PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308724
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308724
According to Stratistics MRC, the Global Polyester Films Market is accounted for $45.25 billion in 2023 and is expected to reach $79.07 billion by 2030 growing at a CAGR of 8.3% during the forecast period. Ethylene glycol and dimethyl terephthalate are the main components of polyester, a high-performance thermoplastic. In comparison to conventional plastic films, PET film excels in terms of high tensile strength, dimensional stability, high-temperature resistance, thermal and electrical insulation, chemical resistance, moisture absorption, thermal stability, and physical property retention across a wide temperature range. Additionally, it has excellent gas barrier capabilities, high gloss, good UV resistance, improved optical clarity, and moisture resistance traits. It is ideal for high-performance plastic sheets and films, as well as for printing and laminating products of the highest caliber. PET films can be used in a variety of industrial, electrical, and auto applications. It is entirely recyclable and can be processed again to create many different products with various uses.
According to Connect2India, India exported polyester films to more than 129 countries, which was worth USD 94.83 Billion in the fiscal year 2020-2021.
The global Polyester Films market expected to drive growth during the forecast period. Due to their excellent qualities, including high durability, flexibility, and resistance to moisture and heat, polyester films are one of the main end uses in the packaging industry. The growth of the packaging sector, which in turn is driving demand for polyester films, is being driven by the rising demand for packaged goods such as food, beverages, and personal care items. Moreover, the market for polyester film has grown even more as a result of the expansion of e-commerce and online shopping, which has also increased the demand for efficient and durable packaging materials.
The global Polyester Films market expected to hinder growth during the forecast period. Polyester films are not biodegradable and, if improperly disposed of, can harm the environment. Because of this, there are now more people who are worried about how polyester films will affect the environment, which could limit the market. However, the development of substitute materials, which can further lower the demand for polyester films, is a result of the rising emphasis on sustainability and environmental protection.
The global Polyester Films market expected to drive growth during the forecast period, due to its affordability and convenience, flexible packaging is growing in popularity. Due to their exceptional qualities, such as high durability, flexibility, and resistance to moisture and heat, polyester films are perfect for flexible packaging. The market for polyester films has a sizable opportunity due to the rising demand for flexible packaging. Moreover, Flexible packaging that uses polyester films extends the shelf life of the packaged goods and shields them from moisture and other outside influences.
The global Polyester Films market expected to hamper growth during the forecast period. Globally, governments are enforcing strict regulations pertaining to the use of plastics and their effects on the environment. The market may be threatened if this results in limitations on the use of polyester films. The demand for polyester films may be further impacted by the shift toward sustainable and eco-friendly alternatives brought on by the growing awareness of the negative environmental effects of plastics.
The COVID-19 pandemic has had a conflicting effect on the polyester film market. The demand for polyester films used in packaging applications as well as in medical settings such as PPE has risen as a result of the surge in demand for food and beverage products, personal care items, and medical supplies. Delivery delays, the closing of manufacturing facilities, and a reduction in production capacity have all been brought on by market-wide disruptions in the supply chain, production, and logistics. Several variables, including the length of the pandemic, the efficacy of the vaccines, and the pace of the global economy's recovery, will determine the pandemic's long-term effects on the market.
Due to the rising demand for flexible and long-lasting packaging materials across a range of industries, the packaging application segment is anticipated to hold the largest share and maintain its dominance in the polyester films market during the forecast period. One of the largest end users of polyester films is the food and beverage sector, where they are employed in a variety of packaging formats like pouches, bags, and wraps. Additionally, polyester films are used in the personal care sector to package goods like shampoos, conditioners, and cosmetics because they have excellent barrier properties and offer protection from light and moisture.
Due to the rising demand for electronics like smartphones, laptops, and tablets, the electrical and electronics end user segment is anticipated to grow at the highest CAGR during the forecast period. Electronic devices are lighter and smaller thanks to the use of polyester films as a dielectric material, which makes them easier to transport and use. The market for polyester films is significantly impacted by the electrical and electronics industries. Polyester films are more in demand as a dielectric material in a variety of applications, including capacitors, transformers, printed circuit boards, and flexible circuits, as a result of the growing demand for electronic devices and the miniaturization of those devices.
Due to the presence of significant manufacturing hubs in nations like China, India, Japan, and South Korea, the Asia-Pacific region will account for the largest share of the polyester film market during the forecast period. The demand for different end-use applications of polyester films is being driven by the region's growing population, urbanization, and disposable income. The region's market is expanding as a result of rising interest in sustainability and the demand for renewable energy sources. A significant end-user of polyester films in the area is the packaging industry, which is motivated by the rising need for flexible and long-lasting packaging materials for food and beverage, personal care, and pharmaceutical products. Moreover, due to the rising demand for electronic devices like smartphones, laptops, and tablets, the electrical and electronics industries also contribute significantly to the market.
The highest CAGR is anticipated in the Middle East and Africa (MEA) region during the forecast period. The market is expanding as a result of rising investment in the region's infrastructure and construction sectors as well as rising demand for packaging materials. Polyester films are widely used in the food and beverage sector in the area, where they are used to package goods like snacks, confections, and dairy products. Moreover, the growing need for medical supplies and equipment is a major driver of the pharmaceutical industry's contribution to the market.
Some of the key players in Polyester Films market include Cosmo Films Ltd, Ester Industries Ltd., Fujian Billion Advanced Materials, Hengli Group, HuanYuan Plastic Film Co., Ltd, Impak Films US LLC, Jiangsu Shuangxing, Jindal Poly Films Ltd., Kolon Industries, Inc., Mitsubishi Polyester Film, Inc., Nanjing Lanpucheng, Polinas Corporate, Polyplex Corporation Ltd., SRF Limited, Sumilon Polyester Ltd., Toray Plastics (America), Inc, Toyobo Co., Ltd. and Zhejiang cifu group.
In December 2021, Steel Partners' Dunmore introduced new tamper-evident label films. These tamper-evident label films prevent tampering and add an extra layer of brand protection. The new security features include four new tamper-evident designs that are well-known all across the world. Label printers may now accommodate fewer SKUs while still conveying the correct message when a product is tampered with.
In September 2020, packaging products maker Cosmo Films announced an investment of INR 300 crore (USD 3.0 Billion) in a new line of specialty polyester films (Biaxially-Oriented Polyethylene Terephthalate or BOPET) by the second quarter of 2022-23.
In May 2020, DuPont Teijin Films launched clear flame polyethylene terephthalate (PET) polyester films for transportation, industrial, electronics, construction, and label industries. Clear Melinex FR32x PET films can be used to make laminate structures for transportation and construction, as well as battery labels and insulating materials, illumination, and flexible printed circuits. DuPont's commercially available Melinex FR32x films are said to have a VTM-0 rating and a very low haze of less than 1%.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.