Global Bio-Based Polyethylene Terephthalate (PET) Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Over the recent years, the industries across the globe have largely inclined toward the sustainable packaging solutions. Moreover, the rising initiatives to reduce greenhouse emissions have further provided immense popularity to the bio-based polyethylene terephthalate (PET). For instance, according to the Australian Government's Department of Environment and Energy, Australia committed to reducing emissions under the 2015 Paris Agreement by promoting technical innovation and increasing the renewable energy sector. As a result, with the growing attempts towards reduced greenhouse emissions and sustainable packaging solutions, the bio-based polyethylene terephthalate (PET) is projected to witness an accelerated market growth rate over forecasted period.

Global Bio-Based Polyethylene Terephthalate (PET) Market was valued at USD 3.42 billion in 2021 and is expected to reach USD 16.80 billion by 2029, registering a CAGR of 22.03% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Market Definition

Polyethylene terephthalate (PET) is a resin made by esterifying two monomers, pure terephthalic acid and modified ethylene glycol, to make a polymer called polyethylene terephthalate. MEG, a component of sugarcane ethanol (monoethylene glycol), and refined PTA (terephthalic acid), a chemical component of crude oil, make up bio-based polyethylene. Foam, pressure sensitive adhesive tapes, bottles, and cosmetics are all examples of where they are used.

Report Scope and Market Segmentation

Bio-Based Polyethylene Terephthalate (PET) Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Increased Demand of Eco-Friendly Products

The market is likely to be driven by a growing emphasis on eco-friendly plastics over forecasted time period. The Increasing demand of less carbon emission products and rising usage of bio-friendly products have been gaining popularity globally. The governments have taken initiatives around the world to minimize the use of non-biodegradable plastic for sustainability across industries.

• Dangers of Conventional Plastics

The presence of several toxic chemical elements in conventional plastic makes it non-decomposable, limiting its use in a variety of end-use applications. Harmful chemicals impair the environment, living beings, and human health. The micro plastics are now posing a greater hazard to land-based plants and animals, including humans. As a result of the growing concern about plastic pollution, demand for biodegradable plastic products is on the rise across the globe. Therefore, bio-based polyethylene terephthalate (PET) industry will witness an increased demand.

• High Utilization across the Industries

Due to its lightweight and bio degradable properties, bio-based polyethylene terephthalate is highly used in packaging of food products, cosmetics, pharmaceutical products, soft drinks, alcoholic beverages, and edible oils. It is also used in production of automotive interiors, bottles, construction goods, packaged goods and electronics. The increasing utilization of bio based polyethylene terephthalate across the various end use industries will further propel the growth rate of bio-based polyethylene terephthalate (PET) market.

Additionally, the rise in consumer preference towards the use of green packaging is projected to bolster the growth of the market.

Opportunities

• Developments and Environmental Regulations

Furthermore, the strict environmental regulations to promote the use of bio-friendly products in industries extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the technological developments in bio-based polyethylene terephthalate (PET) will further expand the future growth of the bio-based polyethylene terephthalate (PET) market.

Restraints/Challenges

• Fluctuating Raw Materials

The uncertainty regarding availability of raw materials further increases the overall cost of the raw materials. Changing raw material costs have an impact on the product's entire cost structure, which will pose a hurdle to the bio-based polyethylene terephthalate (PET) market. As a result, the raw material prices fluctuations acts as a constraint for the market's growth rate.

• Availability of Alternatives

Moreover, due to the stretchy strength and light weight features polyethylene furanoate (PEF) is used as an alternative of bio-based polyethylene terephthalate (PET). This factor might have an adverse impact on industry growth. Moreover, producing bio-based polyethylene terephthalate (PET) takes more staples than producing bio polyethylene furanoate (PEF), which limits the usage of polyethylene terephthalate in bottles for food and beverage packaging. This factor will pose as a major challenge for the market.

This bio-based polyethylene terephthalate (PET) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the bio-based polyethylene terephthalate (PET) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Bio-Based Polyethylene Terephthalate (PET) Market

The recent outbreak of coronavirus had a negative impact on the bio-based polyethylene terephthalate (PET) market. The severe disruptions in various manufacturing and supply-chain operations due to the various precautionary lockdowns imposed by governments to curb the spread of disease les to huge financial setbacks for the market. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Over the forecast period, the aforementioned determinants will weigh the market's revenue trajectory over the forecast period.

On the brighter side, the market is estimated to revive as individual regulatory bodies begin to relax these enforced lockdowns. The suspended and cancelled operations will continue and as a result the market is estimated to expand.

Global Bio-Based Polyethylene Terephthalate (PET) Market Scope

The bio-based polyethylene terephthalate (PET) market is segmented on the basis of type, manufacturing process, application and end use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• From Biomass
• From Bio-Based Precursors
• From Bacteria

Manufacturing Process

• Extrusion
• Injection Molding
• Blow Molding
• Thermoforming
• Film Blowing
• Fiber Spinning

Application

• Bottles
• Foam
• Pressure Sensitive Adhesive Tape
• Substrate in Thin Film Solar Cells
• Cosmetics

End Use Industry

• Packaging
• Consumer Goods
• Automotive
• Semiconductor Electronics

Bio-Based Polyethylene Terephthalate (PET) Market Regional Analysis/Insights

The bio-based polyethylene terephthalate (PET) market is analyzed and market size insights and trends are provided by country, type, manufacturing process, application and end use industry as referenced above.

The countries covered in the bio-based polyethylene terephthalate (PET) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the bio-based polyethylene terephthalate (PET) market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022 to2029. The market growth over this region is attributed to the rising support from regulating bodies to reduce greenhouse emissions.

On the other hand, North America is estimated to show lucrative growth over the forecast period of 2022-2029, due to the growing initiatives to reduce greenhouse emissions and use of sustainable packaging in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Bio-Based Polyethylene Terephthalate (PET) Market Share Analysis

The bio-based polyethylene terephthalate (PET) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to bio-based polyethylene terephthalate (PET) market.

Some of the major players operating in the bio-based polyethylene terephthalate (PET) market are

• AVERY DENNISON CORPORATION (U.S.)
• Dupont (U.S.)
• Dow (U.S.)
• 3M (U.S.)
• H.B. Fuller Company (U.S.)
• Sealed Air (U.S.)
• SABIC (Saudi Arabia)
• Arkema (France)
• LyondellBasell (Netherlands)
• Exxon Mobil Corporation (U.S.)
• Mitsui Chemicals Inc., (Japan)
• Braskem (Brazil)
• TotalEnergies (France)
• Novamont SpA (Italy)
• SOLVAY (Belgium)
• DAIKIN (Japan)
• Biome Bioplastics (UK)
• PTT Global Chemical Public Company Limited (Thailand)
• KURARAY CO., LTD. (Japan)

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