In 2015, the global market for bio-based polyethylene Terephthalate was valued at 790.4 Kilo Tons. This is expected to grow significantly due to increasing consumer demand for eco-friendly products. Demand is expected to rise due to the increasing demand for bio-based terephthalate (PET), which can be used for various packaging solutions, including bottles.
Bio-based PET, a natural derived polyester resin, is used to produce a variety of products, including packaged goods, electronics, and automotive interiors. These sectors are expected to grow, with the addition of more regulations. This will drive demand for bio-based products.
U.S.biobased PET Market, Application 2014-2025 (USD Million).
The United States has been one the biggest consumers of bioPET. This material is used extensively in the manufacture of bottles, technology, and consumer goods. Due to growing concern about the domestic reduction of greenhouse gases, there will be a rise in demand for eco-friendly packaging.
The rise of bioplastics in packaging and the automotive industry will play a significant role in driving future growth. In the coming nine years, market demand will be influenced by the growing importance of sustainable packaging in India and China.
The majority of bio-based PET has been 70% petroleum-based PTA and 30% Bio-based MEG over the last few years. Companies have invested heavily in research to develop 100% bio-based PET that includes bio-based MEG as well as naturally derived PTA.
In the near future, industry growth will be impeded by the emergence of PEF substitutes. Avantium and the Coca-Cola Company reached an agreement in December 2011 for the development PEF. This product has a higher glass transition temperature than bio-based PET and is more stable thermally. The possibility of other companies using PEF will limit growth in the next nine years.
The majority of the market volume for bio-based PET in 2015 was in bottles. It accounted to 86.4%. These containers are used to package carbonated soft beverages (CSD), and other alcoholic beverages such as beer, wine, or spirits.
The increasing importance of sustainable packaging by CSD manufacturers such as The Coca-Cola Company or PepsiCo will be a major driving factor. Moreover, the growing CSD consumption in BRICS will fuel the demand to bio-based PET as a sustainable packaging material over the next nine year. The fastest-growing segment of the market is expected to be bottles over the forecast period.
Volume of global bio-based PET market by application in 2015 (%)
In 2015, 10.4% of global bio-based PET industry volume was attributed to technical applications. The increasing awareness about reducing greenhouse gas emissions in the manufacturing industry will play an important role in increasing the use of biopolymer products. Bio-based PET will be used in the manufacture of automotive ancillaries as well as construction products for the next nine year.
Asia Pacific was the largest market, valued at USD 499.4 millions in 2015. Over the forecast period, the positive factor that has been growing awareness about the importance of bioplastics is South Korea and Japan.
Japan is expected to continue to be a major destination for bio-based PET manufacturing due to its regulatory support for investments in the domestic biopolymers sector. Toray Industries, Toyota Tsusho and Teijin Limited were the three largest global biopolymers producers based in Japan as of 2015.
North American market growth is expected to be driven by technological innovations and growing concern for sustainable packaging. The Montreal Protocol was adopted by the U.S. and Canadian governments to reduce greenhouse gas emissions and limit the use of products that cause global warming. Over the forecast period, North America's market will grow at an 11.7% CAGR in volume.
Toray Industries and The Coca-Cola Company are key players in the bio-based PET industry. Coca-Cola sells its bio-based PET bottles as PlantBottle. Other brands on the market include Eco Circle Plantfiber, GLOBIO, and GLOBIO.
Due to the limited number of companies in the industry, it is expected that this industry will be competitive. To ensure uninterrupted supply of PTA or bio-based MEG, these players often form partnerships with raw material manufacturers. However, there are significant efforts being made by many companies to produce 100% biobased PET using PTA produced from bio-based raw material.
This report forecasts revenue growth at the global, regional and country levels. It also provides analysis of industry trends for each sub-segment from 2014 through 2025. Up Market Research has divided the market for bio-based polyethylene Terephthalate on the basis both of application and region.
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
Bottles
Technical
Consumer Goods
Other
Regional Outlook (Volume of Kilo Tons; Revenue USD Million; 2014-2025)
North America
The U.S.
Europe
Germany
The U.K.
Asia Pacific
Japan
Central & South America
Brazil
MEA
Up Market Research published a new report titled “Bio-based Polyethylene Terephthalate Market research report which is segmented by Application (Consumer Goods, Technical, Bottles), By Players/Companies Eco Circle Plantfiber and GLOBIO”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Bio-based Polyethylene Terephthalate Market Research Report |
By Application | Consumer Goods, Technical, Bottles |
By Companies | Eco Circle Plantfiber and GLOBIO |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 203 |
Number of Tables & Figures | 143 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (Consumer Goods, Technical, Bottles).
Bio-based Polyethylene Terephthalate Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Bio-based Polyethylene Terephthalate Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
Reasons to Purchase the Bio-based Polyethylene Terephthalate Market Report:
Some other reports from this category!