Global Polyester Film Market Size to Reach USD 71.83 Million in 2032 | Emergen Research

Global Polyester Film Market Shows Steady Growth with Key Applications in Packaging and Electronics

Vancouver, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global polyester film market size was USD 38.72 Billion in 2022 and is expected to register a revenue CAGR of 6.6% during the forecast period. Key factors driving this growth include the increasing demand for flexible packaging materials in Fast-Moving Consumer Goods (FMCG) products, advancements in film manufacturing technologies, and the rising adoption of polyester films in electrical and electronic applications. The market is also benefiting from the demand for polyester fibers in textile and construction industries. Can You Dye A Nylon Jacket

Global Polyester Film Market Size to Reach USD 71.83 Million in 2032 | Emergen Research

Polyester film, known as Polyethylene Terephthalate (PET) film, is a robust and versatile polymer-based material with exceptional mechanical, chemical, and thermal properties. It is highly durable and can withstand temperatures ranging from -70°C to 150°C, making it essential in various industries. One of the significant drivers of the market is the surging demand for flexible packaging materials, especially in the FMCG sector. The food industry, in particular, relies on polyester film due to its durability, low moisture permeability, and ability to protect food products from contamination and spoilage.

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In addition to packaging, polyester films find applications in electrical insulation, printing, lamination, and protective coatings. Manufacturers are expanding their production capabilities to meet the growing demand. For instance, Toray Industries, Inc. recently developed an eco-friendly PET film with enhanced application and adhesion properties for water-based and solvent-free coatings, aiming to reduce solvent-derived carbon-dioxide emissions.

Despite its growth, the polyester film market faces competition from other synthetic fibers like nylon, acrylic, and viscose, which are often considered more comfortable and environmentally friendly in clothing applications. These alternatives allow better air circulation, enhancing breathability.

The market is segmented into Biaxially Oriented Polyester Film (BOPET) and Bubble Extruded film types. BOPET, with its excellent mechanical, thermal, and barrier properties, accounted for the largest revenue share in 2022. It is used in various applications, such as packaging, electrical insulation, and industrial purposes. Manufacturers are investing in research and development to create tailored BOPET products to meet specific application requirements.

In terms of product thickness, polyester films are categorized into different microns ranges. The < 50 microns polyester film segment captured the largest share in 2022. This segment is popular for applications like cable overwrap, wires, transformers, membrane touch switches, and flexible circuit boards. It offers potential cost savings and long-term advantages, making it attractive for manufacturers seeking economic and environmental benefits.

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The packaging sector was the largest application segment in 2022, driven by the food and beverage industry's need for materials that prolong the shelf life of products. Polyester film's high barrier properties protect against moisture, oxygen, and other contaminants, making it an ideal material for packaging. The electrical and electronics segment is also on the rise, as the demand for lightweight materials increases, particularly in the automotive industry.

Regionally, the Asia Pacific market held the largest revenue share in 2022, driven by factors like rapid industrialization, urbanization, and growth in the manufacturing and sales of electrical and electronic products. Major players in this region, including Toray Industries, Ltd. and Mitsubishi Polyester Films Co., Ltd., are expanding their production capacity and investing in research and development.

In North America, the market is expected to grow rapidly due to the increasing demand for packaging, electrical components, and automotive applications. Durability and sustainability are driving the adoption of polyester fibers, and recycled polyester is gaining traction.

Revenue in USD Billion and CAGR in % from 2023 to 2032

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Type, product, application, end-use, and region

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA

DuPont, Teijin, Toray Industries, Reliance Industries, Indorama Ventures, China Petroleum & Chemical Corporation (Sinopec), Mitsubishi Chemical, BASF SE, Eastman Chemical Company, Formosa Plastics Corporation, Alpek SAB de CV, Nan Ya Plastics Corporation, Kolon Industries Inc., Lotte Chemical Corporation, Zhejiang Hengyi New Materials Co.

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Major Companies and Competitive Landscape

The global polyester film market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective polyester film. Some of the major companies included in the global polyester film market report are:

China Petroleum & Chemical Corporation (Sinopec)

Zhejiang Hengyi New Materials Co.

On 22 March 2023, Kolon Industries' Institute for Future Technology announced that it has partnered with Stora Enso Oyj, a world leader in biomaterials from Finland, to develop environmentally friendly plastics. Stora Enso is a well-known manufacturer of biocomposite products and packaging with technology that converts plant raw materials into chemical raw materials for plastics. The two companies will focus on developing Polyethylene Furanoate (PEF) products, the next-generation bioplastic.

On May 28, 2020: BASF and Red Avenue New Materials Group to produce certified compostable aliphatic aromatic copolyester (PBAT) - Signed a joint agreement granting a sales license to Red Avenue New Materials Group standard. Red Avenue New Materials Group will build its 60,000-ton capacity PBAT plant in Shanghai using BASF's process technology. In return, BASF will receive access to raw materials from this factory, which it plans to sell as Ecoflex.

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For the purpose of this report, Emergen Research has segmented the global polyester film market on the basis of type, technology, application, end-use, and region:

Type Outlook (Revenue, USD Billion; 2019-2032)

Biaxially Oriented Polyester Film (BOPET)

Product Outlook (Revenue, USD Billion; 2019-2032)

Application Outlook (Revenue, USD Billion; 2019-2032)

End-Use Outlook (Revenue, USD Billion; 2019-2032)

Regional Outlook (Revenue, USD Billion; 2019–2032)

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Global Polyester Film Market Size to Reach USD 71.83 Million in 2032 | Emergen Research

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