PET Film Market 2024 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2032

Polyethylene terephthalate (PET) film is a material known for its diverse applications across vast industries. It is derived from polyethylene terephthalate resin, PET film features exceptional clarity, strength, and resistance to chemicals, rendering it highly adaptable for various purposes. Its versatility is evident in its widespread use in packaging, where its robustness ensures product protection while providing a clear view of the contents. In industrial settings, PET film is valued for its flexibility and durability, making it suitable for diverse applications such as laminating, masking, and surface protection.

Whether in its transparent, opaque, or metallized form, PET film provides flexibility to meet specific requirements across industries. Being lightweight and recyclable, PET film aligns with sustainability goals, offering a greener alternative for packaging and other applications. Its recyclability further contributes to the circular economy, reducing environmental impact and conserving resources.

MARKET OVERVIEW

The global market valuation of PET Film Market was valued at approximately USD 43.1 Billion in 2023 and is projected to reach USD 66.9 Billion in 2032 exhibiting a CAGR of 5.8% during the forecast period of 2024-2032. PET Film plays an important packaging, providing durability, clarity, and barrier properties essential for protecting products. The market is aligned with vast industries, which makes it a sustainable and growing market.

GROWTH DRIVERS

PET film is extensively used in the packaging industry due to its excellent clarity, strength, and barrier properties, the increasing demand for packaged goods is a significant growth driver for the PET film market. According to the Smithers, the global flexible packaging market is estimated at 31.5 million tones in 2021, with the market having increased from 26.9 million tones in 2016 – an annual average growth rate of 3.3%. The global market is forecast to grow by an annual average growth rate of 3.4% to 37.5 million tones in 2026.

The growing environmental concerns and increasing regulations on single-use plastics, there is a shift towards sustainable packaging solutions. PET film, being recyclable and lightweight, is well-positioned to product for the same. Companies like Amcor, a global leader in packaging solutions, emphasize their commitment to sustainability by offering PET-based packaging solutions like AmPrima Recycle.  PET film is widely used in the electronics industry for applications such as touchscreens, display panels, and flexible printed circuit boards. The increasing adoption of smartphones, tablets, and other electronic devices worldwide, the demand for PET film in this sector is drives the market significant growth.

PET film finds applications in the automotive industry for interior and exterior components, such as automotive films, laminates, and protective coatings. The expanding automotive sector, driven by factors such as increasing vehicle production and the growing demand for electric vehicles. According to Statista, worldwide car sales grew to around 75.3 million automobiles in 2023, up from around 67.3 million units in 2022. The rapid urbanization and industrialization, particularly in emerging economies, are driving the demand for PET film in various applications such as construction, industrial packaging, and consumer goods. The more the urban populations continue to grow, the need for efficient and sustainable packaging solutions grows and contributes towards market growth.

The PET film is extensively used for packaging food and beverages due to its excellent barrier properties and safety standards. The expanding food and beverage industry is one of a significant driver of the market. It finds applications in pharmaceutical packaging for drug delivery systems, blister packs, and medical device packaging. The expanding pharmaceutical sector, driven by factors such as an aging population and the increasing prevalence of chronic diseases, drives the demand for PET film in healthcare packaging applications.

MARKET SEGMENTATION:

·         By Type – BoPET (Biaxially-oriented polyethylene terephthalate) film, clear PET film, white opaque PET film, black opaque PET film, colored PET film, metalized PET film, UV stabilized PET film, conductive PET film, anti-fog PET film, heat sealable PET film and others

·         By Thickness Type- Upto 50 Microns, 50-100 Microns, 100-200 Microns, above 200 Microns

·         By Application – packaging, electrical and electronic industries, solar panels, imaging and printing, labels and decals, industrial films, adhesive tapes and others

·         By End-Use Industry- food and beverages, pharmaceutical, personal care and cosmetics, automotive, aerospace, construction, textiles, agriculture and others

·         By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America

PET Film Market By Type Segment Review:

BoPET (Biaxially-oriented polyethylene terephthalate) film is one of the most common types of PET film, known for its exceptional strength, clarity, and dimensional stability. It finds extensive use in packaging applications, especially for food, pharmaceuticals, and consumer goods, due to its excellent barrier properties against moisture, oxygen, and other contaminants. BoPET films are also used in the electrical and electronics industry for applications such as flexible printed circuit boards, insulation tapes, and release liners. Clear PET film, as the name suggests, offers high optical clarity, making it suitable for transparent packaging applications where product visibility is essential.

Clear PET films are preferred for applications requiring high transparency, such as window films, protective covers, and graphic overlays. It is widely used in food packaging, display windows, labels, and lamination applications, where aesthetics and product presentation are crucial. White opaque PET film provides opacity and whiteness, making it suitable for applications where light blocking or hiding the contents of the package is required. It is commonly used in labels, flexible packaging, and industrial applications where product differentiation or branding is important. White opaque PET films are also used as backing material for pressure-sensitive adhesive tapes and labels. Black opaque PET film offers light-blocking properties and is used in applications where UV protection or light exclusion is necessary.

