Barrier films are playing a vital role in increasing the shelf life of the product. Bio-polyethylene terephthalate films are gaining traction especially in food packaging market as these films being made from bio based products does not have negative effects on coming in contact with consumable items over a period of time. Bio-polyethylene terephthalate films are manufactured using sugarcane plants and other food waste which reduces its manufacturing cost and makes it attractive for manufacturers in many end user segment. Food packaging is the major end use for bio-polyethylene terephthalate films. These films are commonly used in the format of lids, pouches and other flexible packaging formats. High printability of bio-polyethylene terephthalate films allow manufacturers to communicate with the end user about company and product. Commonly digital and flexographic printing technology is used for printing of these films. Ability of bio-polyethylene terephthalate films to increase the shelf life of the packed product is attracting manufacturers across the domains for the use of bio-polyethylene terephthalate films.
Bio-Polyethylene Terephthalate for Packaging Market: Market Dynamics
The demand for flexible packaging is increasing rapidly and world flexible packaging market is estimated to be US$ 238 Bn and is expected to grow at a CAGR of over 5.5 % during the forecast period. Use of flexible packaging reduces the carbon foot print of the company as it requires less input of raw material in comparison to the rational grid and offers an amicable format for supplying of goods at a by reducing the weight of the packaging. On the backdrop of technological advantages over traditional rigid packaging in providing barrier against the moisture and oxygen the use of bio-polyethylene terephthalate films is increasing. Apart from the resistance against moisture and oxygen use of bio-polyethylene terephthalate also enable manufacturers to reduce their carbon footprint by reducing the dependency of on fossil fuels. Bio-polyethylene terephthalate films are competent against plastic based films in mechanical properties, barrier properties, saleability, process ability and optical performance. The use of high renewable content for manufacturing of bio-polyethylene terephthalate films is the key driver for bio-polyethylene terephthalate film market. Increasing preference of regulatory authorities for bio based products may provide new opportunities for bio-polyethylene terephthalate film manufacturers across the globe. Increasing consumer inclination towards the bio based products is another factor supporting the growth in bio-polyethylene terephthalate films market. However, for increasing the use of bio-polyethylene terephthalate film at a larger scale needs the implementation of strong supply chain network across the globe to overcome the attractiveness of petroleum based resins.
Bio-Polyethylene Terephthalate for Packaging Market - Regional Outlook:
Regionally global bio-polyethylene terephthalate for packaging market is segmented into
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia-Pacific excluding Japan (APEJ)
- Middle East & Africa (MEA)
Being the world’s production hub, APEJ region is expected to dominate the world global bio-polyethylene terephthalate film market. North America is expected to follow the APEJ region in bio-polyethylene terephthalate film market as the region accounts for the world’s highest imports and second largest exports of goods. Bio-polyethylene terephthalate film market is expected to expand at a moderate pace in Western and Eastern Europe due to the lifestyle of the consumers in the region. Latin America and MEA region are expected to be the small but rapidly growing regions for bio-polyethylene terephthalate film market. Japan is expected to contribute a significant share in bio-polyethylene terephthalate films market.
Bio-Polyethylene Terephthalate for Packaging Market - Key Players:
Some major players of the bio-polyethylene terephthalate film for packaging market are SCG Chemicals Co., Ltd., TEIJIN LIMITED., TORAY INDUSTRIES, INC., M&G Chemicals, oyota Tsusho,
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Bio-Polyethylene Terephthalate for Packaging Market: Market Segmentation
Bio-polyethylene terephthalate for packaging market is segmented by packaging format type, and by end use industry
Based on the packaging format type, bio-polyethylene terephthalate for packaging market is segmented into:
Based on the end use industry, bio-polyethylene terephthalate for packaging market is segmented into:
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