Bio-Based PET Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Bottles, Foam, Synthetic Fibers, Others), By End-User (Automotive, Packaging, Personal Care, Electronics, Others) And By Geography - Forecasts From 2019 To 2024

The 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 that is made up of 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 are 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 partnerships and product launches to gain a competitive edge in the market. Products that are made from bio-based PET have the same quality as regular PET like its distinctive functions, appearance, and weight and it can also be recycled, hence 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.

DRIVERS
Increase in the demand for bio-based PETs from the end-user industries.
Rising awareness of low carbon usage.

RESTRAINTS
High producing cost

INDUSTRY UPDATE

In December 2018, The Coca-Cola Industry announced its new investment in Enhanced recycling as part of the World without Waste Vision.

In January 2016, M&G Chemicals announced that they ramp up its 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.

Bio-Based PET Market Scope:

Report Metric	Details
Market size value in 2018	US$3,359.899 million
Market size value in 2024	US$7,932.062 million
Growth Rate	CAGR of 15.39% from 2018 to 2024
Base year	2018
Forecast period	2019–2024
Forecast Unit (Value)	USD Million
Segments covered	Application, End-User, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	TORAY INDUSTRIES, INC., Anellotech, Inc., THE COCA-COLA COMPANY, SCG Chemicals Co., Ltd., FKuR Kunststoff GmbH, Toyota Tsusho Corporation, M&G Chemicals, Danone, Ford Motor Company, Teijin Limited
Customization scope	Free report customization with purchase

 

Segmentation

The global bio-based PET market has been analyzed through the following segments:

By Application
Bottles
Foam
Synthetic fibers
Others

By End-User
Automotive
Packaging
Personal Care
Electronics
Others

By Geography

North America
USA
Canada
Mexico

South America
Brazil
Argentina
Others

Europe
Germany
France
United Kingdom
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
South Korea
India
Others

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