Bio- PET Film Market Overview
The
Bio-PET Film market size is estimated to reach USD1.2 billion by 2027 after growing
at a CAGR of around 6.0% from 2022 to 2027. Bio-PET (polyethylene
terephthalate) is a polyester film that is used as a counterpart for PET. It
has various applications in packaging, wrapping films, electronic insulation, and
automotive interiors. It is partially prepared from renewable resources, with
30% plant-derived materials. The bio-PET provides cost-efficiency and transparency
in packaging compared to conventional PET packaging. It is economical than
petroleum-derived sources, offers environment protection, aroma barrier,
dimensional stability, electrical insulation, and high tensile strength. The inclination
towards bioplastics, government policies, and increasing application of bio-PET
film in packaging, cosmetics, pharmaceutical, and others will drive the bio-PET
film market. Thus, the Bio-PET film market is forecast to grow owing to the shift
towards environment-friendly products and applications in various end-use
industries in the forecast period.
COVID-19 Impact
The
COVID-19 pandemic has negatively impacted the bio-PET film market. The halt in
film production was faced by the manufacturers. The bio-PET film is majorly
used in the packaging of food and beverages, cosmetic, medical, and automotive.
The packaging industry is worst hit by the pandemic. The lockdown restrictions that
disturbed the supply chain and halted manufacturing have impacted the bio-based
PET packaging applications. The majority share was held by food and beverage
packaging applications in hotels, retails, and other areas. Moreover, a 16%-40%
decline in food packaging during covid-19 was reported due to lockdown restrictions
in hotels, restaurants, retails, and public space. Thereby, the demand for
bioplastic food packaging was disturbed owing to pandemic restrictions, trend
change, and a fall in demand. The medical industry also saw a halt in the
initial phase of covid-19. A fall of 17% in 2020 was reported compared to the
previous year. According to the World Health Organization
(WHO), the requirement of more than 89 million masks, 1.6 million goggles, and
75 million gloves was estimated. The bio-PET film has application in
face shields, sanitizer bottles, supplement packages, pumps, and others. The
huge gap in demand and supply chain for medical packaging, low healthcare
forces, and halted production of healthcare units impacted the bio-pet film
market for the short term. Thus, the bio-PET industry saw a fall, owing to a negative
covid impact on the demand for bio-PET film products and applications.
Report Coverage
The
bio-PET film market report: “Bio-PET Film Market– Forecast (2022-2027)”
by IndustryARC covers an in-depth analysis of the following segments of the bio-PET
film industry.
By
Type: Laminating
film, Universal Film, Electrical Insulating Film, Capacitor Film, and others
By Raw Material: Sugarcane, Corn, Molasses, and Others
By Application: Films, packaging films, Trays, Sun Visors, Tape
Backing, Automotive Ancillaries, Vehicle Liners, Thermoformed Item, Flexible
Printed Circuits, and Others
By
End-Use Industry: Packaging Industry
(Rigid, Flexible), Automotive Industry (automotive ancillaries, vehicle
interiors, vehicle liners, sun visors, and others), Printing, Electronics (insulating
films, electric components, beading, tubing, and others), and Others
By
Geography: North America (USA, Canada, and Mexico),
Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and
Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and
New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile, and Rest of South America), Middle East
(Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa,
Nigeria, Rest of Africa)
Key Takeaways
- The increasing demand for sustainable and environment-friendly plastics has boosted the bio-PET film market for various applications in medical, cosmetic, food and beverage, electronics, and others. The transparency in bio-PET packaging will drive the market due to its excellent tensile strength, low moisture absorption, and gas barrier compared to conventional PET.
- The Asia Pacific held the largest growth and revenue share for 2020 in the bio-PET film market due to the demand for bio-PET for applications such as packaging, automotive, bottles, cosmetic plastics, and others.
- The shift towards bio-based PET and plant-based plastics by top companies such as Coca-Cola for its soft drink bottles is driving the demand for bio-PET and increasing the bio-PET film market share, owing to sustainability, environmental protection, and resource recycling.
Figure: Bio-PET Film Market Revenue, 2021-2027 (US$ Billion)
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Bio-PET Film Market Segment Analysis – By Type
By type, the
laminating film is expected to have the largest share of over 35% in the
bio-PET film market share and will dominate the bio-PET film market in the
coming years. It is majorly in applications such as food and beverage
packaging, pharma, office uses, printings, and others. It is high in demand due
to its excellent properties of strength, aroma barrier, dimensional stability, moisture
barrier, and recyclability. All these properties make laminating film a
preferable option for various applications such as food and non-food packaging,
paper, surface protection, printing, cosmetics, and others. According to the Ministry of Food Processing Industries (MOFPI),
an increase from $370 billion in 2017 to $1.145 trillion by 2025 is estimated
for the total consumption by the food and beverage segment, thereby increasing
the demand for laminating films in this segment. With the
growth in the global bioplastic packaging industry by various end-users, the laminating
films will be in high demand, thereby leading to a drive in the bio-PET film
market in the forecast period.
