PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388779
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388779
Bio-PET is a polyester fabric that is used as a substitute for PET. It is used in a variety of applications, including wrapping films, cases, car interiors, and electrical insulation. Bio-PET packaging is more transparent and cost-effective than traditional PET packaging. Furthermore, it is less expensive than petroleum-derived materials and offers an olfactory barrier, electrical insulation, environmental protection, superior tensile strength, as well as dimensional stability. Furthermore, the trend toward government legislation, bioplastics, and the increasing use of bio-PET film in packaging, medicines, and cosmetics will drive the bio-PET film market. As a result of the exciting trend towards environmentally friendly goods and applications in a variety of end-use sectors, the Bio-PET film market is expected to rise.
Because polyethylene terephthalate films contain 30% mono-ethylene glycol as well as 70% terephthalic acid, the growth of the bio-PET film in the marketplace is experiencing growth by increasing demand for the production and consumption of bio-based PET films because of environmental issues and increasing sustainability between people all over the world. MEG is present in bio-PET, which is derived from sustainable non-fossil raw materials. Because 30% of granulates are composed of renewable non-fossil raw materials, bio-PET aids in attaining a better eco-balance. Furthermore, increased public awareness of environmental concerns, particularly climate change and plastic waste, has resulted in a significant demand for eco-friendly alternatives to standard plastics. Bioplastics, such as bio-PET, are thought to be more ecologically friendly since they are frequently created from recyclable materials that have the possibility to be disposable or compostable. Nevertheless, erratic raw material availability, such as sugarcane, may limit market need. In addition, since they are resilient to physical degradation, Bio-PET films are suited for long-term usage in electrical applications. Even when made in extremely thin gauges, PET films retain their insulating characteristics. This is useful in circumstances when electrical apparatus space is limited. The translucent nature of PET films may aid in the visual examination of electrical components and circuits.
The global bio-Pet film market is segmented on the basis of type, raw material, application, end use, and region.
The market is divided into five categories based on type: capacitor film, laminating film, electrical insulating film, universal film, and others. The laminating film segment is likely to possess the largest revenue share over the forecast period. The segment growth is majorly in applications including office uses, pharma, printings, and food and beverage packaging. The segment's demand is high owing to its excellent properties of strength, moisture barrier, aroma barrier, recyclability, and dimensional stability.
The market is divided into four categories based on raw materials: corn, molasses, sugar cane, and others. The sugar cane segment is accounted to hold the largest market share. The bio-PET film segment makes high adoption of sugar cane resultant ethanol for MEG and as a result, contributes to the production of a bio-PET film. Additionally, the sugar cane-formed bio-PET is utilized in various applications for packaging, fibers, biofuel, medical packages, bottles, and insulations in electronics.
By regional analysis, the bio-pet film market can be segmented into North America, Asia Pacific, Europe, and the Rest of the World. The Asia Pacific is accounted to witness the largest share due to a significant decrease in crude oil prices and a rising shift towards environmentally friendly alternatives to conventional PET. The rise in bio-based plastic production will boost the market, owing to the boom in automotive, electronics, beverage, and textile. Moreover, Europe is also projected to grow rapidly owing to the government regulations for a reduction in greenhouse house emissions and a rise in consumer awareness among environment-friendly replacements.
The bio-PET products demand is rising due to the increasing shift towards bio-based or plant-based plastics thereby leading to increased application of bio-based PET by several end-users and offering an improved bio-PET film market outlook. Moreover, due to the continued development in demand for environment-friendly plastics in the coming years, both international and local producers will be present in the global market for bio-pet film, making it one of the most competitive industries. Market players use important business strategies to grow and maintain their global reach including strategic acquisitions, innovations, product launches, and approvals. For instance, in December 2021, Suntory Group has taken an important step towards its goal of using 100% sustainable PET bottles globally by 2030 and eliminating all derived from petroleum virgin plastic from the globe's PET supplies; the business has successfully constructed a prototype PET bottle made entirely of plant-based components.
For instance, in July 2022, Two of The Coca-Cola Corporation's most recognizable brands are taking significant measures to create an economy that is circular for the packaging made of plastic. DASANI is introducing bottles composed of 100% recyclable PET plastic, while Sprite is switching from green to standard plastic to maximize the chance of the material being converted into novel beverage bottles.
The scope of this report covers the market by its major segments, which include as follows: