Report Overview
-
Request a Free Sample to learn more about this report
The global Film Grade PET Chips Market size was USD 955.7 million in 2022. As per our research, the market is expected to reach USD 1338.9 million by 2028, exhibiting a CAGR of 5.8% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with Film Grade PET Chips 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.
Film Grade PET Chips is a chemical compound with high reactivity that is used in many industrial processes, such as the production of plastics, coatings, and adhesives. It is composed of a nitrogen atom joined to a carbon atom. Film Grade PET Chips can be dangerous and cause serious skin and respiratory irritation if inhaled. When handling Film Grade PET Chips, it is crucial to take safety precautions. They are predominantly used in the pharmaceutical industry, but they are also used in many other end-use industries. Due to their usage of bio-based materials and high level of environmental friendliness, they are currently quite fashionable and popular.
Greater than the entire demand was the single-component coating application category. The substance is utilized as a raw material in the manufacture of single-component coatings, which are frequently employed to improve the resistance to abrasion and corrosion of different industrial equipment and machinery components. Single-component coatings need less upkeep than multi-component coatings because they don't have any layers. But compared to their equivalents in the automotive industry, these coatings have a higher beginning price. Adhesives, sealants, and industrial products like lubricants and fluids for metalworking are some further applications. These elements have increased revenue systems for Film Grade PET Chips market share.
COVID-19 Impact: Pandemic to Affect the Film Grade PET Chips Market Growth
Due to government-imposed lockdowns, travel restrictions, and business closures, the COVID-19 has significantly impacted the economies and sectors of many different countries. One of the main industries dealing with serious disruptions as a result of supply chain failures, sluggish technological advancements, and job losses is the chemical and materials industry. The global supply chain has been strained by the closure of numerous factories and industries in North America, Europe, Asia Pacific, South America, the Middle East, and Africa. These closures have had an impact on product sales, delivery timetables, and manufacturing procedures. Additionally, a number of companies have already forecasted severe delays in the delivery of their products as well as a decline in future revenues.
Latest Trends
"Innovations to Drive the Film Grade PET Chips Market Growth"
Forecasts predict that the industry will benefit greatly from increasing R&D spending and cutting-edge manufacturing techniques. However, it is anticipated that these nanofibers will be used much less frequently than they are in ordinary N95 masks, which will significantly impede market expansion. Its greater mechanical strength is good news for businesses in high-value sectors like fuel cells, solar energy, aerospace, and the automobile and defense industries. It is anticipated that the development of a wide range of goods using composite nanoscale fibers will promote industry innovation and increase the sector's market penetration in the textile and automotive industries.
Segmentation
-
Request a Free Sample to learn more about this report
- By Type Analysis
According to type, the market can be segmented into Water-based Blocked Isocyanate and Solvent-based Blocked Isocyanate amongst which the Water-based Blocked Isocyanate is the leading segment.
- By Application Analysis
Based on application, the market can be divided into Single-Component Coating, Adhesive, and Others amongst which the Single-Component Coating is the leading segment.
Driving Factors
"Automotive Sector to Augment the Film Grade PET Chips Market Growth"
It is anticipated that low raw material costs and rising demand from the automotive and aerospace industries will restrain market growth overall. High surface-to-volume ratio, minimal pressure drop, better void interconnectivity, and variable connectivity and morphology are all features of electrospun fabrics. Blocking filter material, which is sold as Film Grade PET Chips, filters extremely well. These elements explain why high-efficiency particulate air filters use Film Grade PET Chips. In industrial settings, particle pollutants are kept to a minimum in order to maintain a certain environment, such as a clean room, using Film Grade PET Chips. In most nations, filters are governed by strict legal regulations.
"Water Treatment Industry to Proliferate the Film Grade PET Chips Market Growth"
Film Grade PET Chips are also used by the water treatment sector to provide pressure and osmotic membrane operations with a support structure for membranes. Additionally, they are employed in the water treatment procedure known as thermally driven membrane distillation (MD). Due to the expanding water treatment industry in a number of nations, including China, the United States, and Saudi Arabia, the market for film grade PET chips is anticipated to increase.
Restraining Factors
"High Cost of the Market to Hinder the Film Grade PET Chips Market Growth"
Additionally, it is anticipated that the low cost of raw materials and growing demand from the aerospace and automotive industries will restrain market growth. Due to issues including high beginning prices and a lack of technical knowledge of these systems, the market for film grade PET chips is predicted to experience substantial difficulties. Furthermore, the conversion of carbon film grade PET chips from lab scale to plant scale is anticipated to be difficult due to their tiny size and complexity.
Regional Insights
-
Request a Free Sample to learn more about this report
"North America to Dominate the Film Grade PET Chips Market Growth Worldwide"
Due to the growing demand for medical, life science, and pharmaceutical applications as well as the existence of renowned producers in the region, North America now holds a monopoly on the global market for film grade PET chips. Contrarily, Asia-Pacific will continue to have profitable growth during the projection period as a result of rising application and demand from sectors including automotive, electronics, energy, aerospace, healthcare, and defense.
The second-largest regional market in 2016 was in Europe. Due to the significant demand in these nations' nano-safety, medicinal, agricultural, and energy storage industries, the United Kingdom, Germany, Italy, and France rank among the major European markets for polymer film grade PET chips. Over the projected period, Asia Pacific is anticipated to grow at the fastest rate with a fantastic CAGR. The electronics and medical industries' rising usage of film grade PET chips materials is anticipated to promote regional development, which will be supported by ongoing R&D investments.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Toray (Japan)
- SKC Films (U.S.)
- DuPont Teijin Films (U.S.)
- Mitsubishi (Tokyo)
- Polyplex (India)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 955.7 Million in 2022 |
Market Size Value By |
US$ 1338.9 Million by 2028 |
Growth Rate |
CAGR of 5.8% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
-
What value is the Film Grade PET Chips Market expected to touch by 2028?
The global Film Grade PET Chips Market size is expected to reach USD 1338.9 million by 2028.
-
What CAGR is the Film Grade PET Chips Market expected to exhibit by 2028?
The Film Grade PET Chips Market is expected to exhibit a CAGR of 5.8% by 2028.
-
Which are the driving factors of the Film Grade PET Chips market?
The driving factors of the Film Grade PET Chips market are Automotive industry and Water Treatment sector
-
Which are the key players or most dominating companies functioning in the Film Grade PET Chips market?
The dominating companies in the Film Grade PET Chips market are Toray (Japan), SKC Films (U.S.), DuPont Teijin Films (U.S.), Mitsubishi (Tokyo), and Polyplex (India).
