, reduction in GHGs, and technological development, and thereby leading to rising of overall bio-PET film market share in the coming years and offering a better bio-PET film market outlook.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=507250
Bio-PET Film Market Challenges
Irregular raw material supply can be a challenge to the bio-PET film market
The bio-PET is made from 30% mono ethylene glycol that is derived from plant sources and 70% terephthalic acid and is difficult to decompose. The MEG is made from ethanol which is obtained from sugarcane (major raw material) or corn. The total sugar consumption for 2020 was 171 million tons. The increase in sugar demand for human ingestion may hinder the regular availability of sugarcane as major raw material for bioethanol and thereby will create a challenge for the bio-PET film industry due to irregularity in raw material supply.
Bio-PET Film Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies that are adopted by the dominant players in the ceramic foam market. The major Bio-PET film top 10 companies include:
Sabic Innovative Plastics
Shanghai Polyester Factory
Chang Chun Plastics
In 2019, Coca-Cola used recycled PET and plant-based plastics in a Dasani bottle, and thus creating a popular package known as Hybrid Bottle.In June 2020, Anellotech announced that R Plus Japan Ltd will invest in the development of the TCat technology for recycling the used plastics and will make 100% bio-based PET bottles.
The increasing demand for sustainable and environment-friendly plastics has boosted the bio-PET film market for various applications in medical, cosmetic, food and beverage, electronics, and others. The transparency in bio-PET packaging will drive the market due to its excellent tensile strength, low moisture absorption, and gas barrier compared to conventional PET.
The Asia Pacific held the largest growth and revenue share for 2020 in the bio-PET film market due to the demand for bio-PET for applications such as packaging, automotive, bottles, cosmetic plastics, and others.
The shift towards bio-based PET and plant-based plastics by top companies such as Coca-Cola for its soft drink bottles is driving the demand for bio-PET and increasing the bio-PET film market share, owing to sustainability, environmental protection, and resource recycling.
Bio-polylactic Acid (PLA) Films Market
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677