The bio PET film market is projected to generate USD 143.2 million in 2024. Bio PET film market revenue is predicted to reach USD 231.0 million by 2034. A CAGR of 4.9% is expected for the bio PET film market during the forecast period.
| Attributes | Key Insights |
|---|---|
| Bio PET Film Market Value in 2024 | USD 143.2 million |
| Projected Industry Value in 2034 | USD 231.0 million |
| Value-based CAGR from 2024 to 2034 | 4.9% |
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
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Bio PET films were worth USD 138.2 million in 2023. The market showed a growth rate of 2% from 2019 to 2023. An eco-friendlier society may become a reality if advances in bioplastic recycling technologies can be used to produce bioplastics successfully. In addition to reducing waste and promoting resource reuse, developing effective recycling processes can increase the efficiency of bio PET films.
Bio PET production could be improved through innovations in manufacturing processes. A new catalyst, enzyme, or fermentation technique might be developed in order to improve bio PET's conversion from raw materials. Bio PET films can be made biodegradable more quickly and with minimal environmental impact by enhancing their biodegradability. A microbial agent or other additive that accelerates decomposition could be incorporated.
According to Plastic Europe, polyethylene terephthalate (PET) plastics accounted for 6.2% of plastics produced worldwide in 2021. A total of 6.3 billion tons of plastic waste were generated between 1950 and 2015. Approximately 9% of this waste has been recycled, 12% has been burned, and the remaining 79% has been disposed of in landfills or released into the environment directly. In recent years, anthropogenic plastic waste discharged from land-based sources has contributed significantly to ocean pollution.
| Attributes | Details |
|---|---|
| HCAGR from 2019 to 2023 | 2% |
| FCAGR from 2024 to 2034 | 4.9% |
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.
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.
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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.
Forecast CAGRs of 2024 to 2034
| Attributes | Details |
|---|---|
| United States | 3.4% |
| Germany | 2.8% |
| China | 6.1% |
| Japan | 3.7% |
| United Kingdom | 4.5% |
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.
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.
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.
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.
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.
According to market forecasts, the packaging segment will dominate with a 46.7% share over the forecast period. The food and beverage industries is projected to hold a market share of 35.6%.
| Attributes | Details |
|---|---|
| Packaging Market Share in 2024 | 46.7% |
| Food and Beverage Market Share in 2024 | 35.6% |
The packaging segment is expected to dominate the market. The market share of packaging is expected to acquire a 46.7% market share in 2024. The rising number of food industries is expected to drive demand for bio PET films. Future demand for sustainable packaging will increase as consumers become more aware of its benefits.
A growing number of health benefits offered by bio PET films in the food packaging industry is expected to drive demand. Many companies are reducing the environmental impact of packaging as part of their sustainability goals. Bio PET film is an ideal solution with sustainability at the forefront of corporate objectives. A higher adoption rate of bio PET film in the packaging industry can be attributed to technological advances, such as production process improvements and cost-effectiveness.
Based on the end use, the food and beverages segment will dominate the market. A market share of 35.6% is expected to be achieved by 2024 for the food and beverage sector. As a sustainable packaging solution, bio PET film is gaining popularity in the food and beverage sector.
Bio PET films are ideal for packaging food and beverages. Besides extending shelf life and maintaining product freshness, they are also barrier properties that prevent contamination from outside influences like moisture and oxygen.
Consumers are looking for sustainable and eco-friendly packaging options, so bio PET films are a good fit. These films made from renewable resources reduce plastic waste and carbon footprint. Bio PET films are increasingly being used in food and beverage packaging. Consumer expectations and environmental regulations are driving companies to embrace sustainable packaging solutions.
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.
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | USD 143.2 million |
| Projected Market Valuation in 2034 | USD 231.0 million |
| Value-based CAGR 2024 to 2034 | 4.9% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD million |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Market Segments Covered | Film Type, Application, End Use, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Polyplex; TORAY INDUSTRIES, INC; KURARAY CO. LTD.; MG Chemicals; PLASTIPAK HOLDINGS INC.; Danone; Toyota Tsusho Corporation; Indorama Ventures Public Company Limited.; SABIC; TEIJIN LIMITED; Biokunststofftool; The CocaCola Company; FKuR; Saipet Samartha Private Limited; Iwatani Corporation |
The bio PET film market is expected to be valued at USD 143.2 million in 2024.
The bio PET film market is projected to increase at 4.9% CAGR from 2024 to 2034.
The bio PET film market is predicted to reach USD 231.0 million by 2034.
Packaging applications are expected to generate high demand for bio PET films, yielding a 46.7% market share in 2024.
Food and beverage applications are expected to account for 35.6% of all bio PET film end use, making it a significant contributor to market expansion.
| Market CAGR (From 2023 to 2033) | 5.5% |
|---|---|
| Market Size (2023) | USD 7.14 billion |
| Market Size (2033) | USD 12.31 billion |
| Market Estimated Size (2023) | USD 81.2 billion |
|---|---|
| Market Forecasted Size (2033) | USD 130.4 billion |
| Market CAGR (2023 to 2033) | 4.9% |
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