It finds applications in packaging for light-sensitive products, such as pharmaceuticals, electronics, and photographic materials. Black opaque PET films are also used in the automotive industry for interior components and light control applications. Colored PET films are available in a wide range of colors and are used for decorative, aesthetic, or functional purposes. They find applications in product packaging, labels, signage, and graphic arts where color differentiation or branding is required. Colored PET films are also used for visual appeal and product differentiation.

Metalized PET film features a thin layer of metal deposited on one side, offering enhanced barrier properties, reflectivity, and aesthetics. It is commonly used in flexible packaging, insulation, and decorative applications where moisture, oxygen, and light barrier properties are essential. UV-stabilized PET film is engineered to resist degradation caused by exposure to ultraviolet (UV) radiation, making it suitable for outdoor or UV-sensitive applications. It finds applications in outdoor signage, labels, window films, and laminates where prolonged exposure to sunlight may cause yellowing or degradation.

PET Film Market By Thickness Type Segment Review:

PET films with thickness up to 50 microns are commonly used in applications where a thin, lightweight, and flexible material is required. These thin films are extensively used in flexible packaging, such as pouches, sachets, and wrappers, due to their excellent printability, barrier properties, and seal ability. They are also used in labels, tapes, laminates, and printing applications where clarity, dimensional stability, and cost-effectiveness are crucial. PET films with thickness ranging from 50 to 100 microns offer enhanced strength, stiffness, and durability compared to thinner films.

They find applications in more demanding packaging applications, such as stand-up pouches, blister packs, and lidding films, where puncture resistance, barrier properties, and product protection are essential. These films are also used in industrial applications, such as electrical insulation, adhesive tapes, and release liners, where mechanical properties and dimensional stability are critical. PET films in the range of 100 to 200 microns thickness are considered medium to heavy-duty films suitable for a wide range of applications.

They are commonly used in applications requiring higher stiffness, impact resistance, and barrier properties, such as thermoformed trays, clamshells, and rigid packaging. PET films with thickness exceeding 200 microns are classified as heavy-gauge films and are used in specialized applications requiring exceptional strength, rigidity, and durability. They find applications in sectors such as automotive, construction, and industrial manufacturing for components, panels, and structural elements requiring high mechanical performance.

PET Film Market By Application Segment Review:

PET films are extensively used in packaging applications due to their excellent barrier properties, transparency, and printability. In the food and beverage industry, PET films are used for flexible packaging such as pouches, wraps, and laminates, providing protection against moisture, oxygen, and contaminants. They are also used in pharmaceutical packaging for blister packs, sachets, and strip packs, ensuring product integrity and shelf life. PET films serve as insulating materials in the electrical and electronic industries due to their dielectric properties, thermal stability, and mechanical strength.

They are used as dielectric films in capacitors, motor winding insulation, cable wrapping, and flexible circuit boards, providing electrical insulation and protection against voltage breakdown. PET films are used as encapsulation materials in photovoltaic solar panels to protect solar cells from environmental factors such as moisture, UV radiation, and mechanical damage. They enhance the durability and performance of solar panels by providing weather resistance, light transmission, and electrical insulation. PET films are widely used in imaging and printing applications due to their smooth surface, dimensional stability, and excellent printability. They are used as base films for inkjet printing, toner adhesion layers for laser printing, and overlays for graphics and signage, providing high-quality printing results and image clarity.

PET films are preferred for labels and decals in industries such as automotive, consumer goods, and healthcare due to their durability, moisture resistance, and adhesive compatibility. They are used for product labels, barcodes, nameplates, and decorative decals, offering excellent printability, scratch resistance, and chemical resistance. PET films find various industrial applications such as lamination, insulation, protective coatings, and release liners due to their strength, versatility, and processability.

They are used in applications such as protective films, insulation tapes, release liners for adhesive products, and surface protection films for industrial equipment. PET films are used as carrier films for adhesive tapes in applications requiring high tensile strength, dimensional stability, and temperature resistance. They serve as backing materials for double-sided tapes, masking tapes, packaging tapes, and specialty tapes, providing reliable bonding and performance in various environments.

PET Film Market By End-Use Industry Segment Review:

PET films are widely used in different industries for various packaging and manufacturing applications. In the food and beverage industry, PET films are used for packaging purposes such as pouches, wraps, labels, and shrink sleeves. They provide excellent barrier properties against moisture, oxygen, and contaminants which helps in keeping the packaged products fresh and safe. In the pharmaceutical industry, PET films are used for blister packs, sachets, strip packs, and labels for packaging drugs and medical devices.

These films protect against moisture, light, and tampering, ensuring the safety and efficacy of pharmaceutical products. PET films are also used in the personal care and cosmetics industry for packaging products such as shampoo bottles, lotion containers, and cosmetic tubes. They offer clarity, gloss, and printability for attractive product presentation and branding. In addition to packaging applications, PET films are also used in other industries. In the automotive industry, PET films are used for interior and exterior applications such as dashboard overlays, door panels, instrument clusters, and exterior trims. They provide durability, scratch resistance, and UV stability, enhancing the aesthetic appeal and longevity of automotive components. PET films are also used in aerospace applications for interior components, insulation materials, and protective coatings.

