The global bio-based polyethylene terephthalate market size was estimated at 790.4 kilo tons in 2015 and is likely to witness substantial growth on account of increasing consumer demand for environment-friendly products. The growing demand for bio-based polyethylene terephthalate (PET) for manufacturing various packaging solutions including bottles is expected to drive demand.
Bio-based PET is a naturally derived polyester resin that is used for the production of numerous products including bottles, packaged goods, automotive interiors, construction goods, and electronics. The growth of these sectors coupled with a rising number of supporting regulations is expected to drive the demand for bio-based products.
U.S.bio-based PET market, by application, 2014 - 2025 (USD Million)
The U.S. has been one of the largest consumers of bio-PET, where the material is used extensively for manufacturing bottles, and technology and consumer goods. Rising demand for eco-friendly packaging in food & beverage, consumer products, and pharma industries on account of growing concerns regarding the reduction in greenhouse emissions on a domestic level is expected to drive growth.
Growing concerns regarding greenhouse gasses coupled with the emergence of bioplastics as an alternative in the packaging and automotive industry are expected to play a major role in driving growth in the near future. Furthermore, the increasing importance of sustainable packaging, especially in China and India, is expected to have a positive impact on market demand over the next nine years.
Over the past few years, the majority of bio-based PET consists of 70% petroleum-based PTA and 30% bio-based MEG. However, companies have been investing heavily in research for the development of 100% bio-based PET comprising bio-based MEG and naturally derived PTA.
The emergence of substitutes such as PEF is expected to hamper industry growth in the near future. In December 2011, The Coca-Cola Company signed an agreement with Avantium for the development of PEF, which has high glass transition temperature and thermal stability as compared to bio-based PET. This factor is expected to result in other companies utilizing PEF thus, hampering growth over the next nine years.
Bio-based PET was majorly used in bottles and accounted for 86.4% of market volume in 2015. These containers are used for the packaging of carbonated soft drinks (CSD) and alcoholic beverages which include beer, wine, and spirits.
The growing importance of sustainable packaging among CSD manufacturers including The Coca-Cola Company and PepsiCo is expected to be a key driving factor. Moreover, growing CSD consumption in BRICS is projected to further fuel the demand for bio-based PET as a sustainably packaged material over the next nine years. Bottles are anticipated to be the fastest-growing application segment over the forecast period.
Global bio-based PET market volume, by application, 2015 (%)
Technical applications accounted for 10.4% of the global bio-based PET industry volume share in 2015. Rising awareness regarding reducing greenhouse emissions in the manufacturing sector is expected to play a crucial role in increasing the usage of biopolymer products. Therefore, bio-based PET is expected to find application in manufacturing automotive ancillaries and construction products over the next nine years.
Asia Pacific was the largest market and was valued at USD 499.4 million in 2015. The growing awareness regarding the importance of bioplastics in developed countries including Japan and South Korea as a result of regulatory inclination aimed at reducing reliance on using synthetic derived polymer goods is expected to remain a favorable factor over the forecast period.
Japan is anticipated to remain one of the major destinations for bio-based PET manufacturing on account of regulatory support for promoting investments in the domestic biopolymers industry. As of 2015, Teijin Limited, Toyota Tsusho, and Toray Industries were the major global biopolymers manufacturers based in Japan.
Technical innovations and growing concern toward green or sustainable packaging are expected to drive market growth in North America. The Canadian and U.S. government have adopted the Montreal Protocol for reducing greenhouse gas emissions and restricting the use of products causing global warming. The North America market is likely to grow at a CAGR of 11.7% in terms of volume over the forecast period.
Toray Industries, The Coca-Cola Company, M&G Chemicals, Teijin Limited, and Toyota Tsusho are the vital participants in the bio-based PET market. Coca-Cola distributes its bio-based PET bottles under the brand name, PlantBottle, while some of the other brands available in the market include Eco Circle Plantfiber and GLOBIO.
The industry is expected to be competitive in nature owing to the presence of a limited number of companies. These players typically enter into partnerships with raw material manufacturing companies to ensure an uninterrupted supply of PTA and bio-based MEG. However, significant efforts by numerous companies for PTA production using bio-based raw materials to produce 100% bio-based PET are currently in progress.
Base year for estimation
Actual estimates/Historical data
2014 - 2016
2017 - 2025
Volume in Kilo Tons, Revenue in USD Million & CAGR from 2016 to 2025
North America, Europe, Asia Pacific, Central & South America & MEA
U.S., Germany, U.K., Japan, Brazil
Revenue & volume forecast, competitive landscape, growth factors and trends
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This report forecasts volume & revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the bio-based polyethylene terephthalate market on the basis of application, and region:
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
Central & South America
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