Bio-PET Film Market Size To Reach $156.6 Million By 2030

Bio-PET Film Market Growth & Trends

The global bio-PET film market size is anticipated to reach USD 156.6 million by 2030 and is anticipated to expand at a CAGR of 12.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing environmental concerns about plastic waste and its effects on water and soil pollution are expected to be important drivers for market growth. Furthermore, numerous countries have implemented restrictions on traditional and single-use plastics, which are projected to boost demand for bio-polyethylene terephthalate (PET) films in the upcoming years.

Furthermore, the global push toward reducing the dependence on fossil fuels is driving the adoption of the bio-PET film market. Traditional PET films are derived from petroleum-based feedstock, contributing to carbon emissions and finite resource depletion. In contrast, bio-PET films, sourced from renewable materials, offer a solution that reduces reliance on fossil fuels. The imperative to transition toward bio-based alternatives is a driving force for the market as it aligns with broader initiatives to mitigate climate change and reduce the environmental footprint associated with conventional plastics.

Moreover, advancements in waste management technologies and infrastructure contribute significantly to the adoption of bioplastics. The integration of bioplastics into waste management systems is becoming more feasible with the development of advanced composting facilities and recycling processes.In addition, economic factors such as the fluctuating oil prices and volatility in the petrochemical industry contribute to the adoption of bio-PET film as a more stable and sustainable alternative.

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Bio-PET Film Market Report Highlights

• Packaging application dominated the source segment with more than 38.0% share in 2023. This is due to the growing use of bioplastics in the packaging sector, which is being driven by rising demand from the electrical & electronics and food industries

• The electrical & electronics application segment is expected to grow at a significant CAGR over the forecast period

• The laminating film type segment held the largest market share of 37.12% in 2023. bio-PET films provide environmentally friendly and recyclable solutions for laminating various packaging materials. They offer clarity, strength, heat resistance, and high adherence to the product making them ideal for a variety of laminating applications

• Rising concerns about climate change and carbon footprint reduction contribute to the increasing adoption of bio-PET films. Traditional plastics derived from fossil fuels are associated with significant carbon emissions during production and disposal.In contrast, bio-PET films, especially those produced from agricultural feedstock, often have a low carbon footprint

• Asia Pacific dominated the bio-PET film market. The role of financial incentives and subsidies provided by governments and regulatory bodies is driving the adoption of Bio-PET films in the region. Many countries are implementing policies that encourage the use of environmentally friendly materials by offering financial support, tax credits, or other incentives to businesses that adopt Bio based plastic films

• In August 2023, Terphane, a division of Tredegar Corporation and a prominent player in BOPET films across Latin America with operations in the U.S. and Brazil joined forces with Origin Materials Inc., a global company in carbon-negative materials. They announced a strategic partnership aimed at manufacturing bio-polymer films that are not only sustainable but also offer exceptional performance characteristics

Bio-PET Film Market Segmentation

Grand View Research has segmented the global bio-PET film market on the basis of type, application, and region:

Bio-PET Film Type Outlook (Volume, Tons, Revenue, USD Million; 2018 - 2030)

• Laminating Film

• Universal Film

• Electrical Insulating Film

• Capacitor Film

• Others

Bio-PET Film Application Outlook (Volume, Tons, Revenue, USD Million; 2018 - 2030)

• Packaging

• Printing

• Decoration

• Electrical & Electronics

• Others

Bio-PET Film Region Outlook (Volume, Tons, Revenue, USD Million; 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Norway

  • Netherlands

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • Thailand

  • South Korea

  • Indonesia

  • Malaysia

• Central & South America 

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • Saudi Arabia

  • South Africa

  • UAE

List of Key Players in the Bio-PET Film Market

• TORAY INDUSTRIES, INC.

• Polyplex

• TEIJIN LIMITED

• KURARAY CO., LTD.

• Qingdao Kingchuan Packaging

• Far Eastern New Century Corporation

• PLASTIPAK HOLDINGS, INC.

• Anellotech

• Indorama Ventures Public Company Limited

• Carbios

• NatureWorks LLC

• UFlex Limited

• FKuR

• Saipet Samartha Private Limited

• Iwatani Corporation

• LOTTE Chemical Corporation