Bio-Based PET Market Research Report - Forecast to 2030

Global Bio-Based PET Market Information: By Raw Material Source (Sugar, Molasses, Corn), Application (Bottles, Consumer Goods, Automotive, Electronics, And Others) And Region- Forecast Till 2030

ID: MRFR/CnM/4367-HCR | January 2023 | Region: Global | 100 Pages         

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Bio-Based PET Market

Bio-Based PET Market is projected to be worth USD 7.75 Billion by 2028, registering a CAGR of 5.36% during the forecast period (2021 - 2028).

Segmentation
By Raw Material Source Sugar Molasses Corn
By Application Bottles Consumer Goods Automotive Electronics Others
Key Players
Companies Profiled   Braskem (Brazil)    Gevo Inc. (U.S.)    TEIJIN LIMITED (Japan)    Anellotech Inc. (U.S.)    TORAY INDUSTRIES INC. (Japan)    Indorama Ventures Public Company Limited (Thailand)    M&G Chemicals (Italy)    NatureWorks LLC (U.S.)    Novamont S.p.A (Italy)
Drivers
Market Driving Forces   increasing adaption of green safe and bio-based products to protect the environment and human health.
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Bio-Based PET Market Overview Bio-Based PET Market is projected to be worth USD 7.75 Billion by 2028, registering a CAGR of 5.36% during the forecast period (2021 - 2028). A bio-based PET is made from ethylene glycol derived from plant sources such as sugar, molasses, and corn, and it contains 25-30% mono-ethylene glycol (MEG) and terephthalic acid. Recyclability, non-toxicity, a lower carbon footprint, and great shatter resistance are all features of bio-based PET. The growing use of green, safe, and bio-based goods to safeguard the environment and human health is driving the global bio-based PET market. Another important driver of the global market is the fluctuating cost of petroleum-based and related products. Other reasons propelling the global bio-based PET market are the dangerous nature of traditional plastics and favorable regulatory laws. Furthermore, increased demand for environmentally friendly packaging in various end-use sectors such as food and beverage, automotive, electrical and electronics, consumer appliances, and others are important market growth factors. During the predicted forecast period, environmental variables that encourage a paradigm change are projected to raise the demand for Bio-Based PET. Future market growth is projected to be aided by a focus on renewable energy sources. The Asia-Pacific region dominated the global market, closely followed by North America. That is the reason that Asia-Pacific is expected to increase at the fastest rate. The expanding environmental safety concerns and fast industrialization are driving demand for a bio-based PET.

Global Bio-based PET Share, by the application (%)


 Bio-based PET Share


Regional Analysis


The global bio-based PET market is segmented into five regions of Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.


North America is the leading region in the global bio-based PET due to the manufacturing of PET bottles, consumer goods, and others majorly in the U.S. The global bio-based PET market growth is attributed to the high demand from automotive sector in the U.S. and Canada. 


Asia Pacific is the fastest emerging region in the global bio-based PET due to the raw material availability, low-cost production, and industrial growth in the region. The production and exportation of automotive and consumer goods in developing countries such as China and India have augmented the market growth in the Asia Pacific region.


The European market is growing due to the rising demand for the product from automotive industries in western European countries such as Germany, the U.K, France, and others.


The demand for a bio-based PET is majorly driven by the growing environment safety issues and the rapid industrialization in the Middle East and Africa region.


Segmentation


The global bio-based PET market is segmented on the basis of the raw material source, application, and region.


The global bio-based PET market is segmented on the raw material source as sugar, molasses, and corn.


By the application, the global bio-based PET market is segmented into bottles, consumer goods, automotive, electronics, and others.


Geographically, the global bio-based PET market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.


Key Players


Some of the manufacturers operating in the global bio-based PET market are Braskem (Brazil), Gevo, Inc. (U.S.), TEIJIN LIMITED (Japan), Anellotech, Inc. (U.S.), TORAY INDUSTRIES, INC. (Japan), Indorama Ventures Public Company Limited (Thailand), M&G Chemicals (Italy),  NatureWorks LLC (U.S.), Novamont S.p.A (Italy), Plastipak Holdings, Inc. (U.S.), Amyris (U.S.), Toyota Tsusho Corporation (Japan), and others.


Recent Development


Indorama Ventures proposed acquiring NN, a Vietnamese PET converter, on January 11, 2022. The corporation is currently in the process of acquiring NN shares. The planned acquisition will help IVL expand its market position in the packaging sector in high-growth Asia-Pacific markets. PepsiCo and NaturALL Bottle Alliance forged a partnership in September 2018 to develop packaging made entirely of sustainable and renewable materials. This collaboration was formed to develop beverage bottles with a lower carbon footprint. Following that, the Alliance wants to develop PET bottles that are 95 percent bio-based.

Intended Audience



  • Bio-based PET Manufacturers

  • Traders and distributors of bio-based PET

  • Research and development institutes

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratory



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant value
  CAGR   15.23% 2030
  Base Year   2021
  Forecast Period   2021 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Raw Material Source, Application and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Braskem (Brazil), Gevo, Inc. (U.S.), TEIJIN LIMITED (Japan), Anellotech, Inc. (U.S.), TORAY INDUSTRIES, INC. (Japan), Indorama Ventures Public Company Limited (Thailand), M&G Chemicals (Italy), NatureWorks LLC (U.S.), Novamont S.p.A (Italy), Plastipak Holdings, Inc. (U.S.), Amyris (U.S.), Toyota Tsusho Corporation (Japan), and others.
  Key Market Opportunities   The rising demand for eco-friendly packaging in various end-use industries such as food & beverage, automotive, electrical & electronics
  Key Market Drivers   The increasing adaption of green, safe, and bio-based products to protect the environment and human health.


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Frequently Asked Questions (FAQ) :

Notable players profiled in the bio-based PET market include Toyota Tsusho Corporation (Japan), TORAY INDUSTRIES, INC. (Japan), TEIJIN LIMITED (Japan), Plastipak Holdings, Inc. (the USA), Novamont SPA (Italy), NatureWorks LLC (USA), M&G Chemicals (Italy), Indorama Ventures Public Company Limited (Thailand), Gevo, Inc. (the USA), Braskem (Brazil), Anellotech, Inc. (the USA), and Amyris (USA).

Europe is predicted to have maximum share in the bio-based PET market during the forecast period.

Increasing adaption of environment-friendly bio-based products, government incentives, need for environmental protection, and increasing use in different end use industries are adding to the growth of the bio-based PET market.

It is extensively used in the food and beverage industry, electrical and electronics industry, consumer appliances, and automotive.

The bio-based PET market is segmented based on raw material source (corn, molasses, sugar), and application (electronics, automotive, consumer goods, bottles).