Bio-Pet Film Market, By Type, By Raw Material, By Application, By End Use, By Country, and By Region -Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
Bio-Pet film market size was valued at USD 63.42 Million in 2022, expanding at a CAGR of 13.1% from 2023 to 2030.
Bio-PET is a polyester fabric that is used as a substitute for PET. It is used in a variety of applications, including wrapping films, cases, car interiors, and electrical insulation. Bio-PET packaging is more transparent and cost-effective than traditional PET packaging. Furthermore, it is less expensive than petroleum-derived materials and offers an olfactory barrier, electrical insulation, environmental protection, superior tensile strength, as well as dimensional stability. Furthermore, the trend toward government legislation, bioplastics, and the increasing use of bio-PET film in packaging, medicines, and cosmetics will drive the bio-PET film market. As a result of the exciting trend towards environmentally friendly goods and applications in a variety of end-use sectors, the Bio-PET film market is expected to rise.
Bio-Pet Film Market- Market Dynamics
Increasing awareness of environment-friendly plastics and shifts in bioplastics and bio-PET will fuel the bio-PET film market
Because polyethylene terephthalate films contain 30% mono-ethylene glycol as well as 70% terephthalic acid, the growth of the bio-PET film in the marketplace is experiencing growth by increasing demand for the production and consumption of bio-based PET films because of environmental issues and increasing sustainability between people all over the world. MEG is present in bio-PET, which is derived from sustainable non-fossil raw materials. Because 30% of granulates are composed of renewable non-fossil raw materials, bio-PET aids in attaining a better eco-balance. Furthermore, increased public awareness of environmental concerns, particularly climate change and plastic waste, has resulted in a significant demand for eco-friendly alternatives to standard plastics. Bioplastics, such as bio-PET, are thought to be more ecologically friendly since they are frequently created from recyclable materials that have the possibility to be disposable or compostable. Nevertheless, erratic raw material availability, such as sugarcane, may limit market need. In addition, since they are resilient to physical degradation, Bio-PET films are suited for long-term usage in electrical applications. Even when made in extremely thin gauges, PET films retain their insulating characteristics. This is useful in circumstances when electrical apparatus space is limited. The translucent nature of PET films may aid in the visual examination of electrical components and circuits.
Bio-Pet Film Market- Key Insights
As per the analysis shared by our research analyst, the global bio-Pet film market is estimated to grow annually at a CAGR of around 13.1% over the forecast period (2023-2030)
The bio-Pet film industry is projected to grow at a significant rate due to the environmental concerns and rising sustainability among people
Based on type segmentation, laminating film was predicted to show maximum market share in the year 2022
Based on raw materials segmentation, sugar cane was the leading type in 2022
On the basis of region, Asia Pacific was the leading revenue generator in 2022
Bio-Pet Film Market- Segmentation Analysis:
The global bio-Pet film market is segmented on the basis of type, raw material, application, end use, and region.
The market is divided into five categories based on type: capacitor film, laminating film, electrical insulating film, universal film, and others. The laminating film segment is likely to possess the largest revenue share over the forecast period. The segment growth is majorly in applications including office uses, pharma, printings, and food and beverage packaging. The segment's demand is high owing to its excellent properties of strength, moisture barrier, aroma barrier, recyclability, and dimensional stability.
The market is divided into four categories based on raw materials: corn, molasses, sugar cane, and others. The sugar cane segment is accounted to hold the largest market share. The bio-PET film segment makes high adoption of sugar cane resultant ethanol for MEG and as a result, contributes to the production of a bio-PET film. Additionally, the sugar cane-formed bio-PET is utilized in various applications for packaging, fibers, biofuel, medical packages, bottles, and insulations in electronics.
Bio-Pet Film Market- Geographical Insights
By regional analysis, the bio-pet film market can be segmented into North America, Asia Pacific, Europe, and the Rest of the World. The Asia Pacific is accounted to witness the largest share due to a significant decrease in crude oil prices and a rising shift towards environmentally friendly alternatives to conventional PET. The rise in bio-based plastic production will boost the market, owing to the boom in automotive, electronics, beverage, and textile. Moreover, Europe is also projected to grow rapidly owing to the government regulations for a reduction in greenhouse house emissions and a rise in consumer awareness among environment-friendly replacements.
Bio-Pet Film Market- Competitive Landscape:
The bio-PET products demand is rising due to the increasing shift towards bio-based or plant-based plastics thereby leading to increased application of bio-based PET by several end-users and offering an improved bio-PET film market outlook. Moreover, due to the continued development in demand for environment-friendly plastics in the coming years, both international and local producers will be present in the global market for bio-pet film, making it one of the most competitive industries. Market players use important business strategies to grow and maintain their global reach including strategic acquisitions, innovations, product launches, and approvals. For instance, in December 2021, Suntory Group has taken an important step towards its goal of using 100% sustainable PET bottles globally by 2030 and eliminating all derived from petroleum virgin plastic from the globe's PET supplies; the business has successfully constructed a prototype PET bottle made entirely of plant-based components.
