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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Bio Based Polyethylene Terephthalate Market Outlook
The global bio-based polyethylene terephthalate market reached a value of about USD 770.02 million in 2023. The market is further expected to grow at a CAGR of about 11.5% in the forecast period of 2024-2032 to reach a value of around USD 2,052.62 million by 2032.
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North America Leading the Bio Based Polyethylene Terephthalate Market
The United States has been one of the major consumers of bio-PET, where the material is commonly used for the manufacture of bottles, technology, and consumer goods. Increased demand for environmentally friendly packaging in food and beverage, consumer goods, and pharmaceutical industries is expected to drive growth due to increasing concerns about the reduction of greenhouse emissions at domestic level. Bio-based production is a central objective for the European Commission, which is expected to boost the market share of bio-based PET materials. The growth in consumer preference about the use of green packaging combined with technological advancements is expected to fuel North America's market expansion.
The growing importance of sustainable packaging, particularly in China and India, is expected to have a strong impact in market demand over the forecast period. Japan, Canada, and Australia have followed the Kyoto Protocol, which prohibits the use of synthetic polyethylene terephthalate because it causes GHE (Green House Emission). These standards may help to grow the demand for bio-based polyethylene terephthalate.
Bio Based Polyethylene Terephthalate: Market Segmentation
Polyethylene terephthalate is a resin which is formed by a mixture of two monomers, distilled terephthalic acid, and modified ethylene glycol, to create a polymer called polyethylene terephthalate by esterification. Bio-based polyethylene terephthalate is made of MEG (monoethylene glycol), a sugar cane ethanol product, and distilled PTA (terephthalic acid), a chemical-based crude oil product. Because of its lightweight and biodegradable nature, bio-based polyethylene terephthalate is used in the packaging of food products, soft drinks, alcoholic beverages, cosmetics, pharmaceutical products, and edible oils.
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The product finds wide applications in the following:
- Bottles
- Sheet and Foam
- Carry Bags and Pouches
- Pressure Sensitive Adhesive Tape
- Others
The end-uses of the product include the following:
- Food Industry
- Beverage
- Consumer Goods
- Automotive
- Pharmaceuticals
- Others
The regional markets for bio-based polyethylene terephthalate can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Demand for Bio-Friendly Products Bolstering the Market Growth
The rising use of eco-friendly goods across the globe and strict environmental regulations to encourage the use of bio-friendly products in industries have led to an increase in demand for bio-based polyethylene terephthalate materials. Progress in manufacturing technology and the performance of the research and development sector in the chemical and materials sector across major regions of the bio-based polyethylene terephthalate industry is expected to boost bio-based PET consumption. The growth of the market for bio-based polyethylene terephthalate is anticipated to be focused on rising demand in various industries including food and beverage, and a strict regulatory framework to reduce carbon emissions. As a result, government policies to encourage the use of biodegradable goods have resulted in the use of bio-based polyethylene terephthalate materials. In addition, advances in technology and research and a shift in focus towards the use of green plastics are expected to drive the growth of the market for bio-based polyethylene terephthalate.
Key Industry Players in the Global Bio Based Polyethylene Terephthalate Market
The report gives a detailed analysis of the following key players in the global bio-based polyethylene terephthalate market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Toray Industries, Inc.
- Toyota Tsusho Corporation
- Braskem Inc.
- Virent Inc
- The Coca-Cola Company
- 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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Application |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global bio-based polyethylene terephthalate market attained a value of nearly USD 770.02 million.
The market is projected to grow at a CAGR of 11.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 2,052.62 million by 2032.
The market is being driven by the growing disposable incomes, rising demand for eco-friendly goods, the growing demand for bio based polyethylene terephthalate in food and beverage applications, and the introduction of strict regulatory frameworks aimed at reducing carbon emissions.
The key trends guiding the market growth include technological advancements and innovations, the increasing use of biodegradable goods, and the shifting focus towards the use of green plastics.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant applications of bio based polyethylene terephthalate include bottles, sheet and foam, carry bags and pouches, and pressure sensitive adhesive tape, among others.
The major end uses of bio-based polyethylene terephthalate are food industry, beverage, consumer goods, automotive, and pharmaceuticals, among others.
The major players in the market are Toray Industries, Inc., Toyota Tsusho Corporation, Braskem Inc., Virent Inc, and The Coca-Cola Company, among others.
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