United States sees 3.4% CAGR in Bio PET Films through 2034, as Sustainability Trends Propel Demand. Govt. investments & policies drive shift to eco-friendly alternatives in packaging.
NEWARK, Del, Nov. 28, 2023 (GLOBE NEWSWIRE) — The bio PET film market is expected to generate US$ 143.2 million in 2024. According to projections, the market will be worth US$ 231.0 million in 2034. Between 2024 and 2034, the market is projected to exhibit a CAGR of 4.9%. Recent years have seen considerable interest in bio PET films due to their environmentally friendly qualities. The use of renewable resources in bio PET reduces the carbon footprint compared to conventional PET.
Bio PET film demand has increased over the years as a result of Covid-19. World Health Organization (WHO) estimated that to meet the needs of emergency personnel, 1.6 million goggles, 89 million masks, and 75 million gloves were produced. In addition to face shields and sanitizer bottles, bio PET film is used in supplements, pumps, and other products.
Within a short period of time, demand and supply for medical packaging were highly unequal, there was a shortage of healthcare workers, and healthcare products were not manufactured. As a result, demand for bio PET film products and applications dropped, resulting in a fall in the bio PET industry. With bio PET films, fossil fuels are reduced, which makes the production process more sustainable. With regard to being 100% recyclable, bio PET film is no different from conventional PET film. Therefore, it is possible to collect, process, and reuse this waste in order to minimize waste and its impact on the environment.
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Since bio PET film is composed of bio-based materials, it produces less carbon dioxide than traditional PET films. The packaging industry can be made more sustainable by reducing CO2 emissions. In addition to being flexible and easily recyclable, bio-PET film is widely used in a variety of packaging types, such as labels, clear packaging, and recyclable bottles.
Key Takeaways from the Market Study
- Food and beverage industries will account for 35.6% of the market in 2024.
- In China, Bio PET film sales are projected to increase by 6.1% CAGR from 2024 to 2034.
- Bio PET films are expected to expand at a CAGR of 3.4% in the United States.
- Bio PET film sales in Japan are expected to rise at a 3.7% CAGR from 2024 to 2034.
- Based on application, packaging is expected to hold 46.7% of the market in the forecast period.
“Rising demand for environmentally friendly materials adopted by various industries and consumers is expected to drive demand for Bio PET film market. The rising sales of automobiles and smartphones are expected to drive demand in the growing years.” – Says Ismail Sutaria, Principal Consultant at Future Market Insights.
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Competitive Landscape
Various regional competitors constitute a fragmented market in the worldwide Bio PET film industry. Several Bio PET film manufacturers are expanding their facilities and production to increase their market share.
Key Market Players
- Polyplex
- TORAY INDUSTRIES, INC
- KURARAY CO. LTD.
- MG Chemicals
- PLASTIPAK HOLDINGS INC.
- Danone
- Toyota Tsusho Corporation
- Indorama Ventures Public Company Limited.
- SABIC
- TEIJIN LIMITED
- Biokunststofftool
- The CocaCola Company
- FKuR
- Saipet Samartha Private Limited
- Iwatani Corporation
Industry Developments Include
- In August 2023, Terphane, an affiliate of Tredegar Corporation, which produces polyester BOPET films in Latin America, announced a collaboration with Origin Materials to develop environmentally friendly, high-performance bio-polymer films. Among other things, Terphane entered into a long-term capacity reservation agreement to purchase a high-value industrial bio-polymer, Polyethylene Furanoate (PEF).
- In October 2023, Hyundai Motor unveiled the design for the all-electric IONIQ 6, an electric streamliner equipped with a thoughtful interior. The second vehicle in the IONIQ brand of all-electric vehicles. Hyundai’s IONIQ 6 embodies the values of EV owners with its aerodynamic design and use of sustainable materials.
Market Segmentation
By Film Type:
- Lamination Film
- Insulation Film
- Other Films
By Application:
- Packaging
- Printing
- Decoration
- Other Applications
By End Use:
- Food and Beverage
- Personal Care and Cosmetics
- Pharmaceuticals
- Electrical and Electronics
- Other Industrial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and the Pacific
- East Asia
- Middle East and Africa
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More Valuable Insights Available
Future Market Insights offers an unbiased global market analysis, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the Bio PET Film market, the market is segmented based on Film Type (Lamination Film, Insulation Film, Other Films), Application (Packaging, Printing, Decoration, Other Applications), End Use (Food and Beverages, Personal Care and Cosmetics, Pharmaceuticals, Electrical and Electronics, Other Industrial), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa).
About the Packaging Division at Future Market Insights
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends, including competitive landscape, profit margin, and research development efforts.
Author
Ismail Sutaria (Principal Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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