NEW YORK, United States, May 12, 2022 (GLOBE NEWSWIRE) – Biaxial polyethylene terephthalate (BOPET) films market summary:
According to a comprehensive research report by Market Research Future (MRFR), “Biaxial polyethylene terephthalate film market Information by Product, End User, and Region – Forecast to 2028It is estimated that the market will grow at a compound annual growth rate of 6.8% to reach US$24.8 billion by 2028.
Biaxially oriented polyethylene terephthalate (BOPET) films are important polyester films available in thin plastic sheets, which can be mechanically and manually expanded in cross dimensions. BOPET films help protect items from harm during transportation and wet weather.
Biaxially oriented polyethylene terephthalate films are in high demand in many end-use industries. Moreover, the ever increasing demand for these films in the food and beverage industry across the globe will translate into significant growth in the market in the coming years.
Market Competitive Analysis:
The prominent players in the Biaxially Oriented Polyethylene Terephthalate Film Market are:
- Polyplex (India)
- Jindal Poly Films Ltd. (India)
- Jarware Polyester Limited (India)
- Mitsubishi Polyester Film Inc. (United State)
- Tervin (USA)
- Sumilon Industries Ltd. (India)
- Fatra, AS (Czech Republic)
- Jiangsu Xinjie Polytech Co., Ltd. (China)
- Fuyi Film (Holding) Co., Ltd. (China)
- Bolinas (Turkey)
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USP Market Covered
The easy and high availability of key raw materials worldwide has largely suited the biaxially oriented polyethylene terephthalate film market. These types of films find extensive use in the pharmaceutical and cosmetic packaging sectors. These industries are showing strong product growth indicators, in light of the increasing purchasing power of consumers and their focus on personal wellbeing.
With the growing preference for environmentally friendly products, the biaxially oriented polyethylene terephthalate film market is expected to witness robust growth in the next two years. From food to clothing, these films are used in almost every sector. The strong demand for the product is supported by the waste-reducing property of BOPET films, which help conserve natural resources and make healthy contributions to the environment.
The inaccessibility of various packaging technologies due to the high costs of raw materials makes sellers rely on outdated packaging. This may have a negative impact on the environment and the economy. Moreover, the significant costs of skilled labor can pose a major challenge to the global market.
Browse In-Depth Market Research Report (100 Pages) about Biaxially Polyethylene Terephthalate (BOPET) Films: https://www.marketresearchfuture.com/reports/biaxially-oriented-polyethylene-terephthalate-bopet-films-market-10737
The COVID-19 outbreak has been unfavorable to the majority of sectors across the world, resulting in a number of public health measures, disrupting supply chains for manufacturers. The spread of the pandemic has led to the closure of various operational facilities around the world.
However, companies active in the market attempt to protect the well-being and health of their employees while supporting the government’s objectives regarding maintaining vital business activities in food production, healthcare and energy generation. Low cash flow was another major concern, with most customers defaulting on payments or unable to purchase, while inventory was canceled due to supply chain disruptions. On the bright side, with BOPET films being widely used in packaging a variety of e-commerce orders, which are in constant demand, it could lead to strong market demand in the coming years.
Biaxially oriented polyethylene terephthalate (BOPET) films market, by product, caters for pouches, pouches, bags, wrappers, and more. The bags segment has taken the first place in the world market, due to the fact that it is stackable, lightweight, and has an impressive barrier and tensile resistance properties. These bags are widely used for packing grains, pulses, dairy products, grass seeds, beverages, animal feed, fertilizer and pet food, thus strengthening the position of this segment in the market.
Biaxially oriented polyethylene terephthalate (BOPET) films have been considered, depending on the end user, for cosmetics and personal care, electrical and electronics, pharmaceuticals, food and beverages, automobiles, and others. Among these, the Food and Beverage segment has been the top end-use industry in the market since 2020. This segment accounts for the largest share in the market and could witness massive growth in the following years. On the other hand, the pharmaceutical segment is likely to achieve the fastest compound annual growth rate between 2020 and 2027. The huge demand for biodegradable materials for pharmaceutical packaging could boost the growth rate of BOPET films market in the future.
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Biaxial polyethylene terephthalate (BOPET) films market Regional Analysis
North America has taken the lead in the global market for BOPET films and is likely to continue to thrive throughout the analysis period. The explosive growth of business in the region is in response to the rapid emergence of sustainable and consumer-friendly packaging solutions. Positive aspects such as an increase in the number of employees, hectic lifestyles, and the evolution of eating habits have led to an increased demand for BOPET packaging films in the region. The presence of the booming pharmaceutical sector in the US which is generating a huge demand for biaxially oriented PET films was also a positive thing. In addition, since the United States owns more than half of the region’s packaged food industry, the country has established itself as the market leader in the region.
Europe is another great market for BOPET films, due to the huge demand generated by major end users such as pharmaceuticals and pharmaceuticals. The personal care and cosmetic industries have emerged as one of the leading end users of BOPET films in the region, which has given a significant impetus to the growth of the market.
The Asia Pacific region will register the fastest growth in the future, as a result of the rapid expansion of sectors such as pharmaceuticals, cosmetics and foodstuffs. This growth comes as a result of the rising standard of living of consumers and the increase in purchasing power. The booming working population across India and China combined with the huge demand for packaged food among consumers also adds to the market value. The booming e-commerce sector in India and the resulting rise in the demand for premium quality tapes for product packaging will be key drivers of growth in the market.
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