PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515594
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515594
Asia Pacific Bio-based PET Market, By Product Type, By Application, By Country - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
REPORT HIGHLIGHT
Asia Pacific Bio-based PET Market size was valued at USD 2,782.1 Million in 2023, expanding at a CAGR of 12.10% from 2024 to 2032.
Bio-based PET (polyethylene terephthalate) is a sustainable alternative to traditional PET, derived partially or entirely from renewable biological sources such as sugarcane, corn, or other plant materials. Like conventional PET, bio-based PET retains the same physical properties, including durability, clarity, and recyclability, making it suitable for a wide range of applications, including packaging, textiles, and automotive components. The primary advantage of bio-based PET is its reduced carbon footprint, as it utilizes plant-derived feedstocks that absorb CO2 during growth, contributing to lower greenhouse gas emissions and promoting environmental sustainability.
Asia Pacific Bio-based PET Market- Market Dynamics
O Increased demand for packaged food to propel market demand
In the Asia-Pacific region, the demand for packaged food is on the rise, driven by shifting lifestyles, increased disposable income, a growing number of working professionals, and a preference for convenience. Ready-to-consume foods, with their quick preparation times and appealing, durable packaging, are particularly favored, bolstering market demand. Moreover, heightened awareness of bioplastics' importance in countries like Japan and South Korea, spurred by regulatory efforts to reduce reliance on synthetic polymers, further supports market growth. Japan, backed by regulatory support for biopolymers investment, is poised to remain a significant hub for bio-based PET manufacturing, with Teijin Limited, Toyota Tsusho, and Toray Industries leading the charge. Technical advancements and a rising emphasis on sustainable packaging also contribute to market expansion.
Asia Pacific Bio-based PET Market- Key Insights
v As per the analysis shared by our research analyst, the market is estimated to grow annually at a CAGR of around 12.10% over the forecast period (2024-2032)
v Based on Product Type segmentation, Bottle-grade was the leading type in 2023
v Based on Application segmentation, packaging was predicted to show maximum market share in the year 2023
v On the basis of countries, China was the leading revenue generator in 2023
Asia Pacific Bio-based PET Market- Segmentation Analysis:
The Asia Pacific Bio-based PET Market is segmented on the basis of Product Type, Application, and Country.
The market is divided into two categories based on Product Type: Bottle Grade and Film Grade. Bottle-grade bio-PET emerges as the dominating segment in the market, particularly in bottling applications, as companies seek to reduce reliance on fossil fuels. Bio-PET addresses consumer demand for eco-friendly products while maintaining safety and performance standards. PET bottles, especially favored by soft drink giants like PepsiCo and Coca-Cola, witness significant demand, given their renewable sourcing and perceived environmental benefits. This trend propels bottle applications, particularly in Southeast Asia, where bio-PET's renewable nature resonates with sustainability-focused consumers.
The market is divided into two categories based on Application: Packaging and Automotive. In the bio-based PET market, packaging is the dominating segment, propelled by its versatility in beverage bottles, food containers, and consumer packaging. Driven by heightened consumer awareness and regulatory pressures, brands increasingly opt for bio-based PET for its transparency, lightweight, and recyclability, aligning with sustainability goals. Stringent regulations advocating sustainable practices further bolster bio-based PET adoption, solidifying its dominance in packaging applications.
Asia Pacific Bio-based PET Market- Geographical Insights
The analysis of the Asia Pacific bio-based PET market includes countries such India, China, South Korea, Japan, Australia, Thailand, Indonesia, and the Philippines, along with the rest of the Asia Pacific (APAC). China leads the Asia Pacific market, driven by its status as the world's largest consumer of packaging, fueled by rising incomes and the booming e-commerce sector. With a robust FMCG and packaging industry, China commands the highest market share in the region, buoyed by its expanding economy and a growing middle class.
Asia Pacific Bio-based PET Market- Competitive Landscape:
Companies in the Asia bio-based PET market deploy strategies like expansion and partnerships to sustain competitiveness. Expansion initiatives involve increasing production capacity or establishing new manufacturing facilities to meet growing demand. Partnerships with raw material suppliers, research institutions, or other industry players facilitate access to resources, technology, and market insights. Collaborations with packaging manufacturers or consumer brands enable product development tailored to market needs. Additionally, investments in R&D focus on innovation to enhance product quality and performance, ensuring companies remain competitive in the dynamic bio-based PET landscape of Asia.
