Global bio-based PET market is projected to witness a CAGR of 15.39% to grow to US$7,932.062 million in 2024 from US$3,359.899 million in 2018. Bio-based PET (Polyethylene Terephthalate) is a plastic based material which is made up from 30% renewable raw material and 70% oil-based raw material. Constant Innovation in PET has led to the development of bio-PET which is made from renewable resources. Bio-PET is thermoplastic polyester produced from plant-based Bio-MEG (mono-ethylene glycol). Fluctuating oil prices is driving the bio-based PET market growth. The increasing propensity towards a low carbon and oil independent society is fueling the demand for bio-based PET in various markets. They are increasingly being used to produce plastic bottles for several applications in sectors such as food and beverage, pharmaceutical, automotive and etc. Manufacturers of PET are increasingly involved in strategic partnership and product launch to gain a competitive edge in the market. Products which are made from bio-based PET have the same quality as regular PET like its distinctive functions, appearance, weight and it can also be recycled, hence the recycled PET can also be used in bottles or in other applications. Thus, the bio-based PET market is expected to grow at a good rate owing to the increasing consumption of bio-PET and manufacturers opening new plants. However, the cost of producing bio-based PET is high.
Increase in the demand for bio-based PETs from the end-user industries.
Rising awareness of low carbon usage.
High producing cost
In December 2018, The Coca Cola Industry announced its new investment in Enhanced recycling as part of World without Waste Vision.
In January 2016, M&G Chemicals announced that they ramp up their PET capacity at its Corpus Christi Plant.
The major players profiled in the global bio-based PET market are TORAY INDUSTRIES INC., Anellotech, Inc., THE COCA-COLA COMPANY, SCG Chemicals Co., Ltd., FKuR Kunststoff GmbH, Toyota Tsusho Corporation, M&G Chemicals, Danone, Ford Motors company, and Teijin Limited.
The global bio-based PET market has been analyzed through the following segments:
Middle East and Africa