The bio PET film market is projected to generate US$ 143.2 million in 2024. Bio PET film market revenue is predicted to reach US$ 231.0 million by 2034. A CAGR of 4.9% is expected for the bio PET film market during the forecast period.
Bio PET Film Industry Trends and Highlights
Bio PET films are becoming increasingly popular in addition to traditional packaging applications. Bio PET films are used in business sectors like textiles, automotive, consumer goods, and electronics for their specific needs. In addition to the diversification of applications, bio PET film continues to grow at a rapid rate
Key Bio PET Film Industry Trends
The use of bio-based materials, such as bio PET films, is becoming increasingly popular among companies to meet environmental goals and reduce environmental impact. Biodegradable plastics are becoming increasingly popular among consumers, while regulators are also promoting these products.
Growing numbers of consumers are seeking environmentally friendly packaging solutions, and bio PET films are becoming a popular alternative. Bio PET films can reduce plastic waste and carbon footprint in various industries, including food, beverages, and personal care products.
Bio PET films are currently being researched and developed for improved functionality and performance. Bio PET films are becoming more functional and versatile due to advances in processing techniques, barrier properties, and mechanical strength.
Businesses are investing in expanding their production capacities to meet the increased demand for bio PET films. Bio PET film demand is expected to grow with this investment, and a stable supply of this material will be assured.
Bio PET Film Industry Drivers
Bio PET films are on the rise, with many companies replacing PET bottles with plant-based plastics, driving the demand for bio PET films. Unlike fossil fuel-derived PET films, sugarcane and corn are renewable resources used to make bio PET films. A growing demand for sustainability and a reduction in carbon footprint is driving the growth of bio PET films. Governments and regulatory bodies are implementing policies and regulations to reduce the use of fossil fuels and promote bio-based materials.
Governmental and private sector organizations are taking several initiatives to encourage using bio PET films. Bio PET films are in high demand due to consumer awareness and preference for sustainability solutions. Eco-friendly packaging is becoming increasingly popular across various industries to meet consumer demands while reducing environmental impact.
PET films have been applied to a broad range of applications outside of packaging, such as polyester yarn, sensor development, waterproof paper, glitter, PET preforms, and cleaning cloths. Over the next few years, bioplastics, like bio PET films, are expected to grow significantly. As bio-based polymer production increases, the market for bio PET films is expected to continue growing.
Bio PET Film Industry Restraints
A significant impact of COVID-19 has been felt in various industries, including the packaging and bioplastic industries. A pandemic restriction, changes in consumer habits, and a decline in demand affected demand for bioplastic food packaging. While bio-based and biodegradable materials offer sustainable benefits, Bio PET faces competition. A new polymer called Polyethylene Furanoate (PEF) with a low melting point could challenge the market for Bio PET films.
Compared to conventional PET films, bio PET films may have many technical limitations that contribute to their limitations. Thermal stability can be low, barrier properties can be reduced, and it can be hard to get the same performance. In addition to regulatory environments and policies concerning bioplastics and packaging materials, the industry of Bio PET films can also be influenced by the growth of bioplastics. Regulating and adhering to standards and regulations can be challenging, and regular adaptations are required.
Recycling infrastructure can significantly impact the growth of Bio PET films even though they are recyclable. For Bio PET films to be effectively recycled, adequate collection and recycling systems must be in place. Compared to conventional PET films, Bio PET films are more expensive to manufacture. Price-sensitive markets may find it challenging to adopt emerging technologies because of the cost difference.
Country-wise Insights
The following table shows the top five countries by revenue, led by China and the United Kingdom. Research and development of innovative materials are likely to lead to the increasing popularity of bio PET films. These two countries are expected to increase their bio PET film sales through 2034.
Rising Adoption of Sustainable PET Films in the United States Will Drive Demand for Bio PET Film
Bio PET films are experiencing growth in the United States. A CAGR of 3.4% is projected for the market through 2034. As environmental concerns and sustainability issues become more prominent in the United States, bio PET films are in demand. Bio-based materials are being adopted as alternatives to traditional plastics, including bio PET films.
