Bio-based Polyethylene Terephthalate Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMCPG3029 | Last Updated On: Jun 17 2022 | Available Formats

> Global Bio-based Polyethylene Terephthalate Market Expected to reach a high CAGR during the forecast period 2022-2029: DataM Intelligence

Global Bio-based Polyethylene Terephthalate Market is segmented By Application (Bottles, Consumer Goods, Electronics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global Bio-based Polyethylene Terephthalate Market is expected to grow at a high CAGR of 14.9% during the forecasting period (2022-2029).

An inclination of the common masses towards environment-friendly products paves the way for the market’s growth during the forecast period. Bio-based PET is a biomass-extracted, completely recyclable, eco-friendly, compostable, and renewable bioplastic material. The bio-based polyethylene terephthalate produces various products such as bottles, packed merchandise, locomotive interiors, construction materials, and electronics.

However, the presence of substitute products such as starch and cellulose-based biopolymers in the marketplace can subside the market growth of the bio-based PET market during the forecast timeframe, owing to the factors such as these polymers are naturally obtained as well as quickly decayed as compared to bio-based PET which are bio-extracted forms of polymers.

Market Dynamics

Rising distresses related to greenhouse gases combined with bioplastics' evolution as an alternative in the packaging, and automotive industry is anticipated to play a pivotal role in boosting growth shortly. Additionally, the growing prominence of ecological packaging, specifically in China and India, is projected to impact market value over the analysis time frame positively.

In the recent past, most bio-based PET comprises 70% petroleum-based PTA and 30% bio-based MEG. Nevertheless, companies have been capitalizing comprehensively in research to produce 100% bio-based PET containing bio-based MEG and naturally extracted PTA.

On the other hand, bio-based PET alternatives such as Polyethylene Furanoate (PEF) can constrain business growth in the forthcoming years. For instance, in December 2011, The Coca-Cola Company signed a contract with Avantium to produce PEF, which has high glass changeover temperature and thermal steadiness as equated to bio-based PET. This feature is projected to result in other corporations employing PEF, consequently limiting growth over the years.

Segment Analysis

By application, bio-based polyethylene terephthalate is segmented into Bottles, Electronics, and consumer goods. The rising requirement for bio-based polyethylene terephthalate (PET) for developing various packaging solutions, including bottles, is foreseen to boost the market's growth.

The electronics applications segment is projected to be followed by bio-based PET bottles among the application segment. Escalating attentiveness concerning the reduction of greenhouse emissions in the industrial sector is cast to play a crucial role in growing the usage of biomass-derived products. Consequently, this had ensued in utilizing bio-based PET to produce automotive accessories and construction materials over the forecast period.

Moreover, lightweight and high shatter resistance are the main characteristics to encourage bio PET market size in exterior and interior electronics parts.

Bio-based polyethylene terephthalate is designed and used in foams, sheets, and fabrics for electronics and technical usage. European and U.S. commissions, including Euro Standards (I, II, and III) and the Corporate Average Fuel Economical (CAFE) standards, have established norms to a standardized framework for fuel efficiency in vehicles, supporting the growth of bio-based PET market size in the respective regions. Increase preferences for light-weighted materials in automotive may enhance its performance, which subsequently might encourage product demand.

Geographical Analysis

Asia Pacific is amongst the fastest-growing region in the development of Bio-based PET products. The increasing cognizance related to the significance of bioplastics in established economies such as Japan and South Korea as a consequence of regulatory disposition directed at plummeting dependence on using artificially derived polymer materials, which is likely to continue an advantageous feature over the forecast period for the business growth in the region.

Additionally, increasing bio-extracted PET production capacity by major players in China and India is a foremost aspect driving APAC's market growth. Furthermore, a rise in the per capita disposable income has led to an improvement in the residents' standard of living, leading to the leading of luxurious lifestyle, indicating a rise in alcohol beverages and aerated soft drinks consumption. This rise has also led to an increase in its related packaging industry; the bio-based PET packaging industry is one in the trend and highly recommended by the environmentalists in the region. The bio-based PET market is growing at the back of the above-mentioned industrial growth factors.

Technological inventions and increasing apprehension toward green or ecological packaging are expected to drive market growth in North America. For instance, The Canadian and U.S. governments have approved the Montreal Protocol to decrease greenhouse gas emissions and limit products instigating global warming.

Moreover, the United States captures the largest market share of bio-based polyethylene terephthalate in North America, growing predominantly by the food and beverage packaging industry.

The major manufacturing industries in the United States, growing by value, include petroleum, steel, automobiles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining.

In the manufacturing segment, due to several governmental and economic factors, many industries are offshoring and getting the manufacturing industry back to the country, which will increase the demand for the bio-based polyethylene terephthalate market.

Competitive Landscape

The Bio-based Polyethylene Terephthalate Market is competitive, with international players making a healthy and highly competitive environment in the market. Coca-Cola Company, M&G Chemicals, Danone, Toyota Tsusho, Plastipak holdings, Toray Industries, PepsiCo, and Teijin Limited, are the major players. Manufacturers are actively involved in R&D for the betterment of the quality of emissions to reduce greenhouse gases. These companies usually enter into partnerships with raw material producing companies to confirm a continuous PTA and bio-based MEG supply. On the other hand, companies are making noteworthy efforts to create PTA using biomass-derived raw materials to produce 100% bio-based PET are currently in progress.

Companies including Gevo, Virent, and Anellotech emphases manufacturing bio PTA to produce 100% bio-based polyethylene terephthalate production. Additionally, Toyota made a ten-year contract with a Brazilian company, Petrobras, for around 380 bioethanol gallons to confirm the availability of bio-based MEG production at its subsidiary company named Greencol Taiwan subsidiary. Furthermore, in December 2013, Renmatix and Gevo joined hands to transform cellulosic sugar into renewable compounds comprised of bio-extracted MEG and bio-based packaging ingredients. The efforts made by the companies are in a positive direction, which might influence the growth of the market as well as increase the market competitiveness of the companies worldwide. The adoption of bio-based PET as a product by emerging players will also help expand its product portfolio in the marketplace and increase its imprint on the regional and global.

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