Bio-Based PET Market

Bio-Based PET Market Size & Growth (2023-2028)

Bio-Based PET Market valued at US$ 5.69 Billion in 2022 and is anticipated to increase to US$ 7.09 Billion by 2028, with a growing CAGR of 5.31% 

PET bio-based is comprised of biodegradable components such as mono ethylene glycol (MEG) & terephthalic acid (PTA). It's used in everything from packaged items to automobile interiors, bottle manufacture, and building materials. Bio-based PET has several advantages, including non-toxicity, recycled content, and a smaller carbon footprint. In the vehicle, food, and beverage sectors, it is commonly utilized. Ethylene PET is the most thermoplastic polymer polymeric material in the polyesters, and it's utilized in textile fibers, fluid, and food containers, industrial thermoforming, & engineering resins in conjunction with glass fiber.

PET is a transparent, strong, and lightweight plastic widely used in the packaging of foods and beverages, particularly convenience-sized soft drinks, juices, and even water. Just about all single-serving & 2-liter bottles of soft drinks & water are made of PET. It's used to package salad dressings, peanut butter, mouthwash, cooking oils, shampoo, liquid soap, cleaning equipment, and even tennis balls. Special PET grades are used for take-home food cans & prepared meal trays that can be reheated in the oven or microwave. Because of its unique properties, PET is swiftly becoming the world's most preferred beverage packaging material.

Bio-Based PET Market Drivers:

The Bio-Based PET Market is expanding because of the increased demand for something like a selection of cuisines and beverage packaging sectors. Growing worries about environmental degradation and the execution of government severe environmental safety legislation are also boosting the market's growth. Furthermore, the increased demand for green plastic by customers is putting a positive spin on the industry. The industry for bio-based terephthalate is predicted to be driven by rising prices in different industries, like food and beverage, as well as a stringent regulatory framework to reduce carbon emissions.

Furthermore, technological and scientific advancements, and a shift in focus toward the use of green plastics, are expected to propel the demand for bio-based polyethylene terephthalate ahead. Bioplastics are plant-based materials that can be torn down by bacteria into freshwater, found in natural gases, and biomass. PET made from plants, starch-based plastics, polylactic acid (PLA), polybutylene succinct (PBS), and polyolefin elastomers are all examples of bioplastics (PE). Bioplastics are becoming more popular as a result of their significant advantages over fossil-based packaging materials. Bioplastics outlast fossil-based plastics in terms of shelf life, permeability (essential for vegetable and fruit packaging), recyclability, and processability. The requirement for bioplastics within the Bio-Based PET Market is growing globally as a consequence of these advantages.

Bio-Based PET Market Restraints:

The restraining factor that is restricting the growth of the global Bio-Based PET market is the cost of producing bio-based commodities like biofuels and bioplastics are unacceptably high The market's rise is being hampered by concerns regarding pricing in comparison to traditional things, as well as recycling. These major key factors are the stumbling block for the Bio-Based PET Market's expansion.

BIO-BASED PET MARKET REPORT COVERAGE:

Market Segmentation:

Bio-Based PET Market By Raw Material:

• Sugar

• Molasses

• Corn

Sugar and molasses are both sugarcane derivatives. Hence, both Sugar and Molasses are expected to drive the global bio-based PET market.

Bio-Based PET Market By Application:

• Bottles

• Bags

• 3D Printing

• Cosmetic Containers

The Bottles segment dominated the most in the bio-based PET market. As in the projected period, the Bottles segment is predicted to have the greatest market share. The most common technique for bio-derived PET bottles. This is because the use of bio-derived PET as just a bottle product packaging is becoming more common.

Bio-Based PET Market By Industry:

• Packaging

• Automotive

• Electronics

• Textile

The Automotive industry is expected to be dominant in the Global Bio-Based PET Market. As the automotive industry is being used by a lot of individuals and thereafter there is an increase in every region across the globe.

The Bio-Based PET Market Report includes the segmentation of Regions:

• North America

• Europe 

• Asia Pacific

• Lattin America

• The Middle East and Africa

Impact of COVID-19 Bio-Based PET Market:

The COVID-19 epidemic has had a severe effect majority of the population across the world. Every firm must fight on two fronts: health and economics and will have to suffer this imposed recession. With both the global economic crisis causing a lot of money shortages, there's a lot of anticipation that the recovery phase will go smoothly. The coronavirus has damaged the entire planet as a result of its spread. Lockdowns and robust social distancing measures have been implemented in nearly every country. Supply networks have already been disrupted as a result of this. The epidemic has wreaked havoc on global systems. Because of this, there were upsides and downsides for the global market. The upside is that people started to use PET bottles and cartons for storage as the pandemic was going on. 

Recent Developments:

13^th January 2020: Being part of the next sustainable packaging project, Coca-Cola introduced Plant Bottle, a totally recycle polyethylene terephthalate (PET) bottle composed entirely of plant-based materials. The first-generation Plant Bottle, which debuted in the last decade i.e., 2009-10, was made up of 30% in terms of plant-based PET and 70% pure terephthalic acid (PTA). The firm is continuing to spend heavily on this technology, with the goal of making all of its PET bottles completely renewable by employing only bio-based packaging materials. The technology is a game-changer in terms of low-carbon, sustainable packaging, and it's a people with kindness to fossil-fuel-based packaging, as of now Coca-Cola collaborates for its PET (polyethylene terephthalate) bottles.

Avantium has announced its second significant cooperation to create PEF bottles using its YXY technology. Danone Research & Avantium have agreed to collaborate on the production of PEF bottles for Danone, the world's second-largest bottled water company. Avantium's commercialization goal further to co-develop their YXY technology for making PEF bottles is bolstered by this arrangement.

Bio-Based PET Market Key Players:

The key players in the Bio-Based PET Market are:

• Toyota Tsusho

• M& G Chemicals

• Teijin Limited

• The Coca-Cola Company

• DANONE

• Draths Corporation. Gevo, Inc.

• Toray Industries

• Anellotech, Inc.

• Natureworks LLC.

• Gevo

• Plastipak Holdings, Inc.