Polyester Film Market worth $44.2 billion by 2028 Globally, at a CAGR of 6.2%, says MarketsandMarkets™

Chicago, Nov. 09, 2023 (GLOBE NEWSWIRE) — The Global Polyester Film Market is projected to reach USD 44.2 Billion by 2028, at a CAGR of 6.2% from USD 32.7 billion in 2023, as per the recent study by MarketsandMarkets™. The polyester films market is primarily driven by the growth of the packaging industry, where polyester films are widely used for flexible packaging and labels. Additionally, the increasing popularity of flexible packaging, driven by consumer preferences for convenience and sustainability, contributes to the demand for polyester films. Other key factors include their application in electronics, solar energy, labeling, and industrial uses, as well as their presence in the textile, automotive, and construction sectors.

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List of Key Players in Polyester Film Market:

1. DuPont Teijin Films (US)
2. TORAY INDUSTRIES, INC. (Japan)
3. Mitsubishi Polyester Film GmbH (Germany)
4. Kolon Industries, Inc. (South Korea)
5. ESTER INDUSTRIES LIMITED (India)
6. Jindal Films Limited (India)
7. Terphane LLC (US)
8. TOYOBO CO. LTD.,(Japan)
9. Polyplex Corporation Limited (India)

Drivers, Opportunities and Challenges in Polyester Film Market:

1. Drivers: Increasing demand for durable materials in the electronics industry for technological advancements.
2. Restraint: The presence of competitive materials in the market is restraining the market for polyester films globally
3. Opportunity: Utilization of sustainable packaging materials
4. Challenge: Continous development in regulatory landscape and regulatory standards for packaging material.

Key Findings of the Study:

1. Biaxially oriented by type is projected to grow at fastest CAGR, in terms of value, during the forecast period.
2. Food & beverage” by end use industry segment accounted for the largest share in terms of value.
3. North America is expected to be the fastest growing market for Polyester Film market during the forecast period, in terms of value.

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Based on type, Polyester Film market has been segmented into Biaxially oriented, thermal film, metalized film, holographic film, UV stabilized, matte film, barrier film and others. The Biaxially oriented segment is the largest market share in value during the forecast period as it offers wide and different applications in various industries. Biaxially oriented polyester (BoPET) film, often referred to as Mylar or PET film. BoPET is a versatile and widely used material due to its various beneficial properties, including excellent tensile strength, dimensional stability, transparency, and resistance to moisture and chemicals.

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Based on application, in terms of value, the global Polyester Film market is divided into packaging, electrical insulation, imaging, industrial laminates, and agriculture, among others. Polyester films are the most widely used packaging material in the world, representing over 60% of global demand, primarily due to their exceptional properties. These films are renowned for their impressive strength and durability, making them the preferred choice for packaging items that require protection from potential damage during transit and storage.

The Asia-Pacific region is the largest market for polyester film due to its rapid industrialization, economic growth, booming population, and urbanization. The region’s increasing urbanization has led to evolving lifestyles and greater consumption of packaged goods, while Asia-Pacific’s status as a global manufacturing hub, with cost-efficient production and significant technological advancements, makes polyester film a popular choice for a wide range of industries. This, coupled with the region’s competitive manufacturing costs, has contributed to the extensive use of polyester film in various applications, particularly in packaging, within the Asia-Pacific market.

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