Bio-PET Film Market Segment Analysis – By Raw Material
By raw
material, the sugar cane holds the largest share of more than 40% in the
bio-PET film market. The bio-PET is 70% terephthalic acid and
almost 30% mono ethylene glycol (MEG). The bio-PET film industry makes high use
of sugar cane-derived ethanol for MEG and thereby contributes to the production
of a bio-PET film. According to the Brazilian Sugarcane Industry
Association (UNICA), 1,038 million tons of sugarcane was produced in Brazil, and
17.2 billion gallons of ethanol were produced. The ethanol is a used as
starting form in 30% MEG for making the bio-PET. For
instance, in bottle manufacture and packaging, Coca-Cola has been using
Brazilian sugarcane for making the bio-PET bottles and launched its Plant
Bottle. The sugar cane produced bio-PET is used in the majority of applications
for fibers, biofuel, packaging, bottles, medical packages, and insulations in electronics.
Sugarcane-derived ethanol is used in Thus, the sugarcane raw material for bio-based
polyethylene terephthalate is gaining
traction in the forecast period.
Bio-PET Film Market Segment Analysis – By Application
By application, the packaging film has the largest growth with
a 30% share in 2021 and is expected to dominate the bio-PET film market size in
the coming years. The demand for bio-PET packaging film for various
industries such as food and beverage, automotive, cosmetic, and healthcare has
increased due to the high tensile strength, chemical resistance, aroma barrier,
UV resistance, and others. The bio-based PET film is used in pharmaceutical, automotive,
cosmetic, and others due to UV blocking, optimized shrinkage, moisture barrier,
low haze, and others. Furthermore, the films are increasingly used in FMCGs,
owing to the need for protection, and flexibility. According to the Flexible
Packaging Association (FPA), approximately 19% of the total $178 billion US
packaging industry was held by flexible packaging. The flexible
packaging film has multiple applications owing to its excellent mechanical and
physical properties and thus creating a demand for the bio-PET film market.
Bio-PET Film Market Segment Analysis- By End-Use Industry
By end-use industry, the food packaging segment is expected to have the largest share of more than 35% in 2021 and is expected to dominate the bio-PET film market in the forecast period. The bio-based PET or the polyester film has excellent dimensional stability, optical clarity, moisture barrier, and tensile strength, thus offering high performance in various applications. According to the Indian Institute of Packaging (IIP), Indian packaging consumption has seen a growth of more than 200% in a decade, with an increase from 4.3 kgs per person per annum to approx. 8.7 kgs per person per annum. The food and beverage packaging is used to secure the food from moisture, chemical resistance, and degradation. The use of bio-PET film for pre-cooked meals, nuts, sweets, confectionaries, spreads, and ice-cream has increased, owing to the excellent mechanical, transparency, and physical properties of the bio-PET film. The demand for bio-PET packaging for food and non-food items is high due to the usage of polyhydroxybutyrere and polylactic acid as it offers recyclability, versatility, and high strength. Thus, contributing a major share to the food packaging industry and boosting the demand for the bio-PET film market in the forecast period.
Bio-PET Film Market Segment Analysis – By Geography
By geographical analysis, the Asia pacific holds the largest share of more than 45% in the Bio-PET film market for the year 2020. The bio-PET film market is driven due to a decrease in crude oil prices and a shift towards environmentally friendly alternatives to the conventional PET. The increase in bio-based plastic production by major countries such as China and India will boost the market, owing to the boom in beverage, automotive, textile, and electronics. Furthermore, Europe is also growing rapidly due to the rise in consumer awareness towards environment-friendly alternatives and government regulations for a reduction in greenhouse house emissions. According to Plastic Industry Trade Association, Asia is the largest producer of bioplastics, with a 56% share in the total production. It is due to the adoption of the Kyoto protocol by Japan that restricts the usage of synthetic polyethylene terephthalate usage. The Jilin Province in China has also implemented a ban on plastic to boost the use of bio-based plastic options such as polylactic acid (PLA), bio-PET, bio-propylene, and others. Thus, owing to such development in the Asia Pacific, the growth of the bio-PET film industry will increase rapidly in packaging films, bio-PET bottles, electronic insulation films, and others in the forecast period.
Bio-PET Film Market Drivers
An increase in awareness for environment-friendly plastics and government policies will drive the bio-PET film market
The
increasing awareness for the manufacturing and usage of bio-based PET has
boosted the market for bio-PET film.
