Bio PET Film Market - Forecasts from 2024 to 2029

The bio pet film market is estimated to grow at a CAGR of 19.97% during the forecast period.

The growing sustainability and environmental concerns among individuals all around the world are driving up market demand. The growing public awareness of environmental concerns, notably plastic pollution and climate change has increased demand for environmentally acceptable alternatives to standard plastics. Bio-PET films are used in a variety of industries, including packaging, labels and decals, solar panels, electrical insulation, tape backing, graphic arts, laminates, photographic films, screen protectors, flexible electronics, and decorative films. PET films are widely utilized in label and decal applications. The growing usage of labels and decals for product branding and identification, information and compliance, and anti-counterfeiting measures are likely to boost the bio-PET films market. The rise of e-commerce has raised the need for shipping and packing labels and decals, which is projected to drive market demand.

Introduction:

Polyethylene terephthalate, or bio-PET, is a polyester film that serves as PET's substitute. It may be used in a variety of settings, including car interiors, packaging, wrapping sheets, and electrical insulation. Thirty percent of the ingredients are plant-derived, while the remaining portion is made from sustainable resources. When compared to traditional PET packaging, bio-PET offers packaging that is both transparent and more affordable. In addition to providing high tensile strength, dimensional stability, scent barrier, electrical insulation, and environmental protection, it is less expensive than petroleum-derived alternatives. The market for bio-PET film is expected to be driven by the trend toward bioplastics, governmental regulations, and the growing use of bio-PET film in packaging, cosmetics, pharmaceuticals, and other industries.

Drivers:

• The use of bio-based materials in the food industry is anticipated to drive demand for the bio-PET film market:Demand is projected to be driven by the expanding number of health benefits given by bio-PET films in the food packaging business. As part of their sustainability ambitions, several businesses are lowering the environmental effect of packaging. With sustainability at the forefront of company objectives, bio-PET film is the ideal alternative. Technological breakthroughs, such as improved production processes and cost-effectiveness, can be ascribed to a higher acceptance rate of bio-PET film in the packaging business.
• The growing trend of environmentally sustained products is a major factor driving the market growth:Over the anticipated period, the market is likely to be driven by an increasing emphasis on eco-friendly plastics. Globally, there is a growing demand for low-carbon-emission products, as well as an increase in the use of bio-friendly products. Governments throughout the world have launched programs to reduce the use of non-biodegradable plastic to promote sustainability across industries.
• The rising demand and utilization from various industries are likely to fuel market expansion:Bio-based polyethylene terephthalate is widely used in the packaging of food, cosmetics, pharmaceuticals, soft drinks, alcoholic beverages, and edible oils because of its lightweight and recyclable properties. It's also utilized to make automobile interiors, bottles, building materials, packaged items, and electronics. The growing use of bio-based polyethylene terephthalate in different end-use sectors is predicted to accelerate the growth rate of the bio-based polyethylene terephthalate (PET) market. Furthermore, an increase in consumer desire for the usage of green packaging is expected to drive market expansion.
• Government regulation across the world is a major market driver:Through a variety of regulatory compliances, the government has aggressively promoted bio-based products and environmentally friendly packaging solutions around the world. The market for bio-PET film is expanding because of laws and activities to reduce plastic waste and promote the circular economy. Germany is leading the way in research and development to improve the characteristics and performance of bio-PET films. Growing consumer awareness of the environmental effect of standard plastics is fueling the desire for bio-based alternatives.

Products offered by key companies:

• PLANTIC™, KURARAY CO. LTD.:PLANTIC is a bio-derived gas barrier material developed via joint research in Australia between industry and academics. PLANTIC has received attention for its high biomass content since its commercialization in 2003, and it has been accepted as an ecologically friendly material by major merchants and food producers. This has excellent formability and is ideal for container and tray packaging, blister packaging, and vacuum deep-drawing packaging.
• Bio-Flex®, FKuR:Bio-Flex® is a product family of biodegradable and certified compostable polymers made from renewable basic ingredients. Bio-Flex® bioplastics are utilized primarily in flexible film applications such as agricultural, home, and hygiene films, but they are also employed in injection molded items and thermoformed articles.
• Bio-PET Sheets, Saipet Samartha Private Limited:Sai Pet Samartha excels at producing Bio-PET sheets, which are important in the creation of a variety of environmentally beneficial bioproducts. These PET sheets are created from plant-based renewable materials.

The prominent growth in the laminating film sector under the film type segment

Based on kind, the laminating film sector is expected to emerge as the market leader with the highest revenue share, because of its exceptional optical qualities, which provide great transparency and clarity, Bio-PET films are widely utilized for laminating applications. This makes them suitable for laminating applications where the underlying material's visibility and look are critical, such as laminated cards, pictures, and papers. Furthermore, bio-PET films shrink slowly, allowing them to retain their original size and form even when subjected to heat or moisture. Dimensional stability is essential in laminating to avoid warping or distortion of laminated goods. Moreover, these films are sturdy and long-lasting, resistant to chemicals and temperature changes, and eco-friendly and hence are widely utilized.

The Asia Pacific region is expected to hold a significant share of the bio-PET film market:

Geographically, Asia Pacific is expected to have a major market share and is poised to expand significantly over the forecast period. The bio-PET film industry is being pushed by a trend toward ecologically acceptable alternatives to conventional PET. The growth in bio-based plastic manufacturing by key nations such as China and India is expected to drive the market, owing to the boom in the beverage, automobile, textile, and electronics industries. China is one of the world's leading manufacturers of bioplastics. Increasing demand for plastic packaging, as well as regulatory restrictions on traditional plastics in China, Japan, and India, are likely to fuel market expansion. Furthermore, the demand for packaged food is expanding in Asia-Pacific because of lifestyle changes, rising disposable income, an increasing number of working professionals, and a growing desire for fast food. Consumers choose ready-to-eat goods because they take less time to prepare, are fresh, and come in beautiful and strong packaging, which supports the market's demand.

Key developments:

• In June 2023, Indorama Ventures Public Company Limited (IVL), a prominent global manufacturer of sustainable chemicals, and Carbios declared that they had inked a non-binding Memorandum of Understanding (MOU) to establish a joint venture aimed at establishing the first PET recycling plant in France.
• In December 2022, Toray Industries, Inc. announced the development of polyethylene terephthalate (PET) film with outstanding application and adhesion for water-based and solvent-free coatings, as well as the capacity to reduce solvent-derived carbon dioxide emissions.

Segmentation:

By Film Type

• Lamination Film
• Insulation Film
• Other Films

By Application

• Packaging
• Printing
• Decoration
• Other Applications

By End Use

• Food and Beverage
• Personal Care and Cosmetics
• Pharmaceuticals
• Electrical and Electronics
• Other Industrial

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others