Bio Based PET Market to Grow at a Strong CAGR of 21.3% By 2030

The global bio-based pet market is estimated to grow at a CAGR of 21.3% during the forecast period of 2022-2030. Bio-based polymers in the last decade have turned out to be a versatile and dynamic field growing from initial stages (research level) to long-term proven products such as nylon or cellulose. Cost, product significance with respect to sustainability, crude oil prices, consumer adoption, federal policies, and new manufacturing technology have contributed in the last decade, to the development of the bio-based polymers market across the globe. The production of bio-based polymers is carried out through biochemical transformation (for example, sugars to succinic acid) or by a chemical reaction process (for example, hydrolysis of lipids into glycerol and fatty acids).

Bio-based PET is categorized under commodity plastics. Bottling and packaging are the major application of bio-based PET in 2020. Bottling application of bio-based PET accounted for over 19.9% of the total market in 2020. Rising beverage consumption in the Asia Pacific and Latin America, government initiatives to drive green packaging, has aided bio-based PET market growth in bottling in the Asia Pacific and Latin America. The growing beverage market is the main factor aiding bio PET bottling segment growth for the forecast period. These bottles are largely used in rigid packaging of soft drinks, alcoholic beverages, cosmetics and pharmaceuticals, mineral water packaging by the companies such as Heinz, Coca-Cola, PepsiCo, Dasani, and others. The rigid packaging market contributes to about 60% of the total packaging market due to the high consumption of bio-based PET bottles. For manufacturing bio PET bottles, PET of grade 30 is utilized in general.

Bio PET packaging market is projected to grow at a CAGR of 20.5% during the period 2022-2030. Low crude oil prices and increasing demand for sustainable products are the main drivers of the bio PET packaging market. Growing demand for lightweight packaging materials and demand for sustainable products are the factors aiding bio pet packaging market growth. India, China, and USA with a strong retail market and growing consumer base are the lucrative investment destination for the bio PET packaging market for the forecast period.

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Automotive is an emerging application of bio Pet market growing with highest CAGR 25.2% for the forecast period. Initiatives towards reducing carbon footprint and increasing demand for sustainable products are the main drivers of the bio PET automotive market. Germany, UK., USA, India, and China are the lucrative investment destination for bio PET automotive market for the forecast period. Bio PET products are being widely used for making dashboards, bumpers, and wheel arch for automobiles. In the next five years, the price of automotive bio Pet products will be cheaper than fiberglass products, aiding market growth for the forecast period.

Regulations across countries such as the U.S. and European Union for example Corporate Average Fuel Economy (CAFÉ) and Euro Standards for automobiles to be more fuel-efficient would encourage the adoption of bio based PET products into automobiles. Major automotive companies such as Tesla, Toyota, Ford, Jaguar are looking forward to expanding the use of bio based PET surfaces of their vehicles. Other significant areas of application include healthcare products, textiles, packaging of foods, and flexible packaging of film. NASA and ESA are testing fiber made from bio-based PET for space blankets as a result of its thermal insulation properties. Globally, in bio pet market the Asia Pacific held the largest market share of around 35% in 2020. The Asia Pacific is the largest manufacturer of Bioplastics which is attributed the large share of APAC region. Asia Pacific bio pet market is growing with a CAGR of 20.6% during forecast period. India, China, USA, Germany are lucrative markets for investment in bio PET bottling market. Growing consumer base and healthy economy outlook are the factors driving bio PET bottling market in India and China.

The report holds a detailed description of the major regions of the globe i.e. North America, Europe, APAC and ROW. Major countries of each region have been thoroughly discussed by providing the market size and estimations, market determinants, government regulation and segmentation analysis. The report holds a detailed description of the major regions of the globe i.e. North America, Europe, APAC, and ROW. Major countries of each region have been thoroughly discussed by providing the market size and estimations, market determinants, government regulation and segmentation analysis. The report has an analysis of emerging and leading companies in the current worldwide bio based PET market. The competitive environment is observed and the report is majorly focused on how new technologies and products are influencing the current bio based PET market. Mergers and acquisitions recently accomplished are detailed with a major focus on what organizational, product-specific, and strategic changes are expected in the forecasted period. Detailed profiles of the market leaders are discussed in detail. Also, factors holding opportunities such as research and development activities, the untapped market scenario is discussed in detail.

KEY MARKET MOVEMENTS

The global bio pet market is estimated to grow at a CAGR of 21.3% during forecast period of 2022-2030.
Bottling application of bio based PET accounted to over 19.9% of the total market in 2020.
Rigid packaging market contributes to about 60% of total packaging market due to high consumption of bio based PET bottles.
Bio PET packaging market is projected to grow at a CAGR of 20.5% during period 2022-2030.
Automotive is an emerging application of bio Pet market growing with highest CAGR 25.2% for the forecast period.
The Asia Pacific is the largest manufacturer of the Bio plastics which attributed the large share of APAC region. Asia Pacific bio pet market is growing with a CAGR of 20.6% during forecast period.

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