Polyester film is a type of polymer that is incredibly versatile for a wide variety of applications. It has superior UV resistance, excellent electrical properties, good optical clarity, high gloss, and good gas barrier but only moderate moisture barrier properties. It is the ideal film for packaging applications, quality printing, and lamination and a good choice for high-performance plastic films and sheets.
Based on type, the Polyester Films market is segmented into Packaging, Photography, Electrical & Electronics, Graphics, and Metalized films. The packaging segment dominates the Polyester film market on the back of strong demand for all kinds of packaging since it can take both firm and flexible forms. It is widely used in food and beverage packaging because it is a food-safe material. Polyester films are also used as an insulator in electrical applications to support and separate electrical conductors. These films provide dielectric strength and moisture resistance. They are also used in imaging and graphics applications due to their high clarity, printability, and dimensional stability.
The demand for flexible packaging will boost the market due to the changing lifestyle of the consumers and the increasing demand for convenient products. Polyester films are a popular choice for packaging due to their high barrier properties, durability, and tensile strength. They are used in food packaging, pharmaceutical packaging, and other consumer goods packaging. The advancements in packaging techniques, such as active packaging, intelligent packaging, and engineering science, have enabled the flexible packaging of food products, and businesses are also using biodegradable and recyclable materials for eco-friendly packaging.
Consumers are demanding packaged products with longer shelf life, due to their growing health consciousness and awareness of eating fresh food, leading to growth in demand in countries like the US. Additionally, the preference for processed foods, shifts in population dynamics from rural to urban areas, rising disposable incomes, and busy lifestyles are driving the demand for food packaging which will positively impact the Polyester Films market.
Asia Pacific dominates the Polyester Films market accounting for more than 70% of the market share. The region is dominated by countries like China, Japan, South Korea, and Taiwan which are the major producers and consumers of polyester films. China is the largest market accounting for more than 80% of the total share on the back of strong demand from the packaging industry and the increasing demand from electronics and renewable energy. The Chinese government is promoting renewable energy to reduce carbon emissions which has also led to an increase in the demand for photovoltaic cells positively affecting the Polyester Films market.
The COVID-19 pandemic had a severe impact on the Polyester film industry. There was an upsurge in the demand for packaged food and water during the pandemic, leading to an increase in the consumption of Polyester Films.
Meta Materials Inc. announced a MOU in partnership with DuPont Teijin Films and Mitsubishi Electric Europe. Using META’s PLASMAfusion®, the companies plan to manufacture film-based products that will reduce the battery weight and cost, efficient vehicle range, improve energy efficiency, and enhance safety against the risk of battery fires as compared to standard Li-Ion batteries for electric vehicles and other use cases.
In 2022, Toray Industries, Inc. announced to boost the production capacity by 60% at the Gifu plant for Polyester Films for manufacturing multilayer ceramic capacitors (MLCCs).
The rising crude oil costs will affect the costs of the raw materials which might hinder the Polyester Films market. Crude oil prices are affected by a number of factors, which include rising production from OPEC and other oil-producing countries along with the opening up of economies after the pandemic, which will result in increased demand for oil and currency fluctuations.
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