Press release
PET Functional Film Market Size, Share, Growth, Forecast and Outlook (2024-2031)
DataM Intelligence
Market Overview:
The global PET Functional Film Market demonstrated robust growth, reaching US$ 8.1 billion in 2023 and is anticipated to escalate to US$ 13.3 billion by 2031, with a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period spanning 2024 to 2031.
Technological advancements and innovations continue to propel the PET functional film market forward, particularly in the realms of digital and information revolutions. Polyester films stand out for their unique properties, playing a pivotal role in driving technological innovations and emerging as preferred solutions for various applications across industries.
Significant Developments:
Notable breakthroughs in the PET films industry were witnessed in 2022, reflecting a drive toward environmentally conscious solutions. Innovations such as Frugalpac's sustainable packaging solution, which integrates recycled paper-based materials with metalized PET pouches, and Sidel's PressureSAF design for PET aerosol containers, underscore the industry's commitment to sustainability and innovation.
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Market Dynamics:
Rising demand for bio-based PET materials is a key driver for the PET functional film market, with the global bioplastic manufacturing projected to reach 2.8 million metric tons by 2025. Initiatives such as the Japan Clean Ocean Material Alliance's regulations to promote the use of plant-based plastics contribute to this growth trend.
A shift in consumer preferences towards eco-friendly packaging solutions has fueled demand for PET films, especially in the food and beverage industry. Corporations like Coca-Cola are increasingly adopting bio-PET for packaging, further bolstering market growth.
Environmental Concerns and Price Volatility:
While PET films offer recyclability and lightweight properties, concerns persist regarding their environmental impact and price volatility. Efforts to address single-use plastics and fluctuations in raw material prices pose challenges to market growth.
Segment Analysis:
The PET functional film market is segmented based on type, end-user, and region. The food and beverage segment is anticipated to dominate the market, driven by the increasing demand for convenience foods and ready-to-eat meals.
Geographical Penetration:
Asia-Pacific emerges as a dominant region in the global PET functional film market, propelled by the burgeoning food industry and the rise of online meal ordering in countries like India. The Indian packaging industry is witnessing rapid growth, presenting lucrative opportunities for market players.
Competitive Landscape:
Key players in the global PET functional film market include Toray Industry, SKC Films, Dupont Teijin Films, Mitsubishi Chemical, TOYOBO, Uflex, Polyplex, JBF, Kolon, and Jindal.
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