According to a new report published by Future Market Insights, the bio-PET film market is projected to generate US$ 143.2 million in 2024. Bio-PET film market revenue is predicted to reach US$ 231.0 million by 2034. A CAGR of 4.9% is expected for the bio-PET film market during the forecast period.
The use of bio-based materials, such as bio-PET films, is becoming increasingly popular among companies to meet environmental goals and reduce environmental impact. Biodegradable plastics are becoming increasingly popular among consumers, while regulators are also promoting these products.
Growing numbers of consumers are seeking environmentally friendly packaging solutions, and bio-PET films are becoming a popular alternative. Bio-PET films can reduce plastic waste and carbon footprint in various industries, including food, beverages, and personal care products.
Bio-PET films are currently being researched and developed for improved functionality and performance and are becoming more functional and versatile due to advances in processing techniques, barrier properties, and mechanical strength.
Bio PET films are on the rise, with many companies replacing PET bottles with plant-based plastics, driving the demand for bio-PET films. Unlike fossil fuel-derived PET films, sugarcane and corn are renewable resources used to make bio-PET films. A growing demand for sustainability and a reduction in carbon footprint is driving the growth of bio-PET films. Governments and regulatory bodies are implementing policies and regulations to reduce the use of fossil fuels and promote bio-based materials.
Governmental and private sector organisations are taking several initiatives to encourage using bio-PET films. Bio-PET films are in high demand due to consumer awareness and preference for sustainability solutions. Eco-friendly packaging is becoming increasingly popular across various industries to meet consumer demands while reducing environmental impact.
PET films have been applied to a broad range of applications outside of packaging, such as polyester yarn, sensor development, waterproof paper, glitter, PET preforms, and cleaning cloths. Over the next few years, bioplastics, like bio-PET films, are expected to grow significantly. As bio-based polymer production increases, the market for bio-PET films is expected to continue growing.
A significant impact of COVID-19 has been felt in various industries, including the packaging and bioplastic industries. A pandemic restriction, changes in consumer habits, and a decline in demand affected demand for bioplastic food packaging. While bio-based and biodegradable materials offer sustainable benefits, Bio PET faces competition. A new polymer called Polyethylene Furanoate (PEF) with a low melting point could challenge the market for Bio PET films. For more visit futuremarketinsights.com