In 2024, the bio PET film market is projected to generate $143.2 million in revenue. By 2034, the bio PET film market is anticipated to produce $231.0 million in revenue. Throughout the projected period, the bio PET film market is anticipated to expand at a 4.9% CAGR.
Bio PET Film Industry Trends and Highlights
Beyond the usual packaging uses, bio PET films are becoming more and more popular. Applications for bio PET films can be found in the automotive, electronics, textile, and consumer goods industries. Together with its wide range of uses, bio PET film is expanding quickly.
Key Bio PET Film Industry Trends
Companies are increasingly using bio-based products, such as bio PET films, to satisfy environmental goals and lessen their environmental effect. Biodegradable plastics are gaining popularity among consumers, and regulators are also pushing them.
As more people seek environmentally friendly packaging options, bio PET films are becoming increasingly popular. Bio PET films can help minimize plastic waste and carbon footprints in a variety of industries, including food, drinks, and personal care goods.
Bio PET films are constantly being investigated and developed to enhance functionality and performance. As processing techniques, barrier characteristics, and mechanical strength improve, bio PET films become more functional and adaptable.
Businesses are investing in expanding their production capacity to fulfill the growing demand for bio PET films. This investment is intended to increase demand for bio PET film while also ensuring a steady supply of this material.
Bio PET Film Industry Drivers
Many industries are replacing PET bottles with plant-based polymers, which is fuelling demand for bio PET films. Unlike fossil fuel-derived PET films, bio PET films are made from renewable resources such as sugarcane and corn. The increased desire for sustainability and a lower carbon footprint is driving the emergence of bio PET films. Governments and regulatory agencies are enacting policies and rules to minimize the use of fossil fuels and promote bio-based alternatives.
Several government and private-sector groups are launching campaigns to promote the use of bio PET films. Bio PET films are in great demand due to consumer awareness and preference for environmentally friendly alternatives. Eco-friendly packaging is gaining popularity across industries as a way to meet customer demands while decreasing environmental effect.
PET films have been used in a variety of applications other than packaging, including polyester yarn, sensor development, waterproof paper, glitter, PET preforms and cleaning cloths. Bioplastics, including bio PET films, are predicted to increase dramatically in the next years. As the production of bio-based polymers grows, so will the market for bio PET films.
Bio PET Film Industry Restraints
COVID-19 has had a substantial impact on several industries, including packaging and bioplastics. Demand for bioplastic food packaging was impacted by pandemic restrictions, changes in consumer preferences, and a drop in demand. While bio-based and biodegradable materials have long-term benefits, Bio PET confronts competition. Polyethylene Furanoate (PEF), a novel polymer with a low melting point, has the potential to disrupt the Bio PET film business.
Compared to normal PET films, bio PET films may have numerous technical restrictions that contribute to their limits. Thermal stability can be low, barrier properties can be compromised, and it can be difficult to achieve the same performance. In addition to regulatory regimes and policies governing bioplastics and packaging materials, bioplastics’ expansion can have an impact on the Bio PET film sector. Regulating and adhering to norms and regulations can be difficult, and continuous adjustments are necessary.
Even though Bio PET films are recyclable, recycling infrastructure has a considerable impact on their growth. Adequate collection and recycling methods are required to efficiently recycle Bio PET films. Bio PET films are more expensive to make than ordinary PET films. Cost differences may make it difficult for price-sensitive markets to adopt emerging technology.
Country-wise Insights
The top five revenue-generating countries are listed in the table below, with China and the United Kingdom leading the pack. Bio PET films are expected to gain popularity as a result of novel material research and development. These two countries are predicted to enhance their bio PET film sales by 2034.
Rising Adoption of Sustainable PET Films in the United States Will Drive Demand for Bio PET Film
Bio PET films are gaining popularity in the United States. The market is expected to grow at a 3.4% CAGR between now and 2034. As environmental concerns and sustainability issues gain traction in the United States, bio PET films are in demand. Bio-based materials are being used as replacements to regular polymers, such as bio PET films.
The US government has made substantial expenditures in bio-based materials. Incentives and laws to reduce plastic waste and promote sustainable packaging are propelling the bio PET film industry forward. Bio PET films are now being investigated and developed to increase 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.
These insights are based on a report by Ismail Sutaria Bio PET Film Market by Future Market Insights.