APET Film Market Size Forecast to Reach $8.4 Billion by 2026

October 29 20:42 2021
APET Film Market Size Forecast to Reach $8.4 Billion by 2026
APET Film Market
Increasing Adoption of APET Recyclable Polymer Based Packaging Materials Driving the Growth of Amorphous-polyethylene Terephthalate Film Market.

APET (Amorphous-polyethylene terephthalate) Film Market size is forecast to reach $8.4 billion by 2026, after growing at a CAGR of 7% during 2021-2026 due to increasing consumption of APET film as it offers higher tensile strength, excellent dimensional stability, low moisture absorption, and excellent gas barrier properties. APET Film is one of the most environmentally friendly alternatives to other polymers because it is used in blister packaging with excellent barrier properties and light processing. The packaging company used PET plastic as compared to polyvinyl chloride packaging for thermoforming as it was designed to withstand UV rays. PET plastic film is an eco-friendly material that is widely used in thermoforming, cosmetics, food industry, and others. According to the India Brand Equity Foundation (IBEF), the personal care market is forecast to reach US$20 billion by 2025. Thus, the increasing personal care market is increasing demand for packaging of cosmetics which, in turn, is estimated to grow the demand for APET films.

COVID 19 pandemic positively affected the pharmaceutical industry. APET film provides better sealing to the medicines by blister packaging that needs to be stored in a moisture-free environment. Thus, it extends the shelf life of drugs and medicines which also can be stored for a long time without damage. Also, PET plastics are ideal for packaging which is expected to grow the market of APET film

APET Film Market Segment Analysis – By Type

APET Sheet is expected to lead the APET film market by type segment in 2020 as it provides excellent clarity, excellent mechanical properties, and thermoforming characteristics, which make them an ideal material for packaging applications. APET sheet reduces the thermoforming cycle time, energy cost, and heat. APET sheet provides an excellent thickness (from 0.2 mm to 2m) for packaging and has good barrier properties for water vapor for food packaging. APET sheets are used for food safety and can be sterilized by gamma radiation for medical packaging. Thus, rising demand for sheet type is estimated to grow the market size during the projected year.

APET Film Market Segment Analysis – By Packaging Type

The blister packaging type segment dominated the global APET film market in 2020 due to various properties such as impact resistance, non-toxic, and high transparency. Blister packaging is commonly used for small products such as batteries, medicines, and toys. PET plastic film is used in industrial packaging in a variety of high-grade blister packaging. Thus, increasing demand from the pharmaceutical industry as they provide clear visibility improves shelf life of products and is easy to transport, this is estimated to augment the APET film market.

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APET Film Market Segment Analysis – By Application

Food & beverages held the largest share for the global APET film market in 2020 and is growing at a CAGR 7.2% during 2021-2026. APET film provides flexible packaging, has high chemical resistance and low odor which enhancing the shelf life of the food. APET does not transfer any chemicals to the packaging product which comes in contact with it, so it’s an ideal solution for food products. According to the China Food Industry (CFI) almost 15,00 tonnes of fresh food, 1.8 million bottles of disinfectant solution, and 3 million bottles of liquid soap were sold in 2020. According to the India Brand Equity Foundation (IBEF), India’s food processing sector is expected to reach US$ 535 billion by 2025-26. However, the Indian government approved Rs. 107.42 crore (US$ 15.25 million) to implement 28 food processing projects, which helps to reduce food waste and increasing demand for recycling packaging, polyvinyl chloride, and PET plastics film. Hence, such factors are estimated to influence market growth.

APET Film Market Segment Analysis – By Geography

Asia Pacific dominated the global APET Film market with a high share of 30% in 2020. The increasing population is estimated to grow the packaging demand for consumer goods, the pharmaceutical sector, food & beverages, electronics packaging, and other goods packaging. PET film is ideal for packaging than polyvinyl chloride film packaging for thermoforming due to excellent water and moisture barrier material, high mechanical strength, excellent characteristics for vacuum formation, and recycled material. Thus, it is widely used by packaging manufacturers. According to Healthcare Information Company IQVIA, China was the world’s second-largest national pharmaceutical market in 2017 with $122.6 billion. It was also the biggest emerging market for pharmaceuticals with growth tipped to reach $145 billion to $175 billion by 2022. Furthermore, India’s domestic pharmaceutical market is estimated at US$ 41 billion in 2021 and is expected to reach US$ 65 billion by 2024 and around US$ 120-130 billion by 2030. Thus increasing the application of blister packaging is driving the market for APET film.

