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(IT-NEWSWIRE.COM, January 31, 2024 ) The report "Polyester Film Market by Type (Biaxially oriented, thermal film, metalized film, holographic film, UV stabilized, matte film, barrier film), Application (packaging, electrical insulation, imaging), End Use Industry, and Region - Global forecast to 2028 ", is projected to reach USD 44.2 billion by 2028, at a CAGR of 6.2% from USD 32.7 billion in 2023. The Polyester Film market is mainly driven by the demand from various end use industries such as textile, pharmaceutical, transportation, packaging and electronic appliances, others. It is also driven by developing and emerging economies such as US and China.
Browse in-depth TOC on "Polyester Film Market”
226 - Market Data Tables
49 - Figures
254 - Pages
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“Biaxially oriented by type is projected to grow at fastest CAGR, in terms of value, during the forecast period.”
Biaxially oriented PET (polyethylene terephthalate) film, or BoPET, is extensively used in the market due to its outstanding combination of properties. It offers excellent barrier properties, effectively protecting contents from moisture, oxygen, and aromas, making it highly suitable for critical packaging applications in the food, pharmaceutical, and electronics industries. BoPET's remarkable dimensional stability ensures that it retains its shape and size, even in fluctuating temperature and humidity conditions, making it invaluable in applications where precise dimensions are necessary. Additionally, its high tensile strength and durability make it a preferred choice for flexible packaging, labeling, and various industrial applications, contributing to its widespread use in the market.
“Food & beverage” by end use industry segment accounted for the largest share in terms of value.”
Food packaging is extensively used in the PET (polyethylene terephthalate) market due to its unmatched combination of safety, barrier properties, transparency, lightweight durability, and recyclability. PET is recognized as a food-safe material, ensuring the safety and hygiene of packaged food, and its excellent barrier qualities preserve product freshness and quality. Additionally, its transparency is vital for marketing and consumer appeal, while being lightweight reduces transportation costs and potential product damage. Furthermore, the recyclability of PET aligns with the growing emphasis on sustainability and environmental responsibility in the food packaging industry.
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“North America is expected to be the fastest growing market for Polyester Film market during the forecast period, in terms of value.”
North America has emerged as the fastest-growing region in the polyester film industry, driven by a confluence of significant factors. Foremost among these is the escalating demand for sustainable packaging solutions. Both consumers and businesses in North America are increasingly environmentally conscious and are actively seeking eco-friendly alternatives. Polyester films have gained favor in this context as they can be manufactured from recycled materials or renewable resources, making them a more sustainable choice compared to conventional packaging materials like paper and plastic.
Polyester Film Market Key Players
The key players in this market DuPont Teijin Films (US), TORAY INDUSTRIES, INC. (Japan), Mitsubishi Polyester Film GmbH (Germany), Kolon Industries, Inc. (South Korea), ESTER INDUSTRIES LIMITED (India), Jindal Films Limited (India), Terphane LLC (US), TOYOBO CO. LTD.,(Japan), Polyplex Corporation Limited (India).
Mitsubishi Polyester Film GmbH
Mitsubishi Polyester Film GmbH (MPF GmbH) is the European base of the Mitsubishi Polyester Film group, one of the largest manufacturers of biaxially oriented polyester films (boPET). MPF GmbH is headquartered in Wiesbaden, Germany, and has a production capacity of 250,000 tons per year. Mitsubishi Polyester Film GmbH produces a wide range of boPET films under the HOSTAPHAN® brand name. HOSTAPHAN® films are used in a variety of industries, including food and beverage packaging, pharmaceuticals, electrical and electronics, and medical devices. MPF GmbH is committed to sustainability and innovation. The company produces a number of sustainable boPET films, such as films made from recycled materials and films that are biodegradable. MPF GmbH is also developing new boPET films with improved properties, such as films with higher barrier properties and films that are more resistant to chemicals and heat.
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TORAY INDUSTRIES, INC.
Toray Industries, Inc., headquartered in Chuo, Tokyo, Japan, is a multinational corporation with a diverse range of business segments. Founded in 1926, Toray is a major player in the production of advanced materials, including fibers and textiles, plastics and chemicals, films, and IT-related products. They are renowned for their synthetic fibers, plastics, and innovative materials used in various industries, such as aviation, automotive, and electronics. Additionally, the company has a growing presence in environmental and engineering businesses and life sciences, including medical devices and pharmaceuticals.
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