Optical PET Films Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Optical PET Films Market was worth US$ 19.5 Bn and is expected to grow at a CAGR of 6.4% over the forecast period. The market is expected to hit US$ 32.0 Bn by 2030 end.
Polyethylene terephthalate (PET) is the world’s most widely used thermoplastic polymer and is also known as polyester in the textile sector. It is a semi-crystalline substance that is naturally colorless. PET films feature stronger tensile strength, lower moisture absorption, superior dimensional stability, and outstanding physical property retention across a wide temperature range compared to other popular plastic films.
It is an excellent choice for high-performance plastic films and sheets and high-quality printing and laminating. It has a relatively high melting point, making it appropriate for high-temperature sterilizing applications.
What are the causes driving the rise in demand for Optical PET Films?
The key driver driving the growth of the worldwide optical PET films market is the rising demand for flat panel displays, particularly LCD applications. The increasing demand for these film components in the fabrication of smaller and lighter touch screen panels has also considerably propelled market expansion. The massive use of PET films in automotive, industrial, and other end-use industries is expected to significantly boost the industrial diamond market share in the coming years.
The multiple advantageous properties of optical PET films are one of the primary reasons they are projected to be in high demand worldwide and more desired than traditional plastics. As a result, the worldwide optical PET films market is expected to rise soon.
PET films are widely used in packaging foods and beverages, notably soft drinks, water, alcoholic beverages, edible oils, and juices. PET films are also used in the packaging of peanut butter, salad dressings, mouthwashes, cooking oils, shampoos, window cleaning, liquid hand soaps, home cleansers, tennis balls, and other items.
The rising adoption of e-commerce in emerging economies is also predicted to promote the growth of the global polyester film market.
What are the opportunities in the Optical PET Films Market?
The penetration of online shopping for electric gadgets and holiday discounts will increase the market share of optical films. Growing knowledge about eye health drives demands for optically coated glasses, which will drive up demand for optical films.
The increasing popularity of flexible and foldable displays in smartphones, tablets, and other electronic devices is hastening the use of optical films.
What are the major challenges confronting the Optical PET Films Market?
The costs of raw materials for resin manufacturing and acquired resins, packaging materials, logistics, and other critical natural resources have risen. Rising crude oil costs worry the polyester film business, reducing firm profits. Polyester film costs fluctuate owing to the pricing of the primary raw ingredients required to create polyester chips obtained from crude oil, Purified Terephthalic Acid (PTA), and Mono ethylene glycol (MEG). Crude oil prices and currency exchange rates significantly impact the cost of purified terephthalic acid and mono-ethylene glycol.
The COVID-19 epidemic had a significant impact on the market. During the pandemic, demand for optical films surged significantly because of the rising demand for various end-use applications such as televisions, cellphones, computers, and tablets. People stayed at home more during the epidemic, which increased the demand for electronic gadgets, including smartphones, tablets, and televisions, fueling the market’s rise.
Why is the television segment likely to grow rapidly throughout the forecast period?
The television application category dominated the optical film market in 2021. Television applications have substantially influenced the market for optical films. A wide range of optical films, including polarising film and polyvinyl alcohol film, are widely employed in television displays to provide a brighter display, enhanced surface transmission, and a wider viewing angle in more cloudless conditions.
As people remained at home more, demand for television increased, creating the need for online entertainment. Rising television demand will likely fuel the market’s expansion during the forecast period.
Which region has promising opportunities in the Optical PET market?
The Asia Pacific optical film industry accounted for 30.5% of the worldwide market in 2021. Over the projection period, Asia Pacific is predicted to have the highest revenue share.
Rapid industrialization, urbanization, improving lifestyle standards in developing countries, infrastructure development activities, production and sales of electrical & electronics products, and growing demand from the pharmaceutical industry for blister packaging and laminating are some of the factors expected to drive the market’s revenue growth to some extent.
Because of the Asia Pacific’s good forecast for retail sector growth, the region is expected to experience rapid growth. Changing consumer habits in the area will likely drive demand for polyester films in packaging, opening up new prospects for growth.
The worldwide polyester film market is moderately consolidated, with a few big businesses operating at both the global and regional levels. Major businesses are investing in product development and strategic partnerships to increase their separate product portfolios and establish a strong presence in the worldwide market.
Some of the key developments that have taken place in the Optical PET Films Market include:
A list of some of the key suppliers present in the market are:
Market Segments Covered in Report
By Region and Country:
Global Optical PET Films Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Function, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2030, the market is expected to grow at a CAGR of 6.4%.
Growing obesity rates, high diabetes prevalence, and an increase in various foot and back ailments are the primary causes driving demand for orthopedic Optical PET Films. Global internet penetration has been increasing year after year.
Major global Optical PET Films Market players are Nitto Optical Co., Sumitomo Chemical Co. Ltd., LG Chemical Ltd., Samsung SDI (Formerly Cheil Industries), BenQ Materials Corp., Sanritz Co., Ltd., Zeon Corporation, 3M Company, American Polarizers, Inc., Toray Industries, Inc, Toyobo Co. Ltd, China Lucky Film Group Corporation, Teijin Limite, Mitsubishi Polyester Film GmbH.
One major constraint is the rising cost of raw materials used in packaging and environmental concerns such as recycling.
The North America region is expected to account for the largest share of market revenue in the Global Optical PET Films market.
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