Pune, Feb. 28, 2023 (GLOBE NEWSWIRE) -- SNS Insider analysis shows that the Bopet Film Market had a valuation of USD 7.51 billion in 2022 and is projected to grow at a CAGR of 5.5% during the forecast period of 2023-2030, reaching a valuation of USD 11.52 billion by 2030.
The electronics industry has been rapidly evolving, with new and innovative devices hitting the market every day. This has been made possible by the declining prices of electronics, making them more accessible to a larger population. As a result, the consumption of electronic devices has been on the rise, leading to an increased demand for packaging materials such as BOPP films. To stay relevant to BOPET film market demand, key players in the industry are launching new products that cater to changing consumer preferences.
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BOPET Film Market Overview
| Report Attributes | Details |
| Market Size in 2022 | US$ 7.51 Billion |
| Market Size by 2030 | US$ 11.52 Billion |
| CAGR | CAGR of 5.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Thickness (Thin, Thick) • By Coating Type (Coated, Non-coated) • By Product Type (Sachets, Pouches, Bags, Shrink Films, Stretch Wraps, Others) • By Application (Food & Beverages, Cosmetics, Electrical and Electronics, Industrial, Imaging, Pharmaceutical, Automotive, Others) |
Major Trends Observed for BOPET Film Market
- As consumers become more health-conscious, they are seeking out food products that are free from harmful chemicals, additives, and preservatives. This has led to an increased focus on food packaging that can maintain the quality and freshness of food products, such as Biaxially Oriented Polypropylene (BOPP) films.
- Biaxially Oriented Polypropylene (BOPP) is a widely used material in the packaging industry due to its exceptional properties. BOPP films are optically clear and have a high degree of gloss, making them ideal for packaging products that require high visibility, such as food, medical, and pharmaceutical packaging.
- The United States plays a significant role in the global market for food-contact packaging, particularly in the use of Biaxially Oriented Polypropylene (BOPP) films. The Food and Drug Administration (FDA) in the U.S. has established strict regulations for the safety of food-contact packaging, and BOPP films are well-suited to meet these stringent standards and requirements.
Impact of recession on BOPET Film Market
The packaging industry as a whole may be affected by a recession as companies may cut back on their packaging budgets and opt for more cost-effective alternatives. However, the impact of a recession on the target market may not be significant as these films are widely used in essential industries such as healthcare and food packaging.
Key Developments Related to BOPET Film Market
- Sihl, a leading manufacturer of digital printing media, has unveiled its latest innovation - an inkjet label film made from 90% post-consumer recycled (PCR) BOPET. It reduces the demand for virgin materials, which in turn reduces greenhouse gas emissions associated with the production of new plastic.
- Fuwei Films (Holdings) Co., Ltd., a leading manufacturer and distributor of BOPET plastic films in China, has confirmed the successful completion of its merger with BaiJiaYun Limited. The merger between Fuwei Films and BaiJiaYun Limited will enable the combined company to expand its global market presence and further strengthen its position as a leading producer of high-quality BOPET plastic films.
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