BOPET packaging films market growing globally at more than 5%
The global packaging films market for biaxially oriented polyester (polyethylene terephthalate) is projected to expand at a CAGR over 5%, according to Future Market Insights (FMI, Valley Cottage, NY) in its report, BOPET Packaging Films Market: Global Industry Analysis 2014-2018 and Opportunity Assessment 2019-2029.The study subdivides the category on the basis of thickness, applications and end-use industries.
The global BOPET packaging films market is expected to expand 1.8x in terms of market volume by the end of 2029.
BOPET packaging films are oriented films 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 and pouches, which represent more than 30% of the market, as well as 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.
Asian competition sets the pace
Geographically, East Asia holds more than one-fourth of the global BOPET packaging films market and is expected to maintain its global prominence in the global market. China is one of the leading producers and consumers of BOPET packaging films, accounting for more than 20% of the global market, though India is showing strong growth. Key players in the Asian market such as Jindal Poly Films, Uflex Ltd., Polyplex Corporation Ltd., and others are expanding their production capacities to keep pace with the global demand.
Despite its maturity, the market in Europe represents a significant incremental opportunity. Packaging converters are incorporating features such as metallization, coatings, and more to enhance the barrier properties of these films. Spain is projected to witness relatively higher growth in the BOPET packaging films market demand, while Germany is expected to retain its lead, in terms of market share andincremental opportunity both, in the European market.
In 2019, the U.S. is anticipated to account for more than 90% of the North America BOPET packaging films market. However, Canada is expected to expand 1.4 times its current value by the end of 2023. All types of biaxially-oriented films promise to offer superior performance at low thickness coupled with high stiffness, good heat-resistance, and a reasonable balance of oxygen and moisture barrier.