Due to the rising demand for packaged foods, it is projected that the global market for film-grade masterbatch PET chips would expand. The need for film-grade masterbatch PET chips is anticipated to be fueled by the growth of the packaged food industry, which is anticipated to be driven by population growth and rising disposable incomes. The preference for plastic packaging over glass packaging is another factor that is anticipated to push the demand for film-grade masterbatch PET chips. Plastic packaging is chosen by both customers and manufacturers because it is lightweight and has a longer shelf life than glass packaging.
Over the forecast period, this is expected to increase demand for film-grade masterbatch PET chips. Another factor that is projected to support the expansion of the film-grade masterbatch PET chips market is the implementation of strict rules regarding food safety and cleanliness. The emergence of numerous diseases brought on by contaminated food products has increased the demand for safe and hygienic packaging of food goods. This has increased the need for premium film-grade masterbatch PET chips that can guarantee the hygienic and safe packaging of food products.
Any maker of film-grade masterbatch PET chips must understand the film-grade masterbatch PET chips market. Manufacturers can produce customised film-grade masterbatch PET chips that customers can use for a number of applications since they have access to a variety of various chips and the capacity to adapt them in accordance with their own requirements. This is significant because it gives clients access to a variety of goods that are tailored particularly to meet their requirements.
Furthermore, having access to the newest design and manufacturing methods aids manufacturers in creating chips that are more dependable and effective than ever. All manufacturers of film-grade masterbatch PET chips must therefore have access to the market for these chips.
a masterbatch fit for the screen A form of plastic called PET chip is utilised in the creation of films. Polyethylene terephthalate (PET) and polypropylene terephthalate are the two types of resins used to make PET chips (PPT). PET chips are used to create films for a variety of uses, including construction PET films, optical films, solar backing films, and food packaging films.
Additionally, the chips are frequently used to produce masterbatch, a unique kind of plastic film with higher performance under difficult conditions. After being heated, the PET chips are extruded into thin strips that can be made in a variety of lengths. With little to no variance in the resulting film's thickness and other characteristics, this method makes it possible to produce products of consistently high quality.
During the forecast period (2021–2031), the global Film Grade Masterbatch PET Chips Market is projected to grow at a CAGR of 5.7%, from a value of USD 11,653.9 million in 2021 to USD 17,661.3 million in 2031.
Some of the main factors driving the market expansion are the rising demand from the packaging industry and the growing demand for lightweight materials in food packaging. The market is growing as a result of technological developments in masterbatch products, such as colour stability even after thermoforming and simple processing at low temperatures. In addition, rising environmental consciousness among customers has increased the demand for products made of biodegradable plastic, which is fueling the expansion of this industry.
Polyethylene terephthalate (PET) and polypropylene are the two main raw ingredients used to make film-grade masterbatch PET chips (PP). These raw materials are based on petroleum, and as a result, their prices are extremely unstable. The price volatility directly affects how much it costs to produce film-grade masterbatch PET chips. In addition, a lot of dangerous chemicals are released into the environment during the production of film-grade masterbatch PET chips.
These substances may be detrimental to both human health and the ecosystem. The market for film-grade masterbatch PET chips may see growth restrictions due to strict environmental rules surrounding the emission of these chemicals. Additionally, the market for film-grade masterbatch PET chips is quite competitive. To create fresh and cutting-edge items, the market's top companies are consistently working on research and development projects. As a result, market growth is constrained and market rivalry is increased. Nevertheless, despite these impediments, it is anticipated that demand for film-grade masterbatch PET chips would stay high in the upcoming years due to their broad use in numerous applications.
BASF SE (Germany), DowDuPont Inc. (US), ExxonMobil Corporation (US), Mitsui Chemicals Inc. (Japan), SABIC (Saudi Arabia), LG Chemical Ltd. (South Korea), Chevron Phillips Chemical Company (US), Toray Industries, Inc. (Japan), Reliance Industries Limited (India), and Sumitomo Chemical Co., Ltd. are a few of the major companies active in this market (Japan). To increase their market presence, these businesses engage in a variety of organic and inorganic methods, including product launches, collaborations, partnerships, mergers & acquisitions, and expansions.
