BOPET Packaging Films Market Expected to Behold a CAGR of 5.0% during 2019-2029
Posted: Jun 15, 2019
Future Market Insights delivers vital insights on the BOPET packaging films market, in its published report titled, 'BOPET Packaging Films Market: Global Industry Analysis 2014-2018 and Opportunity Assessment 2019-2029'. In terms of revenue, the global BOPET packaging films market is projected to expand at a CAGR over 5% during the forecast period, owing to numerous factors, regarding which, FMI offers thorough insights and forecasts in this report.
The global BOPET packaging films market has been segmented 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.
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BOPET Films Gaining Ground in High-quality Graphic Packaging Applications
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. BOPET packaging films cater to a wide range of applications. These films can be used for manufacturing bags & pouches, wraps, laminates, labels & tapes. Food remains the most prominent end-use industry for BOPET packaging films. Packaging of fresh produce, meat, confectionery, and dairy products all use BOPET packaging films. BOPET packaging films remain stable through printing and laminating processes. This makes them desirable for high-quality graphic packaging applications.
Competition in Asia’s BOPET Films Market Pacing
Geographically, East Asia holds more than one-fourth of the global BOPET packaging films market and is expected to maintain its prominence in the global market. China is one of the leading producers & consumers of BOPET packaging films and accounts for more than one fifth of the global market. Among the South Asian countries, India has emerged as one of the key markets for BOPET packaging films. 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. Owing to the presence of several organized & unorganized players, the Asian BOPET packaging films market has emerged as a highly competitive market and is expected to expand at a substantial rate during the forecast period.
Despite being a matured market, Europe represents a significant incremental opportunity for the BOPET packaging films market. This can be attributed to the growing demand for packaged & processed food in the region. Excellent sealing properties and heat resistance, make BOPET packaging films a preferred choice for manufacturing labels & tapes. Moreover, 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 and incremental opportunity both, in the European market. BOPET packaging films are expected to benefit the most from the demand generated by food, tobacco, and labels industry.
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. The demand for BOPET packaging films has witnessed significant growth across the globe, including the North America region. Moreover, of all kinds of biaxially-oriented films, BOPET packaging 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. Aforementioned properties have aided BOPET packaging films in gaining ground in the North America market.
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Key market players that have been profiled in the report on the BOPET packaging films market include Jindal Poly Films Limited, Uflex Ltd., Toray Plastics (America). Inc., SRF Limited, Mitsubishi Polyester Film, Inc., Futamura Chemical Co. Ltd., RETAL Industries Ltd., Fatra A.S, DuPont Teijin Films U.S. Limited, Polyplex Corporation Ltd., Ester Industries Limited, Garware Polyester Limited, Chiripal Poly Films Ltd., Oben Holding Group S.A.C., Polinas Plastik Sanayi ve Ticaret A.S., Terphane LLC, Sumilon Polyester Ltd., and JBF RAK LLC, FILMtech, Inc., Fuwei Films (shan dong) Co., Ltd., among others. Several unorganized and regional market players are expected to contribute to the global BOPET packaging films market during 2019-2029.
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