The United States government has made significant investments in bio-based materials. Incentives and policies for reducing plastic waste and promoting sustainable packaging are driving bio PET film market growth. Bio PET films are being researched and developed to improve their performance.
Advancements have been made in processing techniques, mechanical strength, and barrier properties. Bio-based alternatives are becoming increasingly popular as consumers become aware of traditional plastics’ ecological impact. Bio PET film production in the United States is increasing as a result of consumer demand.
Government Policies in Germany to Drive Demand for Bio PET Film Market
Germany has become more interested in bio-based alternatives like bio PET films due to its interest in sustainability and reducing plastic’s environmental impact. Comparing these films to traditional plastics, they provide an environmentally friendly option. Germany is expected to see an increase of 2.8% over the next few years.
The German government has actively promoted bio-based materials and sustainable packaging solutions. Plastic waste reduction policies and initiatives aimed at promoting the circular economy are contributing to the growth of the bio PET film market. Bio PET film properties and performance are being improved by research and development efforts in Germany. Consumer awareness of traditional plastics’ environmental impact drives a growing demand for bio-based alternatives.
Regulations on Plastic Will Drive Demand for Bio PET Film Market in China
China dominated the market and held the largest market share. The market is expected to record a CAGR of 6.1% during the forecast period. China produces the largest amount of bioplastics in the world.
As government regulations on conventional plastics rise and demand for plastic packaging rises, the market is expected to grow. As the sales of and production of automobiles in these countries are expected to surge, the demand for these films on the market will increase.
Food packaging accounts for about 60% of the overall packaging market in China. Interpak estimates that the total packaging for foodstuffs in the packaging category in China will amount to 447 billion units by the end of 2023, showing that packaging industry demand has increased.
Biodegradable Materials will drive the Market for Bio PET Films in Japan
Bio PET films are gaining popularity in Japan. The market is anticipated to register a 3.7% CAGR by 2034. A growing focus on sustainability and eco-friendly packaging solutions drives the demand for bio PET films in Japan.
As companies try to reduce their environmental impact and be more sustainable, bio-based materials like bio PET are becoming more popular. To improve the performance and properties of bio PET films, ongoing research and development efforts are underway. A variety of advances have been made in the fields of mechanical strength, barrier properties, and processing techniques.
Renewable Energy for Bio PET Films Will Gain Significant Demand From United Kingdom
The United Kingdom is expected to drive demand for bio PET films in the coming years. By 2034, the market is expected to expand at a CAGR of 4.5%. Bio PET film production continues to grow as crude oil prices decline and environmentally friendly alternatives become more popular. Traditional plastics, which often pollute and degrade the environment, have drawn the attention of consumers and businesses alike.
Single-use plastics have been reduced, and more environmentally friendly packaging solutions have been adopted in the United Kingdom. Pet films that degrade naturally are becoming a popular alternative for packaging, including food containers. The rising number of food industries in this country is likely to drive demand in the coming years. Increasing demand for recyclable materials and reducing carbon footprint will drive demand in coming years.
Competitive Landscape
Several key players dominate the market. Product launches are carried out worldwide to meet the demands of users and maximize output. Investing significantly in research and development further enhances their market expansion. Mergers and acquisitions, partnerships, and collaborations are some of the strategies used by the key players.
· In June 2023, Indorama Ventures Public Company Limited (IVL), one of the world’s leading producers of sustainable chemicals, and Carbios, announced that they had signed a non-binding Memorandum of Understanding (MOU) for the creation of a joint venture to construct the first PET biorecycling plant in France.
· In August 2023, Polyplex took the lead in fully integrated, more sustainable, greener PET film manufacturing. Further, the company invested in a recycling firm specializing in environmentally friendly film-based waste solutions.