The Ordinary Film Grade Masterbatch PET Chips Segment emerged as the Most Lucrative Type
The market for film-grade masterbatch PET chips is divided into different categories based on type, including ordinary film-grade masterbatch PET chips, matte film-grade masterbatch PET chips, capacitor film-grade masterbatch PET chips, optical film-grade masterbatch PET chips, and other grade masterbatch PET chips. Due to its higher use in various end-use industries, the Ordinary Film Grade Masterbatch PET Chips segment held the greatest market share among them.
The Most Prominent Application is the Blow Molding Segment
It is separated into Blow Molding, Injection Molding, Extrusion Coating & Laminating, and other categories based on application. Due to its extensive use in food and beverage packaging as well as other industrial items, the Blow Molding category accounted for a sizeable market share among these. The demand for this grade of PET chips is also fueled by their superior aesthetics and affordability.
The Asia Pacific Region to render Ample Financing Opportunities
It is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa based on geography. Due to rising demand from end-user sectors including the food and beverage packaging and automotive industry, the Asia Pacific region is predicted to experience considerable growth over the course of the projection period. Furthermore, the market in this region is projected to develop due to supportive government policies for plastic production and rising consumer disposable incomes.
COVID-19 Impact and Market Status
The market for film-grade masterbatch PET chips has been significantly impacted by the COVID-19 pandemic epidemic. Due to the downturn in economic activity and supply chain interruptions, a fall in demand is anticipated in the market. The market, however, is anticipated to rebound starting in 2021 as the world economy begins to stabilise. Additionally, the market is anticipated to develop in the next years as a result of the rising demand for environmentally friendly packaging options.
Recent Developments in the Film Grade Masterbatch PET Chips Market
• A new line of film-grade masterbatch PET chips for use in food packaging applications was introduced by SABIC in January 2020. The high-performance barrier in the new product line prevents oxygen and water vapour from entering, prolonging shelf life and reducing spoiling. The product is aimed at the food packaging market, where it can be utilised to create films with outstanding optical clarity and high durability.
• Indorama Ventures Public Company Limited (IVL) announced the release of its most recent film-grade masterbatch PET chips in March 2020. These chips are intended for applications in flexible packaging for beverages. Improved clarity, stiffness, durability, heat sealability, and printability are all features of the new range. Additionally, it has good gas barrier qualities and moisture resistance.
• A new line of film-grade masterbatch PET chips, created especially for 3-layer polyester films used in food packaging applications, was introduced by Mitsubishi Chemical Corporation in April 2020. Superior gas barrier qualities, outstanding processability, and minimal shrinkage are all features of the product. Additionally, it has superior optical qualities that lower the amount of haze in the end product.
• The debut of BASF's new Nexlite Plus resins, which were created especially for thin plastic films used in food packaging applications, was announced in May 2020. These masterbatch film-grade PET chips provide excellent clarity, gloss, stiffness, and heat sealability. The product is made to decrease food waste and extend shelf life and offers great gas barrier qualities as well.
Film Grade Masterbatch PET Chips Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 17,661.3 million|
|Growth Rate||CAGR of 5.7 % during 2021-2030|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||BASF SE (Germany), DowDuPont Inc. (US), ExxonMobil Corporation (US), Mitsui Chemicals Inc. (Japan), SABIC (Saudi Arabia), LG Chemical Ltd. (South Korea), Chevron Phillips Chemical Company (US), Toray Industries, Inc. (Japan), Reliance Industries Limited (India), and Sumitomo Chemical Co., Ltd.|
Key Segments of theFilm Grade Masterbatch PET Chips Market
Type Overview, 2021-2031 (USD Billion)
• Ordinary Film Grade Masterbatch PET Chips
• Matte Film Grade Masterbatch PET Chips
• Capacitor Film Grade Masterbatch PET Chips
• Optical Film Grade Masterbatch PET Chips
• Other Grade Masterbatch PET Chips
Application Overview, 2021-2031 (USD Billion)
• Packaging Film
• Optical Film
• Solar Backing Film
• PET Film for Dry Film Resist
• Construction PET Film
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa