The Global Bio-Based PET Market Is Projected To Witness A CAGR Of 14.7% During The Forecast Period

Bio-based PET is a biomass-derived fully recyclable, biodegradable, compostable, and renewable bioplastic material. The material is composed of 30% plant-derived ethanol glycol and 70% fossil-derived terephthalic acid (TPA). The global bio-based PET market is estimated to be valued at $3,917.4 million in 2017 and is projected to witness a CAGR of 14.7% during the forecast period. The growing use of bio-based PET in various industries such as packaging, automotive, electronics, textile, medical, and horticulture is a major factor driving the growth of the market.

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Key players in the bio-based PET market are entering into strategic alliances in order to cater to the growing demand for sustainable packaging products. For instance, in 2017, two largest bottled water companies in the world, Danone and Nestlé Waters (water division of Nestlé SA), entered into an alliance called “NaturALL Bottle Alliance” with Origin (a start-up based in the U.S.). With this alliance, the three partners aimed at developing and commercializing a 100% renewable PET plastic bottle at a large scale. Thus, strategic alliances by key manufacturers in the packaging industry are a major trend witnessed in the market.

Bio-based materials, such as bio-fuels and bioplastics, are economically costly. This is a major factor hindering the growth of the bio-based PET market. Owing to the high production cost of bioplastics, only 2% of the world’s 300 million tons of plastic production comes from plant sources. However, bio-based material manufacturers are constantly working on reducing the price of bio-based materials and replacing fossil-based plastics with them. Hence, it is estimated that most of the global plastic production over the next 20 years would come from plant-based materials.

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Asia-Pacific (APAC) is expected to continue holding the largest share in the bio-based PET market in the coming years; it is also anticipated to be the fastest-growing market during the forecast period. In terms of value, the market in the region is expected to grow at a CAGR of 15.5% during the forecast period. Increasing bio-derived PET production capacity by key players in China and India is a major factor driving the market growth in APAC. In addition, high consumption of alcohol beverages and fizzy soft drinks is driving the market in the region.

Some of the major players operating in the global bio-based PET market are The Coca-Cola Company, PepsiCo Inc., Toyota Tsusho Corporation, M&G Chemicals SA, Origin, Ford Motor Company, Braskem, and Teijin Limited.

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