They offer lightweight, fire-retardant, and chemical-resistant properties that meet the stringent requirements of the aerospace industry. In the construction industry, PET films are used for building materials such as vapor barriers, insulation panels, roofing membranes, and window films. They provide thermal insulation, moisture resistance, and weatherproofing properties, contributing to energy efficiency and structural integrity. PET films are also used in the textiles industry for applications such as garment interlinings, embroidery backings, and laminated fabrics. They offer strength, stability, and dimensional stability, enhancing the performance and appearance of textile products. In agriculture, PET films find application as greenhouse films, mulching films, crop covers, and seedling trays. They provide UV protection, moisture retention, and temperature control, optimizing growing conditions and crop yields.

PET Film Market Regional Analysis:

North America is a significant market driven by the factors like presence of robust industries like food and beverage, pharmaceuticals, and personal care sectors, boosting the consumption of PET films. The region imports polyester films mainly to the U.S. In the fiscal year 2020-2021 (April-November), the U.S. imported USD 31.3 Billion worth of polyester films from India. The U.S. accounts for 33.01% of total polyester film exports from India. Growing demand for polyester films in various applications is driving the market revenue growth in the region.

Europe is a growing market due to factors including stringent regulations regarding food safety, sustainability, and recyclability, promoting the adoption of PET films for packaging applications due to their compliance with regulatory standard like EU General Food Law, Packaging and Packaging Waste Regulation (PPWR) & Circular economy action plan. In addition, increased polyester film manufacturing in the region is expected to drive market revenue growth. For example, on 1 October 2021, Mitsubishi Chemical Corporation stated that it will expand its capacity for HOSTAPHAN polyester films by investing in a new production line in Europe. The project is estimated to cost roughly USD 118 Billion and be finished by the end of 2024. 

Asia Pacific is a significant market share driven by the factors like the region’s economic growth, leading to rising disposable incomes and rapid urbanization and industrialization. The cost effectiveness of the PET films in this region due to the presence of manufacturing hub in this region, drives the market towards growth. 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 (April-November). The Middle East and Africa is a growing market driven by increasing investments in infrastructure development including retail infrastructure, such as supermarkets, hypermarkets, and convenience stores, are driving the demand for PET films used in packaging and labeling of consumer goods. South America is a prominent market due to factors like urbanization and presence of JBS, Norac Food, McCain Foods (Serya Alimentos), Nestle Brasil Ltda, NISSIN FOODS HOLDINGS CO., LTD.Nomad Foods Ltd, BRF SA, Congelados Del Sur. And more which creates opportunity for the market.

Key Challenges:

The costs of raw materials for resin manufacture and purchased resins, packaging materials, logistics, and other important raw materials may impact the market.  The rise in crude oil prices may raise concern to the polyester film market and company margins. Polyester film prices fluctuate due to changes in the prices of Purified Terephthalic Acid (PTA) and Mono ethylene glycol (MEG), the basic raw materials used to make polyester chips derived from crude oil. Crude oil prices are affected by a number of factors, including rising production from OPEC and other oil-producing countries along with the opening up of economies after the pandemic, which will result in increased demand for oil and currency fluctuations.

The PET films may face competition from alternative packaging materials such as aluminum foil, paper, and bio-based films, the changing consumer preferences and technological advancements in alternative materials may poses a challenge for PET film manufacturers. Despite being recyclable, PET films contribute to plastic pollution when it is not properly disposed of, managing end-of-life PET film waste and promoting recycling initiatives is one of a significant challenge for the market.

Competitive Landscape:

In the highly competitive PET Film market, companies are investing heavily in research and development to innovate and improve the product and services. They are also collaborating, forming strategic partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share. Recent developments includes UFlex launched F-TFE Thermoformable BOPET mono or co-extruded transparent biaxially-oriented polyethylene terephthalate (BOPET) film, in February 2023.

In August 2023, Dow Chemical Company announced a collaboration with Mengniu, a major dairy company in China, to launch an innovative yogurt pouch made of polyethylene and designed for recyclability. In April 2023, ITC Savlon, a prominent FMCG company, introduced sustainable packaging for its soap products, revealing that its soap wrapper is now made using PET film containing 70% recycled material. SAES Coated Films partnered with RKW Group to develop premium performance films for sustainable food packaging, in March 2022.  Alpek acquired OCTAL Holding SAOC, to increase global position and increased its value-added production offerings in Polyethylene Terephthalate (PET) sheets, in February 2022. IPG expanded its North American shrink film production by acquiring a new film plant in Everetts, NC, in January 2022.

Global Key Players:

·         Toray Industries

·         DuPont Teijin Films

·         Mitsubishi Polyester Film

·         Jindal Poly Films Limited

·         SKC Co., Ltd

·         Kolon Industries, Inc.

·         Polyplex Corporation

·         Uflex Limited

·         Futamura Chemical Co., Ltd.

·         Ester Industires Ltd.