According to the European Bioplastics (Association
of Bioplastics), bioplastics production will increase to 2.8 million metric
tons in 2025. Furthermore, a total of 885 metric tons of bio-based and non-biodegradable
bioplastics was produced in 2020, owing to the rising demand for bio-PET and
other types. The Japanese government has also made policies to boost
plant-based plastics with the motive to deal with marine plastic wastages. The
Japan Clean Ocean Material Alliance, CLOMA makes policies to increase the use
of recycled or biodegradable plastics. Thus, the demand for bio-PET products is
rising and thereby leading to increased application of bio-based PET by various
end-users and providing a better bio-PET film market outlook.
A shift in bioplastics and bio-PET by large companies will drive the Bio-PET film market
The increasing shift towards bio-based or plant-based plastics by top
companies such as Coca-Cola has boosted the demand for bioplastics and bio-PET
film. Coca-Cola has collaborated with companies such as Ford, Nike, Heinz,
Procter & Gamble to start the use of bio-PET on its bottles and packaging. The
application of bio-polyethylene terephthalate for bio-based and 100%
plant-based bottle manufacturing and packaging such as food and non-food,
cosmetics, automotive, medical packaging, fibers, printing, and others have
boosted the growth prospects for bioplastics, owing to inclination towards
green plastics, reduction in GHGs, and technological development, and thereby
leading to rising of overall bio-PET film market share in the coming years and
offering a better bio-PET film market outlook.
Bio-PET Film Market Challenges
Irregular raw material supply can be a challenge to the bio-PET film market
The bio-PET is made from 30% mono ethylene glycol that is derived from plant
sources and 70% terephthalic acid and is
difficult to decompose. The MEG is made from ethanol which is obtained from sugarcane
(major raw material) or corn. The total sugar consumption for 2020 was 171 million
tons. The increase in sugar demand for human ingestion may hinder the regular
availability of sugarcane as major raw material for bioethanol and thereby will
create a challenge for the bio-PET film industry due to irregularity in raw
material supply.
Bio-PET Film Industry Outlook
Technology launches, acquisitions, and
R&D activities are key strategies that are adopted by the dominant players
in the ceramic foam market. The major Bio-PET film top 10 companies include:
1. CocaCola
2. Toray Industries
3. MandG Chemicals
4. Ensinger GmbH
5. Centrotec
6. Kuraray
7. Sabic Innovative Plastics
8. Voridian
9. Shanghai Polyester Factory
10. Chang Chun Plastics
Recent Developments
- In 2019, Coca-Cola used recycled PET and plant-based plastics in a Dasani bottle, and thus creating a popular package known as Hybrid Bottle.
- In June
2020, Anellotech announced that R Plus Japan Ltd will invest in the development
of the TCat technology for recycling the used plastics and will make 100%
bio-based PET bottles.
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LIST OF TABLES
LIST OF FIGURES
1.US Bio-PET Film Market Revenue, 2023-2030 ($M)2.Canada Bio-PET Film Market Revenue, 2023-2030 ($M)
3.Mexico Bio-PET Film Market Revenue, 2023-2030 ($M)
4.Brazil Bio-PET Film Market Revenue, 2023-2030 ($M)
5.Argentina Bio-PET Film Market Revenue, 2023-2030 ($M)
6.Peru Bio-PET Film Market Revenue, 2023-2030 ($M)
7.Colombia Bio-PET Film Market Revenue, 2023-2030 ($M)
8.Chile Bio-PET Film Market Revenue, 2023-2030 ($M)
9.Rest of South America Bio-PET Film Market Revenue, 2023-2030 ($M)
10.UK Bio-PET Film Market Revenue, 2023-2030 ($M)
11.Germany Bio-PET Film Market Revenue, 2023-2030 ($M)
12.France Bio-PET Film Market Revenue, 2023-2030 ($M)
13.Italy Bio-PET Film Market Revenue, 2023-2030 ($M)
14.Spain Bio-PET Film Market Revenue, 2023-2030 ($M)
15.Rest of Europe Bio-PET Film Market Revenue, 2023-2030 ($M)
16.China Bio-PET Film Market Revenue, 2023-2030 ($M)
17.India Bio-PET Film Market Revenue, 2023-2030 ($M)
18.Japan Bio-PET Film Market Revenue, 2023-2030 ($M)
19.South Korea Bio-PET Film Market Revenue, 2023-2030 ($M)
20.South Africa Bio-PET Film Market Revenue, 2023-2030 ($M)
21.North America Bio-PET Film By Application
22.South America Bio-PET Film By Application
23.Europe Bio-PET Film By Application
24.APAC Bio-PET Film By Application
25.MENA Bio-PET Film By Application
26.THE COCO-COLA COMPANY, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.MG; CHEMICALS, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.DANONE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.TOYOTA TSUSHO, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.PLASTIPAK HOLDINGS, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.TORAY INDUSTRIES, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.PEPSICO, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.TEIJSSIN LIMITED, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.GEVO, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.VIRENT, Sales /Revenue, 2015-2018 ($Mn/$Bn)