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Bio Based Polyethylene Terephthalate Market By Segmentation, and Key Players - The Coca-Cola Company, M&G Chemicals, Danone, Toyota Tsusho, Plastipak Packaging, Inc., Toray Industries, PepsiCo
Bio Based Polyethylene Terephthalate Market
Statistics depict that the industry is set to attain a phenomenal revenue of USD 13 billion by 2023. 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.
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- Key Profiles:
• Teijin Limited
• Toray Industries
• Coca Cola
• Toyota Tsusho
• Plastipak holdings
• M&G chemicals
• Gevo
• Anellotech
• Virent
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.
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.
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Bio polyethylene terephthalate weighs lower in comparison to their fossil fuel counterparts, which helps its use in exterior and interior automotive parts. AT&T, Nissan and Toyota Motors have announced plans to use bioplastics in their products, which may positively influence bio PET market growth in technical applications.
Key raw material, sugarcane, is used for MEG manufacturing. Sugarcane is majorly used for sugar and bio ethanol production and may fall short as feedstock for MEG production. This may hamper product supply and affect bio based PET market price trend.
Petrochemical derived polyethylene terephthalate are showcasing stiff competition to bio based counter parts with decrease in crude oil prices, However, bio based polyethylene terephthalate prices are expected to compete with petrochemical derived counterparts with correction in crude oil prices and capacity expansion on bio based polyethylene terephthalate.
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North America technical application occupied a small chunk of the share may register over USD 235 million by 2023 with expected gains at above 36% CAGR.
Latin America, with Brazil contributing to regional demand, may witness significant growth rates at over 46.5% CAGR up to 2023. Latin America bottling applications may register over USD 1.5 billion by 2023.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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