United States sees 3.4% CAGR in Bio PET Films by 2034, as Sustainability Trends Propel Demand. Govt. investments & insurance policies drive shift to eco-friendly alternate options in packaging.
NEWARK, Del, Nov. 28, 2023 (GLOBE NEWSWIRE) — The bio PET film market is predicted to generate US$ 143.2 million in 2024. According to projections, the market shall be value US$ 231.0 million in 2034. Between 2024 and 2034, the market is projected to exhibit a CAGR of 4.9%. Recent years have seen appreciable curiosity in bio PET movies as a result of their environmentally pleasant qualities. The use of renewable sources in bio PET reduces the carbon footprint in comparison with standard PET.
Bio PET movie demand has elevated over the years on account of Covid-19. World Health Organization (WHO) estimated that to satisfy the wants of emergency personnel, 1.6 million goggles, 89 million masks, and 75 million gloves had been produced. In addition to face shields and sanitizer bottles, bio PET movie is utilized in dietary supplements, pumps, and different merchandise.
Within a brief time frame, demand and provide for medical packaging had been extremely unequal, there was a scarcity of healthcare staff, and healthcare merchandise weren’t manufactured. As a end result, demand for bio PET movie merchandise and purposes dropped, leading to a fall within the bio PET trade. With bio PET movies, fossil fuels are diminished, which makes the manufacturing course of extra sustainable. With regard to being 100% recyclable, bio PET movie is not any completely different from standard PET movie. Therefore, it’s attainable to gather, course of, and reuse this waste so as to decrease waste and its impression on the atmosphere.
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Since bio PET movie consists of bio-based supplies, it produces much less carbon dioxide than conventional PET movies. The packaging trade might be made extra sustainable by decreasing CO2 emissions. In addition to being versatile and simply recyclable, bio-PET movie is broadly utilized in a wide range of packaging varieties, reminiscent of labels, clear packaging, and recyclable bottles.
Key Takeaways from the Market Study
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Food and beverage industries will account for 35.6% of the market in 2024.
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In China, Bio PET movie gross sales are projected to extend by 6.1% CAGR from 2024 to 2034.
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Bio PET movies are anticipated to broaden at a CAGR of three.4% within the United States.
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Bio PET movie gross sales in Japan are anticipated to rise at a 3.7% CAGR from 2024 to 2034.
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Based on software, packaging is predicted to carry 46.7% of the market within the forecast interval.
“Rising demand for environmentally pleasant supplies adopted by varied industries and customers is predicted to drive demand for Bio PET movie market. The rising gross sales of vehicles and smartphones are anticipated to drive demand within the rising years.” – Says Ismail Sutaria, Principal Consultant at Future Market Insights.
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Competitive Landscape
Various regional opponents represent a fragmented market within the worldwide Bio PET movie trade. Several Bio PET movie producers are increasing their services and manufacturing to extend their market share.
Key Market Players
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Polyplex
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TORAY INDUSTRIES, INC
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KURARAY CO. LTD.
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MG Chemicals
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PLASTIPAK HOLDINGS INC.
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Danone
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Toyota Tsusho Corporation
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Indorama Ventures Public Company Limited.
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SABIC
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TEIJIN LIMITED
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Biokunststofftool
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The CocaCola Company
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FKuR
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Saipet Samartha Private Limited
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Iwatani Corporation
Industry Developments Include
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In August 2023, Terphane, an affiliate of Tredegar Corporation, which produces polyester BOPET movies in Latin America, introduced a collaboration with Origin Materials to develop environmentally pleasant, high-performance bio-polymer movies. Among different issues, Terphane entered right into a long-term capability reservation settlement to buy a high-value industrial bio-polymer, Polyethylene Furanoate (PEF).
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In October 2023, Hyundai Motor unveiled the design for the all-electric IONIQ 6, an electrical streamliner geared up with a considerate inside. The second car within the IONIQ model of all-electric autos. Hyundai’s IONIQ 6 embodies the values of EV homeowners with its aerodynamic design and use of sustainable supplies.
Market Segmentation
By Film Type:
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Lamination Film
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Insulation Film
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Other Films
By Application:
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Packaging
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Printing
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Decoration
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Other Applications
By End Use:
By Region:
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More Valuable Insights Available
Future Market Insights presents an unbiased world market evaluation, offering historic knowledge for 2019 to 2023 and forecast statistics from 2024 to 2034.
To perceive alternatives within the Bio PET Film market, the market is segmented based mostly on Film Type (Lamination Film, Insulation Film, Other Films), Application (Packaging, Printing, Decoration, Other Applications), End Use (Food and Beverages, Personal Care and Cosmetics, Pharmaceuticals, Electrical and Electronics, Other Industrial), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa).
About the Packaging Division at Future Market Insights
The packaging workforce at Future Market Insights presents skilled evaluation, time-efficient analysis, and strategic suggestions with the target of offering genuine insights and correct outcomes to assist purchasers worldwide. With a repertoire of over 100+ experiences and 1 million+ knowledge factors, the workforce has been analyzing the trade lucidly in 50+ nations for over a decade. The workforce supplies a quick evaluation of key developments, together with aggressive panorama, revenue margin, and analysis growth efforts.
Author
Ismail Sutaria (Principal Consultant, Packaging and Materials) has over 8 years of expertise in market analysis and consulting within the packaging & supplies trade. Ismail’s power lies in figuring out key challenges confronted by the consumer and providing logical and actionable insights to equip the purchasers with strategic decision-making energy.
Ismail has been an instrumental a part of a number of transformational consulting assignments. His key abilities embody aggressive benchmarking, alternative evaluation, macroeconomic evaluation, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is an everyday at trade conferences and expos and has been broadly coated in digital and print media. Ismail has been quoted in main publications, together with the European Pharmaceutical Review and the European Adhesive Tape Association.
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