Recent Developments:
For instance, in July 2022, Two of The Coca-Cola Corporation's most recognizable brands are taking significant measures to create an economy that is circular for the packaging made of plastic. DASANI is introducing bottles composed of 100% recyclable PET plastic, while Sprite is switching from green to standard plastic to maximize the chance of the material being converted into novel beverage bottles.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL BIO-PET FILM MARKET KEY PLAYERS
FKuR
SABIC
Danone
Polyplex
MG Chemicals
Biokunststofftool
TEIJIN LIMITED
Iwatani Corporation.
KURARAY CO., LTD.
The Coca Cola Company
Toyota Tsusho Corporation
TORAY INDUSTRIES, INC.
LOTTE Chemical Corporation
Saipet Samartha Private Limited
PLASTIPAK HOLDINGS, INC.
Indorama Ventures Public Company Limited.
GLOBALBIO-PET FILM MARKET, BY TYPE
Capacitor Film
Laminating Film
Electrical Insulating Film
Universal Film
Others
GLOBAL BIO-PET FILM MARKET, BY RAW MATERIAL
Corn
Molasses
Sugar Cane
Others
GLOBAL BIO-PET FILM MARKET, BY APPLICATION
Vehicle Liners
Bottles
Films
Thermoformed items
Trays
Tape Backing
Automotive ancillaries
Flexible Printed Circuits
Sun visors
Others
GLOBAL BIO-PET FILM MARKET, BY END USE
Electronics
Packaging Industry
Printing
Rigid
Automotive
Flexible
Others
GLOBAL BIO-PET FILM MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Bio-Pet Film Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Bio-Pet Film Market Snippet by Type
2.1.2. Bio-Pet Film Market Snippet by Raw Material
2.1.3. Bio-Pet Film Market Snippet by Application
2.1.4. Bio-Pet Film Market Snippet by End Use
2.1.5. Bio-Pet Film Market Snippet by Country
2.1.6. Bio-Pet Film Market Snippet by Region
2.2. Competitive Insights
3. Bio-Pet Film Key Market Trends
3.1. Bio-Pet Film Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Bio-Pet Film Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Bio-Pet Film Market Opportunities
3.4. Bio-Pet Film Market Future Trends
4. Bio-Pet Film Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Bio-Pet Film Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Bio-Pet Film Market Landscape
6.1. Bio-Pet Film Market Share Analysis, 2022
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Bio-Pet Film Market - By Type
7.1. Overview
7.1.1. Segment Share Analysis, By Type, 2022&2030 (%)
7.1.2. Capacitor Film
7.1.3. Laminating Film
7.1.4. Electrical Insulating Film
7.1.5. Universal Film
7.1.6. Others
8. Bio-Pet Film Market - By Raw Material
8.1. Overview
8.1.1. Segment Share Analysis, By Raw Material, 2022&2030 (%)
8.1.2. Corn
8.1.3. Molasses
8.1.4. Sugar Cane
8.1.5. Others
9. Bio-Pet Film Market - By Application
9.1. Overview
9.1.1. Segment Share Analysis, By Application, 2022&2030 (%)
9.1.2. Vehicle Liners
9.1.3. Bottles
9.1.4. Films
9.1.5. Thermoformed items
9.1.6. Trays
9.1.7. Tape Backing
9.1.8. Automotive ancillaries
9.1.9. Flexible Printed Circuits
9.1.10. Sun visors
9.1.11. Others
10. Bio-Pet Film Market - By End Use
10.1. Overview
10.1.1. Segment Share Analysis, By End Use, 2022&2030 (%)
10.1.2. Electronics
10.1.3. Packaging Industry
10.1.4. Printing
10.1.5. Rigid
10.1.6. Automotive
10.1.7. Flexible
10.1.8. Others
11. Bio-Pet Film Market- By Geography
11.1. Introduction
11.1.1. Segment Share Analysis, By Geography, 2022&2030 (%)
11.2. North America
11.2.1. Overview
11.2.2. Bio-Pet Film Key Manufacturers in North America
11.2.3. North America Market Size and Forecast, By Country, 2018 - 2030 (US$ Million)
11.2.4. North America Market Size and Forecast, By Type, 2018 - 2030 (US$ Million)
11.2.5. North America Market Size and Forecast, By Raw Material, 2018 - 2030 (US$ Million)
11.2.6. North America Market Size and Forecast, By Application, 2018 - 2030 (US$ Million)
11.2.7. North America Market Size and Forecast, By End Use, 2018 - 2030 (US$ Million)