The global BOPET packaging films market is to register a CAGR of 5.5% and is expected to reach from US$ 7.14 billion in 2023 to US$ 12.31 billion by 2033. The need for clean and quality food is stimulating the size of the global BOPET packaging films market.
The growth of the BOPET packaging films market is driven by increasing packaging needs, particularly in response to growing consumer demand for high-barrier solutions that extend product shelf life. This expansion is further fueled by a rising consumer base seeking enhanced food safety measures.
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Advantageous product features include outstanding rigidity, a smooth surface, excellent clarity, and chemical and abrasion resistance. Increasing pharmaceutical industry product safety needs is likely to generate profitable prospects for biaxially oriented polyethene terephthalate packaging films market expansion throughout the forecast period.
Roadblocks to Demand for BOPET Packaging Films
The technology guarantees speedy, affordable, hot, and fresh deliveries. Since nations like the United States, China, and India have offered different governmental permits to enter new technology, the technology has already become a battleground for businesses.
On the other hand, the implementation of strict regulations and high input costs disturb market expansion. Biaxially orientated polyethene terephthalate (BOPET) packaging films face challenges from the difficulties of recycling plastic films from 2023 to 2033.
Regional Analysis of the BOPET Packaging Films Market
East Asia held the market leader position and is to develop at a CAGR of 6.6% during the forecast period. With a market share of 74.9% in 2023, China may continue to be a significant market for manufacturing and consuming BOPET packaging films.
India’s economy is rapidly expanding due to the region’s population, shifting lifestyles, and increased per capita disposable income. A sizable network of fast-food restaurants has sprung up, fueling the region’s market expansion.
During the predicted period, North America is expected to increase significantly. Increasing fast food demand, more food safety awareness, and stringent restrictions all fuel biaxially oriented polyethene terephthalate packaging films market demand in the region. In 2023, the United States represented 90.8% of the BOPET packaging films market share.
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Key Takeaways
- · By thickness, the market’s 15-30 micron segment is to develop at a CAGR of 6% from 2023 to 2033, valued at US$ 3,448.6 million by 2023.
- · The labels segment in the application category in the market is to expand at a CAGR of 6.2% during the forecast period, valued at US$ 775.8 million by 2023.
- · By end-use industry category, the fresh produce segment in the market is to rise at a CAGR of 6.9% between 2023 and 2033, valued at US$ 1,222.0 million by 2023.
- · The United States market is likely to rise at a CAGR of 4.6% and reach US$ 2,081.73 million by 2033.
- · Spanish biaxially oriented polyethene terephthalate packaging films market to develop at a CAGR of 5% from 2023 to 2033, reaching US$ 268.28 million.
- · India BOPET films market to expand at a CAGR of 7.1% from 2023 to 2033, reaching US$ 745.60 million.
- · China market is to rise at a CAGR of 6.9% and reach US$ 2953.47 million by 2033.
- · China may still be a sizable BOPET packaging film market in 2023, with a market share of 74.9%.
- · 90.8% of the market share in 2023 belonged to the United States.
- · Brazil accounted for 37.3% of the BOPET Films market share in 2023.
- · A 28.9% market share in 2023 was held by the German BOPET packaging films market.
BOPET Packing Films Future Business Prognosis
Due to the existence of numerous regional BOPET film manufacturers, the global BOPET packaging films market is a fragmented field. To strengthen their position in the international market, top BOPET packaging films manufacturers are increasing their production capabilities and investing in their current manufacturing facilities.
Notable Breakthroughs in Business Model
· Investment
Jindal Poly Films approved an investment of US$ 99.4 million in February 2020 for the expansion of its business operations in India, which is going to include the addition of a BOPET film plant and a BOPP film line.
Key Segments
By Thickness:
- Below 15 Micron BOPET Packaging Films
- 15-30 Micron BOPET Packaging Films
- 30-50 Micron BOPET Packaging Films
- Above 50 Micron BOPET Packaging Films
By Application:
- Labels
- Tapes
- Wraps
- Bags & Pouches
- Laminates
By End-use Industry:
- Food
- Meat
- Fresh Produce
- Confectionery
- Dairy
- Others
- Beverages
- Cosmetics & Personal Care
- Electrical & Electronics
- Pharmaceuticals
- Other Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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