Global Bio Based Polyethylene Terephthalate Market Report and Forecast 2023-2028

Global Bio Based Polyethylene Terephthalate Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global bio based polyethylene terephthalate market reached a value of USD 689.98 million in 2022. Aided by the escalating demand for sustainable packaging solutions and the versatile applications of bio-based PET in a plethora of sectors, the market is projected to further grow at a CAGR of 11.6% between 2023 and 2028 to reach a value of USD 1323.28 million by 2028.

Bio-based polyethylene terephthalate is derived from renewable biological sources, primarily sugarcane, making it a sustainable alternative to its fossil-fuel-based counterpart. Commonly utilised in packaging applications, bio-based PET has rapidly garnered attention, primarily due to its exceptional mechanical strength, clarity, and barrier properties. It plays an indispensable role in the creation of bottles, containers, films, and other packaging materials, combining the benefits of traditional PET with the advantages of sustainability.

The mounting consumer preference for eco-friendly packaging solutions is at the forefront of driving the global bio based polyethylene terephthalate market growth. As global consciousness shifts towards sustainable practices and minimising carbon footprints, there has been a significant inclination towards green materials. Brands, in an attempt to cater to environmentally conscious consumers and adhere to stringent environmental regulations, are opting for bio-based PET for their packaging needs. This shift is not only seen in the food and beverage industry but also in cosmetics, personal care, and pharmaceuticals.

Furthermore, the wide spectrum of applications of bio-based PET across various industries is influencing the bio based polyethylene terephthalate market outlook. In the textile industry, for instance, it's leveraged for its superior fibre quality, resulting in comfortable, durable, and sustainable fabric options. In the automotive sector, bio-based PET finds usage in the production of interiors, owing to its durability and lightweight nature, thereby contributing to vehicle weight reduction and improved fuel efficiency.

The growth of the bio-based PET market is also bolstered by advancements in biotechnology. The development of innovative and efficient pathways for producing bio-based PET, integrating advanced fermentation processes and enzymatic methods, promises a more cost-effective and scalable production in the future. In geographical terms, the Asia Pacific accounts for a significant portion of the bio based polyethylene terephthalate market share.

Market Segmentation

The market can be divided based on application, end use, and region.

Market Breakup by Application

• Bottles
• Sheet and Foam
• Carry Bags and Pouches
• Pressure Sensitive Adhesive Tape
• Others

Market Breakup by End Use

• Food Industry
• Beverage
• Consumer Goods
• Automotive
• Pharmaceuticals
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global bio based polyethylene terephthalate market. Some of the major players explored in the report by Expert Market Research are as follows:

• Toray Industries, Inc.
• Toyota Tsusho Corporation
• Braskem Inc.
• Virent Inc
• The Coca-Cola Company
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.