The new report by Expert Market Research titled, ‘Global Bio-Based Polyethylene Terephthalate Market Report and Forecast 2023-2028’, gives in-depth analysis of the global bio-based polyethylene terephthalate market, assessing the market based on its segments like application, end-use, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028): –
- Historical Market Size (2022): USD 689.98 Million
- Forecast CAGR (2023-2028): 11.6%
- Forecast Market Size (2028): USD 1323.28 Million
Its eco-friendly design and superior properties than PET drive the global bio-based polyethylene terephthalate market. The demand for sustainable packaging solutions worldwide, which is expected to strengthen market growth over the next few years, is driven by strict government regulations to control greenhouse gas emissions. In industries such as FMCG, electronics and automotive, demand for bio-PET is growing due to the weight reduction and shatterproof properties demonstrated by bio PET bottles, containers, sheets, etc., thus propelling market growth through 2026.
Industry Definition and Major Segments
Bio-based PET is basically composed of terephthalic acid (PTA) and monoethylene glycol (MEG) and is bio-degradable. It is commonly used, primarily in the food and beverage and automotive industries, for the manufacture of different packaging solutions. In producing bottles, baked goods, car interiors, and building products, it also has myriad applications.
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The product finds wide applications in the following:
- Sheet and Foam
- Carry Bags and Pouches
- Pressure Sensitive Adhesive Tape
The end-uses of the product include the following:
- Food Industry
- Consumer Goods
Based on Region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The growth of the market for bio-based PET is mainly driven by the demand for its application in the food and beverage industry for different packaging solutions and the strict regulatory framework for reducing carbon emissions in major regions. In addition, the increase in government policies to encourage the use of bio-based and biodegradable products in different countries has spurred demand for bio-based PET materials. In addition, it is expected that the implementation of new manufacturing technologies and advanced chemical and materials research will fuel the demand across major regions. The prominent markets for bio-based PET materials are Europe and North America. The demand growth in North America is expected to be powered by technological advances combined with the increase in customer inclination towards green packaging. The regions are expected to demonstrate promising growth prospects due to favourable government regulations and cost-effective manufacturing processes in Asia Pacific and South America.
Key Market Players
The major players in the market are Toray Industries, Inc., Toyota Tsusho Corporation, Braskem Inc., Virent Inc, The Coca-Cola Company and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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