Pune, Maharashtra -- (SBWIRE) -- 10/11/2022 -- BOPET, also known as biaxially oriented polyethylene terephthalate film, is a high performance polyester film that is clear, flexible, and mostly utilized for packaging applications. These films have superior reflectivity, electrical insulation, chemical, dimensional stability, high tensile strength, and gas and scent barrier qualities. Food packaging, electrical insulation, printing sheets, pharmaceutical, aviation, and maritime applications are all suited for BOPET films.
As per the recent market research report published by the SNS Insider, the BOPET film market is expected to reach USD 12.43 billion by 2028, with a CAGR of 5.5% during the forecast period of 2022–2028.

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Drivers, Restraints, Opportunities, and Challenges
The BOPET film market demand is being driven by the increasing need for effective packaging solutions to extend product shelf life. The expansion of the market is once more being driven by rising demand from the food & beverage, cosmetic, pharmaceutical, and other end-user sectors. Additionally, a growing need for packaging solutions that are reasonably affordable, reliable, effective, and convenient across all end-use industries is projected to fuel market demand. Additionally, outstanding qualities including gas and scent resistance, UV resistance, high strength, improved transparency, and electrical insulation are once more fueling market expansion. It is also anticipated that the electrical and electronics sector's rapidly expanding demand would present growth opportunities. High-end display screens and photovoltaic (PV) cells are made with BOPET (OLED).

Companies in the BOPET films market are choosing various strategies, such as new product development, merger & acquisitions, etc. to maintain and increase their market share in a highly competitive market due to the growing global warming issue and greenhouse gases, which is resulting in the adoption of strict rules and regulations over fossil fuels and promotes renewable energy sources for energy generation. The BOPET films' high production costs, however, could potentially limit future market expansion.

Impact of the Russia-Ukraine Conflict
The global market for BOPET films had a sharp reduction as a result of the COVID-19's historic decline in 2020. Due to the disruptions in the worldwide supply chain, many end-user industries, including personal care, automotive, electrical and electronics, imaging, and others, suffered greatly. The first half of 2020 saw a number of manufacturing facilities temporarily cease operations in an effort to stem the spread of the fatal coronavirus that had impacted the global BOPET films market. However, despite the difficult economic times, there was still a sizable demand for BOPET films from the flexible packaging sector.

Market Segmentation
By Thickness
1.Thin
2.Thick

By Coating Type
1.Coated
2.Non-coated

By Product Type
1.Sachets
2.Pouches
3.Bags
4.Shrink Films
5.Stretch Wraps
6.Others

By Application
1.Food & Beverages
2.Cosmetics
3.Electrical and Electronics
4.Industrial
5.Imaging
6.Pharmaceutical
7.Automotive
8.Others

Regarding product categories, the bags and pouches category is one of the most lucrative segments in the global BOPET film market. These are frequently employed to create pouches, including retort pouches. Base films that are dimensionally stable are necessary for retort stabilization.
Food and beverage packaging will continue to be the BOPET film market's largest application category, and it is anticipated to grow at the fastest rate thanks to rising demand for food, personal care, and pharmaceutical packaging.

Regional Analysis
Asia Pacific is anticipated to continue to be the world's largest BOPET film market over the projected period owing to the rapid expansion of flexible packaging as well as the rising demand for solar back sheets. Increasing production capacity for flat-panel displays, the popularity of cosmetic products, the creation of biodegradable and water-soluble films, and increased knowledge of BOPET films are just a few important trends. The construction and food and beverage industries in North America are driving a steady increase in demand for BOPET films, which will drive the market for these materials in the coming years.

Competitive Landscape Outlook
Some of the leading companies involved in the BoPET film market are Dupont Teijin Films, Toray Plastics, JBF RAK LLC, Futamura Chemical, Polyplex, RETAL Industries, Jindal Poly Films, SRF Limited, and Uflex Ltd.

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