Recent Developments:
v In May 2021, Neste, Mitsui Chemicals, Inc., and Toyota Tsusho Corp. unveiled their collaboration to pioneer Japan's inaugural large-scale manufacturing of renewable plastics and chemicals derived entirely from bio-based hydrocarbons.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
ASIA PACIFIC BIO-BASED PET MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
O Indorama Ventures Public Company Limited
O M&G Chemicals
O TORAY INDUSTRIES Inc.
O Teijin Limited
O Gevo Inc.
O DuPont de Nemours Inc.
O Anellotech Inc.
O NatureWorks LLC
O Far Eastern New Century Corporation
O Others
ASIA PACIFIC BIO-BASED PET MARKET, BY PRODUCT TYPE - MARKET ANALYSIS, 2019 - 2032
O Bottle Grade
O Film Grade
ASIA PACIFIC BIO-BASED PET MARKET, BY APPLICATION- MARKET ANALYSIS, 2019 - 2032
O Packaging
O Automotive
ASIA PACIFIC BIO-BASED PET MARKET, BY COUNTRY- MARKET ANALYSIS, 2019 - 2032
O India
O China
O South Korea
O Japan
O Australia
O Thailand
O Indonesia
O Philippines
O Rest of APAC
Table of Contents
1. Asia Pacific Bio-based PET Market Overview
- 1.1. Study Scope
- 1.2. Market Estimation Years
2. Executive Summary
- 2.1. Market Snippet
- 2.1.1. Asia Pacific Bio-based PET Market Snippet by Product type
- 2.1.2. Asia Pacific Bio-based PET Market Snippet by Application
- 2.1.3. Asia Pacific Bio-based PET Market Snippet by Country
- 2.2. Competitive Insights
3. Asia Pacific Bio-based PET Key Market Trends
- 3.1. Asia Pacific Bio-based PET Market Drivers
- 3.1.1. Impact Analysis of Market Drivers
- 3.2. Asia Pacific Bio-based PET Market Restraints
- 3.2.1. Impact Analysis of Market Restraints
- 3.3. Asia Pacific Bio-based PET Market Opportunities
- 3.4. Asia Pacific Bio-based PET Market Future Trends
4. Asia Pacific Bio-based PET Industry Study
- 4.1. PEST Analysis
- 4.2. Porter's Five Forces Analysis
- 4.3. Growth Prospect Mapping
- 4.4. Regulatory Framework Analysis
5. Asia Pacific Bio-based PET Market: COVID-19 Impact Analysis
- 5.1. Pre-COVID-19 Impact Analysis
- 5.2. Post-COVID-19 Impact Analysis
- 5.2.1. Top Performing Segments
- 5.2.2. Marginal Growth Segments
- 5.2.3. Top Looser Segments
- 5.2.4. Marginal Loss Segments
6. Asia Pacific Bio-based PET Market Landscape
- 6.1. Asia Pacific Bio-based PET Market Share Analysis, 2023
- 6.2. Breakdown Data, by Key Manufacturer
- 6.2.1. Established Players' Analysis
- 6.2.2. Emerging Players' Analysis
7. Asia Pacific Bio-based PET Market - By Product type
- 7.1. Overview
- 7.1.1. Segment Share Analysis, By Product type, 2023 & 2032 (%)
- 7.1.2. Bottle Grade
- 7.1.3. Film Grade
8. Asia Pacific Bio-based PET Market - By Application
- 8.1. Overview
- 8.1.1. Segment Share Analysis, By Application, 2023 & 2032 (%)
- 8.1.2. Packaging
- 8.1.3. Automotive
9. Asia Pacific Bio-based PET Market- By Geography
- 9.1. Introduction
- 9.1.1. Segment Share Analysis, By Geography, 2023 & 2032 (%)
- 9.2. Asia Pacific (APAC)
- 9.2.1. Overview
- 9.2.2. Asia Pacific Bio-based PET Key Manufacturers in Asia Pacific
- 9.2.3. Asia Pacific Market Size and Forecast, By Country, 2019 - 2032 (US$ Million)
- 9.2.4. Asia Pacific Market Size and Forecast, By Product type, 2019 - 2032 (US$ Million)
- 9.2.5. Asia Pacific Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 9.2.6. India
- 9.2.6.1. Overview
- 9.2.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 9.2.6.3. India Market Size and Forecast, By Product type, 2019 - 2032 (US$ Million)
- 9.2.6.4. India Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 9.2.7. China
- 9.2.7.1. Overview
- 9.2.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 9.2.7.3. China Market Size and Forecast, By Product type, 2019 - 2032 (US$ Million)
- 9.2.7.4. China Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 9.2.8. Japan
- 9.2.8.1. Overview
- 9.2.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 9.2.8.3. Japan Market Size and Forecast, By Product type, 2019 - 2032 (US$ Million)
- 9.2.8.4. Japan Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 9.2.9. South Korea
- 9.2.9.1. Overview
- 9.2.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 9.2.9.3. South Korea Market Size and Forecast, By Product type, 2019 - 2032 (US$ Million)