APET Film Market Drivers

Growing Consumption from End-Use Industry

The demand for APET plastic film is rising as it offers flexible packaging than polyvinyl chloride packaging. APET plastic film is utilized in a broad range of applications including vacuum forming, food, and non-food packaging, folding and set up boxes, thermoforming, as well as printing and graphics. APET films are fully recyclable films and they can be converted into fibers for the manufacturing of electronic parts. Thus, growing various end-use sectors such as cosmetics, pharmaceutical, and others is estimated to boost the consumption of APET plastic film. According to Cosmetic Europe, the cosmetics market of the United States increased by 8.81 % to euro 73.7 billion (US$ 82.50 billion) in 2019 compared to euro 67.2 billion (US$ 79.36) in 2018. Additionally, according to the India Brand Equity Foundation (IBEF), India’s domestic pharmaceutical market is estimated to reach US$ 65 billion by 2024 and  ~US$ 120-130 billion by 2030. Hence, such factors are estimated to grow demand for APET films.

Increasing Adoption of APET Recyclable Polymer Based Packaging Materials

Amorphous polyethylene terephthalate plastic film packaging materials used over traditional packaging materials such as metal cans, glass & plastic bottles, and liquid cartons are leading to the growth of the amorphous polyethylene terephthalate film market across the globe. It has a high resistance to chemicals and solvents and offers improved clarity. According to the Asian Leading Product Packaging Manufacturer, Europe has a PET plastic film recycling rate of 52% and the US has 31%. PET plastic film is a cost-effective, environmentally friendly, and sustainable product for thermoforming packaging than polyvinyl chloride. Thus, Food and Drug Administration (FDA) approved APET plastic for food packaging due to complet recyclable than polyvinyl chloride. Thus, the increasing adoption of recyclable packaging is estimated to grow the market size during the era.

APET Film Market Challenges

Volatility in APET Films Prices

APET sheets are usually made from petroleum-based products which are not biodegradable. Meanwhile, the volatile crude oil prices in the market are expected to fluctuate the APET film prices. According to the U.S. Energy Information Administration (EIA), crude oil prices were decreased by US$ 41.69 per barrel in 2020 compared to US$ 64.34 per barrel in 2019. According to BP static, Oil prices declined US$64.21/bbl in 2019 as compared with US$71.31/bbl in 2018. Hence, the fluctuation of crude oil prices may hamper the production of APET films. 

APET Film Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the APET film market. Major players in the APET Film Market are OCTAL, Folienwerk Wolfen, Klckner Pentaplast, AMB, Shinkong Synthetic Fibers, Far Eastern New Century, Dongji Polyester Film, Jinfeng New Material Plastic, Min Yang Plastic, Mineron, and among others

Acquisitions/Technology Launches

In September 2019, PolyOne launched ColorMatrix™ SmartHeat RHC for its recycled PET and PET bottles. This product helps to reduce carbon emissions and support sustainability by improving the thermal stability of PET plastic throughout the process of recycling.

Key Takeaways

Asia-Pacific dominates the APET film market owing to increasing demand from packaging applications such as food & beverages, pharmaceutical, and electrical & electronics.

The growing popularity of new emerging technologies, such as high barrier flexible packaging is likely to aid in the market growth of APET film.

Increasing adoption from electrical & electronics for recycled APET film regulations related to carbon dioxide emissions is estimated to increase the market demand for APET film soon.

Related Reports:

A. Packaging Film Market 

https://www.industryarc.com/Report/15172/packaging-film-market.html

B. Crystalline Polyethylene Terephthalate Market

https://www.industryarc.com/Report/15542/crystalline-polyethylene-terephthalate-market.html

For more Chemicals and Materials Market reports, please click here

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