PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490284
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490284
Bio-Based PET Market size was valued at USD 8,184.2 Million in 2023, expanding at a CAGR of 11.00% from 2024 to 2032.
Polyethylene terephthalate (PET) bio-based is composed of biodegradable ingredients such as monoethylene glycol (MEG) and terephthalic acid (PTA). It is utilized in a wide range of items, including construction materials, car interiors, bottle manufacturing, and packaged goods. The advantages of bio-based PET are nontoxicity, recycling, and a lower carbon impact. It's widely used in the automobile, food, and beverage industries. Ethylene Polyethylene terephthalate (PET) is the most popular thermoplastic polymer resin in the polyester family. It is used in textile fibers, beverage, and food containers, thermoforming for manufacturing, and engineering resins when mixed with glass fiber.
Bio-Based PET Market- Market Dynamics
Increase in Demand for Packaging Solutions Propels Market Growth
The Bio-Based PET market is rapidly expanding, driven mostly by rising demand for sustainable packaging solutions. According to the United Nations Environment Programme (UNEP), the worldwide packaging business accounts for 36% of plastic waste, prompting increased concern about the environmental impact of conventional fossil-based plastics. Bio-based PET, made from renewable resources such as sugarcane, corn, and cassava, is a more environmentally friendly alternative to conventional petroleum-based PET. The European Bioplastics Association predicts a large increase in global bio-based plastic production capacity, from 2.42 million tonnes in 2022 to 7.59 million tonnes in 2026, with Bio-Based PET playing a prominent role in this expansion.
Bio-Based PET Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.00% over the forecast period (2024-2032)
Based on Application segmentation, Beverages were predicted to show the largest market share in the year 2023
Based on End Use Industry segmentation, the packaging category is expected to have the most market share in 2023.
On the basis of region, North America was the leading revenue generator in 2023
The Global Bio-Based PET Market is segmented on the basis of Application, End Use Industry, and Region.
On the basis of Application, the market is split into five segments: Beverages, Sheet and Films, Consumer Goods, Food Packaging, and Others. The beverage category is expected to have the greatest market share in the Bio-based PET market over the forecast period. The rise in demand from the carbonated soft drink (CSD) sector is one of the primary drivers of the worldwide bio-based PET market. The Coca-Cola Company and PepsiCo are expected to be the market leaders.
The market is segmented into four segments depending on the End Use Industry: Packaging, Electrical and Electronics, Automotive and Others. In the bio-based PET market, the packaging category is anticipated to hold the biggest market share in 2023. Moreover, bio-based polyethylene terephthalate is expected to continue dominating the market during the projection period since it is used in food containers, beer containers, fruit juice packaging, water packaging, and other applications. All of these factors support the expansion of the global market for bio-based polyethylene terephthalate over the predicted period.
Bio-Based PET Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is the largest market for bio-based PET due to the rising demand for environmentally friendly packaging solutions and the presence of key manufacturers in the region. The United States, in particular, dominated the bio-based PET market as the food and beverage industries increasingly adopted eco-friendly packaging. Furthermore, the US Bio-Based PET market had the highest market share, while Canada's Bio-Based PET market was the fastest-growing in the North American area.
The Asia-Pacific region is expected to be the fastest-growing market for bio-based PET, owing to rising demand for environmentally friendly packaging solutions, particularly in emerging nations such as China and India. The region has a huge customer base and a developing middle class, which increases the demand for environmentally friendly products.
Major market companies are investing heavily in research and development to expand their product lines, which will help the Bio-Based PET market grow even further. Market participants are also pursuing a variety of strategic measures to expand their global footprint, including new product releases, contractual agreements, mergers and acquisitions, increased investment, and collaboration with other companies. Competitors in the Bio-Based PET business must provide cost-effective products to grow and survive in an increasingly competitive and expanding market.
In October 2022, Toray Industries Inc. introduced a new series of bio-based PET films named Lumirror BK6T. The films are created from sustainable and renewable feedstocks and have excellent heat resistance, transparency, and barrier qualities.
GLOBAL BIO-BASED PET MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Anellotech Inc.
NatureWorks LLC
Braskem S.A.
Daikin Industries Ltd.
TORAY INDUSTRIES INC
PTT Global Chemical Public Company Limited
Plastipak Holdings, Inc.
Total Energies
Amyris
Gevo Inc.
Biome Bioplastics
TEIJIN LIMITED
Indorama Ventures Public Company Limited
Solvay
ptt global chemical public company limited
Toyota Tsusho Corporation
KURARAY CO., LTD.
M&G Chemicals
Novamont S.p.A
Others