Bio Based Polyethylene Terephthalate Market 2019 to 2024 Recent Trends and Growth Opportunities By Major Players - The Coca-Cola Company, M&G Chemicals, Danone, Toyota Tsusho, Plastipak Packaging, Inc., Toray Industries, PepsiCo
Global biobased PET market size may generate USD 13.1 billion by 2023. Increasing importance of sustainable packaging, especially in China and India, may positively influence bio based polyethylene market size growth.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Teijin Limited
• Toray Industries
• Coca Cola
• Toyota Tsusho
• Plastipak holdings
• M&G chemicals
Key Industry participants, The Coca-Cola Company and Toray, have formed strategic partnerships with bio based product manufacturers such as Gevo and Virent, for the development 100% bio PET.
Coca-Cola, H.J. Heinz, Nike, Procter & Gamble and Ford Motor have collaborated Plant PET Technology Collaborative (PTC) for 100% bio polyethylene terephthalate production acceleration intended for apparels, technical seat trims, plastic bottles, floor carpets and footwear.
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Australian government formed (APC) The Australian Packaging Covenant for sustainable packaging promotion which may favor on bio-based PET market growth. The Japanese government has set a target of 20% bioplastics production in the plastics market by 2020, which may favor bio based polyethylene terephthalate market growth over the next several years.
Bio based polyethylene terephthalate (PET) Market Application Analysis (Volume: Kilo Tons, Revenue: USD Billion, 2012 - 2023)
• Consumer goods
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.
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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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