Bio Based Polyethylene Terephthalate (PET) Market Key Players are Coca-Cola Company, M&G Chemicals, Danone, Toyota Tsusho Corporation, Plastipak Packaging, Inc., Toray Industries, Inc., PepsiCo

Bio based polyethylene terephthalate (PET) market has been gearing up at a fast pace validated from the commendable industry share record over the recent years. In 2015, the market capacity in terms of volume was almost 496 kilotons and in terms of revenue it surpassed the billion-dollar mark. Statistics depict that the industry is set to attain a phenomenal revenue of USD 13 billion by 2023.

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Emergence of bioplastics as an alternative to conventional packaging in food and beverage industry has prominently catapulted the bio based PET market expansion. Global sustainable packaging market which worth USD 150 billion in 2015, is slated to hit a revenue of USD 250 billion by 2024, projecting a parallel impact on PET market as well. Alongside, stringent governmental norms which have built an awareness among the consumers about the benefits of using ecofriendly products, has also complemented bio based PET market growth chart.

Growth Drivers:

1. Crude oil price fluctuation
2. Rising trend for sustainable packaging
3. Growing environment friendly product demand
4. Bio-based chemicals adoption

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The market is also highly influenced by the growing strategic partnerships between the leading market giants. For instance, Toray and the Coca-Cola company have collaborated with bio-based manufacturing units like Virent and Gevo, with an aim to develop 100% bio-based polyethylene terephthalate. Bio-based PET weighs much less in comparison to its fossil fuel counterparts, as a result of which the bio based PET market demand from automotive industry is surging with each passing year.

Leading automotive companies which include Nissan, Toyota, AT&T, have announced to implement bioplastics in their advanced vehicle model, which in turn is expected to positively influence bio based polyethylene terephthalate market penetration on technical grounds. The overall market from technical applications is projected to record a shooting CAGR of 35% over 2016-2023. High shatter resistance and light weight characteristic are the major two factors which are driving bio based PET market demand in manufacturing vehicle’s interior and exterior parts. The U.S. and the European Commission have set norms and standards to improve the fuel efficiency in vehicles which in a way will leave an impact on the market outlook as well.

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