Market Segmentation
The global bio-based PET market is segmented on the basis of the raw material source, application, and region.
On the basis of the raw material source, the global bio-based PET market is segmented as sugar, molasses, and corn.
Based on the application, the global bio-based PET market is segmented as bottles, consumer goods, automotive, electronics, and others.
Regional Analysis
The global bio-based PET market is segmented into five regions of North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The North American region is the leading region on the backdrop of the high demand and manufacturing of PET bottles and automotive in the U.S. and Canada.
Asia Pacific is the fastest emerging region in the global bio-based PET on account of the raw material availability, low-cost production, and industrial growth in the region.
The demand for the bio-based PET from the automotive industries has augmented the market in Europe.
The growing environment safety issues and the rapid industrialization in the Middle East and Africa region is likely to drive the global market.
Competitive Analysis
Some of the manufacturers operating in the global bio-based PET market are Braskem (Brazil), Gevo, Inc. (U.S.), TEIJIN LIMITED (Japan), Anellotech, Inc. (U.S.), TORAY INDUSTRIES, INC. (Japan), Indorama Ventures Public Company Limited (Thailand), M&G Chemicals (Italy), NatureWorks LLC (U.S.), Novamont S.p.A (Italy), Plastipak Holdings, Inc. (U.S.), Amyris (U.S.), and Toyota Tsusho Corporation (Japan).
Market Overview
A Bio-based PET is manufactured using mono-ethylene glycol and terephthalic acid and offers properties such as non-toxicity, recyclability, reduced carbon footprint, and high resistance to shattering which are highly useful in various packaging solutions.
The global bio-based PET market size is segmented on the basis of its application such as bottles, consumer goods, automotive, electronics, and others. Around 55% of the bio-based PET is consumed for manufacturing of PET bottles as they are rigid and non-toxic for the storage of beverages such as liquors, soft drinks, mineral water, and others. Increasing beverage consumption across the globe is the major factor influencing the market growth positively. The lightweight property of the bio-based PET has augmented the demand in manufacturing and packaging consumer goods. The changing lifestyle and the increasing demand for consumer goods such as refrigerators, washing machines, TV, home appliances, and others along with the high disposable income are expected to boost the market growth over the review period. This property also makes them useful in the automotive sector for manufacturing door panels, seat fabrics, interior mats, and others, which is anticipated to propel the market growth further. They enhance durability, gloss finish, and dimensional stability in electronic appliances, which, in turn, drives the global bio-based PET market growth. However, factors that may challenge the market growth include irregularity in feedstock supply and lack of cultivable land for corn, sugar, and others.
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