- 9.2.9.4. South Korea Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 9.2.10. Australia
- 9.2.10.1. Overview
- 9.2.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 9.2.10.3. Australia Market Size and Forecast, By Product type, 2019 - 2032 (US$ Million)
- 9.2.10.4. Australia Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 9.2.11. Thailand
- 9.2.11.1. Overview
- 9.2.11.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 9.2.11.3. Thailand Market Size and Forecast, By Product type, 2019 - 2032 (US$ Million)
- 9.2.11.4. Thailand Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 9.2.12. Indonesia
- 9.2.12.1. Overview
- 9.2.12.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 9.2.12.3. Indonesia Market Size and Forecast, By Product type, 2019 - 2032 (US$ Million)
- 9.2.12.4. Indonesia Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 9.2.13. Philippines
- 9.2.13.1. Overview
- 9.2.13.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 9.2.13.3. Philippines Market Size and Forecast, By Product type, 2019 - 2032 (US$ Million)
- 9.2.13.4. Philippines Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 9.2.14. Rest of APAC
- 9.2.14.1. Overview
- 9.2.14.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 9.2.14.3. Rest of APAC Market Size and Forecast, By Product type, 2019 - 2032 (US$ Million)
- 9.2.14.4. Rest of APAC Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
10. Key Vendor Analysis- Asia Pacific Bio-based PET Industry
- 10.1. Competitive Dashboard
- 10.2. Company Profiles
- 10.2.1. Indorama Ventures Public Company Limited
- 10.2.2. M&G Chemicals
- 10.2.3. TORAY INDUSTRIES Inc.
- 10.2.4. Teijin Limited
- 10.2.5. Gevo Inc.
- 10.2.6. DuPont de Nemours Inc.
- 10.2.7. Anellotech Inc.
- 10.2.8. NatureWorks LLC
- 10.2.9. Far Eastern New Century Corporation
- 10.2.10. Others
11. 360 Degree Analyst View
12. Appendix
- 12.1. Research Methodology
- 12.2. References
- 12.3. Abbreviations
- 12.4. Disclaimer
- 12.5. Contact Us
List of Tables
- TABLE List of data sources
- TABLE Market drivers; Impact Analysis
- TABLE Market restraints; Impact Analysis
- TABLE Asia Pacific Bio-based PET Market: Product type Snapshot (2023)
- TABLE Segment Dashboard; Definition and Scope, by Product type
- TABLE Asia Pacific Bio-based PET Market, by Product type 2019-2032 (USD Million)
- TABLE Asia Pacific Bio-based PET Market: Application Snapshot (2023)
- TABLE Segment Dashboard; Definition and Scope, by Application
- TABLE Asia Pacific Bio-based PET Market, by Application 2019-2032 (USD Million)
- TABLE Asia Pacific Asia Pacific Bio-based PET Market, by Country, 2019-2032 (USD Million)
List of Figures
- FIGURE Asia Pacific Bio-based PET Market Segmentation
- FIGURE Market research methodology
- FIGURE Value chain analysis
- FIGURE Porter's Five Forces Analysis
- FIGURE Market Attractiveness Analysis
- FIGURE COVID-19 Impact Analysis
- FIGURE Pre & Post COVID-19 Impact Comparision Study
- FIGURE Competitive Landscape; Key company market share analysis, 2023
- FIGURE Product type segment market share analysis, 2023 & 2032
- FIGURE Product type segment market size forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Application segment market share analysis, 2023 & 2032
- FIGURE Application segment market size forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Asia Pacific Bio-based PET Market share and leading players, 2023
- FIGURE Asia Pacific Bio-based PET Market share analysis by country, 2023
- FIGURE India Bio-based PET Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE China Bio-based PET Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Japan Bio-based PET Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE South Korea Bio-based PET Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Australia Bio-based PET Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Thailand Bio-based PET Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Indonesia Bio-based PET Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Philippines Bio-based PET Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Rest of APAC Bio-based PET Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
