BOPET Market Size, Share, Growth, and Industry Analysis, By Type (Universal Film, Electrical Insulating Film, Capacitor Film, Laminating Film), By Application (Packaging, Industrial & Specialties, Electrical, Imaging and Others), and Regional Forecast By 2031

Updated On: 29 April 2024

BOPET Market Report Overview

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The global BOPET market size was USD 18200 million in 2022, as per our research, the market is expected to reach USD 41874.83 million by 2031, exhibiting a CAGR of 9.7% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the BOPET market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

BOPET stands for Biaxially Oriented Polyethylene Terephthalate. It is a polyester film that is produced through a process called biaxial orientation. Biaxial orientation involves stretching the film in both the machine direction (MD) and transverse direction (TD), resulting in a film with improved mechanical and barrier properties.

They are extensively used in the packaging industry for flexible packaging applications such as pouches, sachets, labels, wraps, and laminates. They provide product protection, extend shelf life, and offer enhanced visual appeal. They are used for insulation purposes in electrical applications such as cables, capacitors, transformers, and printed circuit boards. They offer electrical insulation, mechanical strength, and temperature resistance.

"COVID-19 Impact: Pandemic Decreased the Market Demand"

The COVID-19 pandemic has had a significant impact on the BOPET market share. The global lockdowns, travel restrictions, and closure of manufacturing facilities in many countries disrupted supply chains, including their production and distribution. This led to challenges in raw material availability and logistics, impacting the overall production and delivery of BOPET films. The pandemic had varying effects on the demand for BOPET films across different industries. While the food and beverage industry experienced increased demand for packaged food and beverages, other sectors such as automotive, electronics, and retail faced significant disruptions. Reduced consumer spending and temporary closures of manufacturing facilities led to a decline in demand for them in some sectors. The pandemic-induced disruptions in the supply chain and market conditions resulted in their price fluctuations. The volatility in raw material costs, transportation, and logistics had an impact on their pricing, affecting profit margins for manufacturers and suppliers.

Latest Trends

"Light weighting and down gauging is expected to fuel the growth in the market"

The trend of light weighting and down gauging in the BOPET market involves the development of thinner films with optimized performance characteristics. Manufacturers are focused on reducing the thickness of BOPET films while maintaining or enhancing their strength, barrier properties, and other functional attributes. This trend is driven by the desire to minimize packaging material usage and reduce environmental impact. By employing advanced production techniques and material formulations, thinner BOPET films can achieve similar or even superior performance compared to thicker films. These lightweight films offer several advantages, including cost savings, improved sustainability, and reduced transportation costs. Thinner films require fewer raw materials, resulting in lower energy consumption during production and reduced waste generation. Furthermore, lightweight BOPET films contribute to the overall reduction of packaging weight, which is crucial in industries such as food and beverages, where lightweight packaging can lead to significant cost savings in terms of transportation and logistics. The trend towards light weighting and down gauging reflects the industry's commitment to resource optimization, waste reduction, and sustainable packaging solutions.

BOPET Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into universal film, electrical insulating film, capacitor film, laminating film.

• By Application Analysis

Based on age, the market can be divided into Packaging, Industrial & Specialties, Electrical, Imaging and Others.

Driving Factors 

"The increasing demand for flexible packaging to foster the market growth"

The demand for flexible packaging is driven by several factors. Firstly, changing consumer lifestyles and preferences, such as the rise in on-the-go consumption and convenience-oriented products, have led to increased demand for flexible packaging solutions. Secondly, flexible packaging offers benefits like lightweight, portability, and easy storage, making it popular for various applications. Additionally, flexible packaging helps in extending the shelf life of products, reducing food waste, and providing excellent printability for attractive branding and marketing. The growing e-commerce sector and the need for protective packaging during shipping also contribute to the increased demand for such flexible packaging materials.

"Growth in end-use industries to result in the expansion of the market"

The growth of end-use industries such as food and beverages, pharmaceuticals, personal care, electronics, and automotive drives the demand for them in the food and beverages sector, they are extensively used for packaging products like snacks, confectionery, dairy, and beverages due to their excellent barrier properties and ability to maintain product freshness. In the pharmaceutical industry, they are utilized for blister packaging, medicine pouches, and sachets to ensure product integrity and protection. The personal care industry employs BOPET films for packaging cosmetics, toiletries, and hygiene products. In the electronics and automotive sectors, they are used for insulation, displays, labels, and protective applications due to their high dielectric strength, dimensional stability, and resistance to temperature and moisture.  

Restraining Factors

"Environmental concerns and regulations to hamper the market growth"

While BOPET films offer several advantages, there is increasing scrutiny and concern regarding their environmental impact. The plastic waste problem and the need for more sustainable packaging solutions have led to stricter regulations and initiatives to reduce plastic usage. Compliance with these regulations, such as recycling targets and restrictions on single-use plastics, may require additional investments and adjustments in their production and disposal processes.

BOPET Market Regional Insights

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"Asia Pacific to lead the market owing to the rising demand for BOPET films in various sector." 

The Asia Pacific region has shown the highest BOPET market growth. This is due to the rising demand for BOPET films in the packaging, electrical & electronics, and industrial sectors. The region is also home to some of the leading BOPET film manufacturers, such as DuPont Teijin Films, Mitsubishi Polyester Film, and Toyobo.

Key Industry Players

"Key players are employing advanced technologies in order to stimulate further growth of the market. "

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Market Players Profiled

• Toray - Tokyo, Japan
• SKC Films - Seoul, South Korea
• DuPont - Wilmington, Delaware, United States
• Mitsubishi - Tokyo, Japan
• Polyplex - Noida, India
• Kolon - Seoul, South Korea
• Jindal - New Delhi, India
• JBF - Mumbai, India
• SRF - Gurgaon, India
• Terphane - São Paulo, Brazil
• Uflex - Noida, India
• PT Trias Sentosa - Jakarta, Indonesia
• Polinas - Istanbul, Turkey
• Coveme - Monte Marenzo, Italy
• Jiangsu Shuangxing - Yixing, China
• Jiangsu Xingye - Yixing, China
• Kanghui Petrochemical - Suzhou, China
• Ouya (Cifu) - Xiantao, China
• Billion Industrial Holdings - Hong Kong, China
• Ningbo Jinyuan - Ningbo, China
• Shaoxing Weiming - Shaoxing, China
• Shaoxing Xiangyu - Shaoxing, China
• DDN - Incheon, South Korea
• Jianyuanchun - Tianjin, China
• Fuweifilm - Foshan, China
• Qiangmeng Industry - Changzhou, China
• Jiangsu Yuxing - Jiangsu, China

Report Coverage

This report examines an understanding of the BOPET market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.