Asia Pacific Bio-Based Polyethylene Terephthalate Market Report and Forecast 2024-2032

Asia Pacific bio-based polyethylene terephthalate market Outlook

The Asia Pacific bio-based polyethylene terephthalate market size is expected to grow at a CAGR of 12.10% during the forecast period of between 2024 and 2032, owing to the growing emphasis on eco-friendly plastics.

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Key Trends in the Market

A resin known as polyethylene terephthalate is produced by esterifying a mixture of two monomers—distilled terephthalic acid and modified ethylene glycol—polyethylene terephthalate. MEG (monoethylene glycol), a sugar cane ethanol product, and distilled PTA (terephthalic acid), a crude oil-based chemical product, are combined to create bio-based polyethylene terephthalate.

• Over the forecast time period, a rising focus on environmentally friendly plastics is predicted to drive the market. Globally, the demand for items with lower carbon emissions and the use of more environmentally friendly products have grown, thus propelling the Asia Pacific bio-based polyethylene terephthalate market. Initiatives by governments in the region, to promote the use of biodegradable products, have led to the usage of polyethylene terephthalate materials derived from biological sources.
   
• Due to its light weight and biodegradable properties, bio-based polyethylene terephthalate is frequently used in the packaging of food products, soft drinks, cosmetics, alcoholic beverages, pharmaceuticals, and edible oils. It is also used in the production of bottles, packaged goods, building materials, electronics, and car interiors. The Asia Pacific bio-based polyethylene terephthalate market will continue to expand at a rapid rate due to the growing use of bio-based polyethylene terephthalate (PET) across a variety of end uses.
   
• Conventional plastic is non-decomposable due to the presence of various harmful chemical components, which restricts its use in a range of end use applications. The environment, living creatures, and human health are all harmed by harmful chemicals. The danger posed by the microplastics to land-based plants and animals, including people, has increased. Global demand for biodegradable plastic goods is rising as a result of the growing concern over plastic pollution. Consequently, the demand for bio-based polyethylene terephthalate (PET) will rise.

Market Analysis 

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Based on application, the Asia Pacific bio-based polyethylene terephthalate market is segmented into bottles, textile fabrics, sheet and foam, and film and adhesive tapes, among others. The market on the basis of end use can be divided into beverages, food industry, textile, automotive, and pharmaceuticals, among others. Based on distribution channels, the market is bifurcated into direct and indirect. On the basis of country, the bio-based polyethylene terephthalate market in the Asia Pacific is divided into are China, Japan, India, South Korea, Taiwan, and Australia, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Asia Pacific bio-based polyethylene terephthalate market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

• Teijin Limited
   
• Indorama Ventures
   
• Braskem
   
• FKuR Kunststoff GmbH
   
• Toray Industries, Inc.
   
• Far Eastern New Century Corporation
   
• Others

Market Share by Application

With the increased beverage consumption in emerging nations in the Asia Pacific, the bottles application of the regional bio-based polyethylene terephthalate market segment is anticipated to grow at a significant CAGR over the forecast period. Beer, wine, and other alcoholic beverages, as well as carbonated soft drinks (CSD), are packaged in bottles. Further, the demand for PET bottles made from bio-based materials is being fuelled by the growing acceptance of sustainable packaging materials as a means of lowering carbon emissions, thus aiding the Asia Pacific bio-based polyethylene terephthalate market. 

Bio-based PET bottles may be moulded into a variety of shapes thanks to their flexibility, which enhances both their aesthetics and practicality. PET bottles with specialised forms, colours, and designs are becoming more and more popular as manufacturers strive to differentiate their brands from competitors.

Market Share by End Use

The Asia Pacific bio-based polyethylene terephthalate market is predicted to expand due to rising demand in a number of sectors, including the food and beverage industry. The food and beverage industry in China is growing as a result of higher living standards. As a result, packed, ready-to-cook, and ready-to-eat food as well as a variety of beverages are in higher demand. 

Bio-based polyethylene terephthalate is projected to maintain its dominance in the food and beverage industries in the Asia Pacific during the forecast period. This can be attributed to its usage in applications such as beer containers, food containers, fruit juice packaging, water packaging, and other applications.

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Competitive Landscape  

Teijin Limited is a Japanese chemical, pharmaceutical, and IT corporation established in 1918 with its headquarters in Japan. Some of its primary business sectors are high-performance fibres like aramid, polyester fibres, carbon fibres, composites, resin processing, healthcare, films, product conversion, and IT goods.

Indorama Ventures has its corporate headquarters in Thailand and manufactures and sells petrochemical products. It operates through the following divisions: feedstock, fibre and yarns, and polyethylene terephthalate. The PET section makes plastic food packaging and containers.

Braskem, with its headquarters in Brazil, is currently the biggest producer of thermoplastic resins and polypropylene in the Americas and also the biggest producer of the material in the United States. It is primarily focused on polyethylene, polypropylene, and polyvinyl chloride as well as fundamental ingredients like ethylene, toluene, propylene, soda, butadiene, benzene, chlorine, and solvents.

Other market players include FKuR Kunststoff GmbH, Toray Industries, Inc., and Far Eastern New Century Corporation, among others.

Key Highlights of the Report