Category : Chemicals and Materials | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC545
Introduction
Bio-based PET is a naturally derived polyester resin that is used for production of numerous products including bottles, packaged goods, automotive interiors, construction goods, and electronics. It is a biodegradable product made from materials such as monoethylene glycol (MEG) and terephthalic acid (PTA). The market for bio-based PET has witnessed significant growth due to the development of various end use industries such as automotive & transportation, aerospace and wind energy among others.
Market Dynamics
The growing consumption of beverages in emerging markets of BRICS coupled with rising number of supporting regulations is expected to drive the demand for bio-based PET market. Rising demand for eco-friendly packaging in food & beverage, consumer products, and pharma industries on account of growing concerns regarding reduction in greenhouse emissions on a domestic level is expected to change the dynamics of the market in near future. However, high prices and less availability of raw materials are the major challenges limiting the growth of market.
Market Classification and Overview
The bio-based PET market is bifurcated on the basis of application, and geography. The major applications for which PET is used include bottles, packaged goods, automotive interiors, construction goods, and electronic. Bio-based PET was majorly used in bottles and accounted for over 85% of market volume in 2017. These containers are used for packaging of carbonated soft drinks (CSD) and alcoholic beverages which include beer, wine, and spirits. Growing importance of sustainable packaging among CSD manufacturers such as The Coca-Cola Company and PepsiCo is expected to be a key driving factor. Moreover, bottles are anticipated to be the fastest growing application segment over the forecast period. Its growth is attributed to the growing CSD consumption in BRICS and is further projected to fuel the demand for bio-based PET as a sustainably packaged material during the forecast period.
Regional Overview
The market for bio-based PET is segmented into regions such as North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa (MEA). Asia-Pacific was one of the leading markets in 2017 driven by growing awareness towards the importance of bioplastics in developed countries including Japan and South Korea as a result of regulatory inclination aimed at reducing reliance on using synthetic derived polymer goods. North America was the second biggest market followed by Europe. The market in North America is further projected to witness highest growth in coming years owing to technical innovations and growing concerns towards green or sustainable packaging in the region.
Report Coverage
|
Market |
Bio-Based PET Market |
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Analysis Period |
2015 – 2026 |
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Historic Data |
2015 – 2016 |
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Base Year |
2017 |
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Forecast Data |
2018 – 2026 |
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Market Stratification |
Application, Geography |
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Regional Scope |
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA) |
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Report Coverage |
Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis, Player Profiling, Value Chain Analysis |
Market Participants
Toray Industries, The Coca-Cola Company, M&G Chemicals, Teijin Limited, Anellotech Inc., Gevo Inc., and Toyota Tsusho are some of the key players in the bio-based PET market.
Market Segmentation
Market By Application
· Bottles
· Packaged goods
· Automotive Interiors
· Construction goods
· Electronics
Market By Geography
· North America
o US
o Canada
o Mexico
· Europe
o UK
o Germany
o France
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Latin America
o Brazil
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
