Global market demand for BOPET film continues to grow despite current economic uncertainty and market challenges, according to a new report by leading industry consultants, AMI Consulting. BOPET producers are adapting to the shift towards more regional supply and increasing tariffs, and taking short-term measures to address falling prices and widespread de-stocking throughout the customer base. In spite of all this, growth opportunities abound and BOPET manufacturers are setting out on the race to supply the burgeoning packaging growth across Asia and for the manufacture of the next generation of high technology and green energy products.
Global BOPET film market share by end use market demand 2022
Packaging remains the largest end-use market for BOPET films and in spite of sustainability pressures, is growing strongly across developing markets and within profitable niches globally. The use of flexible packaging including BOPET film for non-food items is lower than for food providing good opportunity to switch from rigid packaging, and BOPET lids and labels in combination with PET trays and bottles offer a mono-material solution. Use of BOPET in food packaging is steadily increasing in low per capita consumption regions such as the Indian Sub-Continent and SEA, where packaged food is becoming more widely available. End-users are recognising that BOPET films can offer properties vital for food security such as good barrier and materials reduction, whilst providing a cost-effective solution. Mono-material PET solutions are seeing R&D interest, with promising developments in sealing properties.
Technical and non-packaging applications are emerging as the better growth opportunity for BOPET film in the next five years, with 5% growth expected to 2027, compared with 3% for packaging films. The stand-out growth application for BOPET in volume terms continues to be photovoltaics, although low prices which continue to offer limited investment opportunities. Supportive government policies may yet persuade those who exited this market to re-enter and support the regional development of green energy industries. Electrical applications are forecast to show ongoing healthy growth, thanks to new battery applications, the growth in flexible electronics and new energy segments. To serve a greater range of growth opportunities, thin film lines are being stretched to their limits and modified to produce both thinner and thicker BOPET films.
The market remains attractive in the longer term both for existing players who continue to invest in broadening their product ranges for new applications, and for new BOPET producers aiming to benefit from the growth of both packaging films and industrial BOPET markets. Both markets are anticipated to exceed global GDP growth in the forecast period with many converters and end-users optimistic about continued growth in demand for BOPET across both packaging and industrial markets in the future.