Future Market Insights has released its BOPET Packaging Films Market report, finding that in terms of revenue, the global BOPET packaging films market is projected to expand at a CAGR over five per cent during the forecast period.
The global BOPET packaging films market has been segmented on the basis of thickness, applications, and end-use industries, and the report shows the market is expected to expand 1.8 times in terms of market volume by the end of 2029.
Geographically, East Asia holds more than a quarter of the global market, and is expected to maintain its prominence, similar to China, which is one of the leading producers and consumers and accounts for more than one fifth of the market.
Among the South Asian countries, India has emerged as one of the key markets, and major players within the Asian market are expanding their production capacities to keep pace with the global demand.
Owing to the presence of several organised and unorganised players, the Asian BOPET packaging films market has emerged as a highly competitive one, and is expected to expand at a substantial rate during the forecast period.
Despite being a matured market, Europe represents a significant incremental opportunity for the market, which can be attributed to the growing demand for packaging and processed food in the region.
Spain is projected to witness a relatively higher growth in demand, while Germany is expected to maintain its lead in the European market in terms of both market share and incremental opportunity.
In 2019 the US is anticipated to account for more than 90 per cent of the North American market, but Canada is expected to expand by 1.4 times its current value by the end of 2023.
The demand for BOPET packaging films has seen significant growth across the globe, including the North American region.
The films promise to offer superior performance at low thickness, coupled with high stiffness, good heat resistance, and a reasonable balance of oxygen and moisture barrier, with the properties aiding the market growth in North America.