Bio Based PET Market to grow at a CAGR over 42% from 2016 to 2024 | Hexa Research
The global bio based PET market, in volume terms stood at 496 kilo tons in 2015. It is expected to grow (in terms of volume) at a CAGR over 42% during the forecast period (2016 to 2024). Growing awareness could drive the market.
The worldwide bio based PET market stood (in volume terms) at nearly 496 kilo tons in 2015. The market is expected to grow at a CAGR over 42% during the forecast period (2016 to 2024). Greater awareness among consumers and stringent environmental regulations to promote eco-friendly products can drive the industry. The emergence of bioplastics as a substitute in packaging & automotive industries can catapult market growth. Unstable crude oil prices and heightened concerns regarding greenhouse gas (GHG) emissions may promote the demand for bio based polyethylene terephthalate (PET) products.
Bio based PET are biodegradable products made from monoethylene glycol (MEG) and terephthalic acid (PTA). MEG is a product derived from sugarcane ethanol and purified PTA. Bioplastics are used to make cups, bottles, bags, carpets, furniture, films, and other packaging materials. The wastes from these materials emit around 30-70% less carbon dioxide than most conventional plastics.
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The global bio based PET market is divided into applications and regions. Applications include technical (automotive & electronics), consumer goods, and packaging (bottles), and other packaging. The packaging goods segment held the largest share exceeding 75% of the total market shares in 2013. The product is mainly used for packing carbonated soft drinks. Surging consumption of beverages may positively affect market demand in the forecast period.
Technical applications could witness robust growth due to demand for lightweight materials in automotives. Sustainable polyethylene terephthalates weigh less, which makes them ideal for automotive exteriors. Use of these materials by companies, like Nissan, Toyota Motors, and AT&T can propel demand for the product by 2024.
Regions in the global bio based PET market are North America, Europe, Asia Pacific, and Rest of the World (ROW). In 2015, Asia Pacific dominated the global market. This was because of high consumption of alcoholic beverages and carbonated soft drinks in India and China. This trend is projected to continue till 2024.
Initiatives taken by the Australian Packaging Covenant (APC) to promote sustainable packaging can impel market growth. Europe may witness substantial growth due to the European Commission’s (EC) initiative to promote bio based products. The EC aims at reducing the use of chemical based products and lowering GHG emissions.
The United States government passed a Federal Farm bill urging federal agencies to adopt sustainable materials. This is likely to boost the bio based PET market till 2024. North America could grow at around 41% CAGR during the forecast period. Emphasis on eco-friendly packaging can drive this market.
Major competitors in the global bio based PET market are the Coca-Cola Company, Toray Industries, Toyota Tsusho, and M&G Chemicals. Companies, such as Virent and Anellotech are working on developing bio based PTA. Toray Industries and the Coca-Cola Company has entered business collaborations with manufacturers of bio based products. The Coca-Cola Company markets its bio-PET bottles under the name ‘PLANTBOTTLE’. Other brands in the market comprise PLANT FIBER and GLOBIO. Companies like Ford Motors, The Coca Cola Company, Proctor & Gamble, Heinz & Co., have signed Plant polyethylene terephthalate Technology Collaborative in order to manufacture and use 100% bio based PET products.
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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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Renewable Chemicals Market Research Report
Dec 16, 2016