ID: MRFR/CnM/4367-HCR | February 2021 | Region: Global | 100 pages
Bio-Based PET Market Overview
Bio-Based PET Market is expected to reach CAGR 15.23% during the forecast 2021-2030.
A bio-based PET is produced from ethylene glycol obtained from plant sources such as sugar, molasses, and corn, containing 25%-30% of mono-ethylene glycol (MEG) and terephthalic acid. Bio-based PET exhibits properties such as recyclability, non-toxicity, reduced carbon footprint, and high resistance to shatter.
The global bio-based PET market is majorly driven by the increasing adaption of green, safe, and bio-based products to protect the environment and human health. The fluctuating cost of the petroleum-based and related products is another major driver of the global market. The hazardous nature of conventional plastics and favoring government regulations are some other factors driving the global bio-based PET market. Moreover, the rising demand for eco-friendly packaging in various end-use industries such as food & beverage, automotive, electrical & electronics, consumer appliances, and others are the major market growth drivers. The technology development such as Plant PET Technology Collaborative (PTC) to produce 100% bio-based PET by Virent, Inc in 2015, which produces paraxylene using beet sugar instead of fossil fuels. Paraxylene is the key raw material used to product purified terephthalic acid (PTA) and dimethyl terephthalate (DMT) feedstock, which account for the other 70% of bottle-grade PET. Furthermore, a prototype of first 100% PET bottle was shown by Coca-Cola Co. in September 2015 at World Expo in Milan. Stringent regulations on the usage of synthetic based polymer to reduce the greenhouse gas emission have augmented the market growth.
For instance, Australia, Canada, and Japan implemented the Kyoto Protocol, and the U.S. and Canada has approved the Montreal Protocol, which restricts the use of synthetic polyethylene terephthalate. However, the irregularity in the supply of feedstock and the limited land for cultivation of sugarcane and corn may challenge the market growth during the review period. Nevertheless, the favoring government schemes and policies such as Innovating for Sustainable Growth: a Bio-economy For Europe and USDA Biopreferred Program are further driving the market growth. European Bioplastics (EUBP), the Berlin-based association representing the bioplastics industry in Europe, stated that it welcomes the positive outcome and support the use of bio-based materials for packaging and improving market conditions for such materials and products in 2017.
Global Bio-based PET Share, by the application (%)
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.
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.
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.
September 2018: PepsiCo formed a partnership with NaturALL Bottle Alliance to develop packaging made from 100% sustainable and renewable sources. This partnership was established with the intention of creating beverage bottles that have a lower carbon footprint. Following this, the Alliance aims to make 95% Bio-Based PET bottles.
|Market Size||2030: Significant value|
|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.|
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).