Press release
Southeast Asia Bio-Based Polyethylene Terephthalate Market Size To Grow At A CAGR Of 12.4% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Southeast Asia Bio-Based Polyethylene Terephthalate Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 12.4%
Bio-based polyethylene terephthalate is frequently used in the packaging of food items, cosmetics, soft drinks, alcoholic beverages, pharmaceuticals, and edible oils due to its light weight and biodegradable properties, which is driving the growth of the Southeast Asia bio-based polyethylene terephthalate market. Additionally, it is used in the production of packaged goods, bottles, electronics, construction materials, and automobile interiors. Due to the material's expanding applications in a variety of end uses, the market for bio-based polyethylene terephthalate (PET) will likely grow more quickly.
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Over the forecast period, a rising focus on eco-friendly products is predicted to boost the Southeast Asia bio-based polyethylene terephthalate market. Globally, there has been an increase in demand for items with lower carbon emissions, along with an increase in the use of bio-friendly products. In order to support sustainability across industries, governments in Southeast Asia are taking initiatives to reduce the usage of non-biodegradable plastic. With environmental regulations that promote the use of eco-friendly products in companies, market participants would also benefit from lucrative growth prospects over the forecast period.
Additionally, it is anticipated that increasing consumer preference for using green packaging will support the market expansion. The product's high breaking strength makes it helpful in the packaging industry, which stimulates the expansion of the Southeast Asia bio-based polyethylene terephthalate market.
Southeast Asia Bio-Based Polyethylene Terephthalate Industry Definition and Major Segments
Bio-based polyethylene terephthalate (PET) is a thermoplastic packaging material made of bio-based polyethylene terephthalate, which is produced using fossil fuels and renewable raw ingredients. Although more expensive than traditional PET, bio-based PET has better thermal and barrier qualities. Recyclable bio-based polyethylene terephthalate contains about 30% monoethylene glycol (MEG). Polyethylene terephthalate resins with a bio-based component are produced using natural resources like corn, sugarcane, and molasses, among others.
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Based on application, the market is divided into:
• Bottles
• Textile Fabrics
• Sheet and Foam
• Film and Adhesive Tapes
• Others
On the basis of end-use, the market is segmented into:
• Beverages
• Food Industry
• Textile
• Automotive
• Pharmaceuticals
• Others
Based on distribution channels, the market is bifurcated into:
• Direct
• Indirect
On the basis ofcountry, themarket is categorised into:
• Indonesia
• Malaysia
• Thailand
• Vietnam
• Singapore
• Philippines
Southeast Asia Bio-Based Polyethylene Terephthalate Market Trends
A significant market trend increasing the demand for bio-based polyethylene terephthalate is the expanding e-commerce sector, since there is a surging need for sustainable packaging options for goods purchased online. In the upcoming years, the market expansion is anticipated to be driven by the rising demand for biodegradable products to cut carbon emissions. Further, the Southeast Asia bio-based polyethylene terephthalate market will continue to increase owing to the technological advancements in the market.
The food industry is a significant end-use of bio-based polyethylene terephthalate market in Southeast Asia. Bio-based polyethylene terephthalate is widely used in the packaging process for clean-label foods such ready-to-eat cooked meat products, vegetables, and fruits. The use of bio-based polyethylene terephthalate in the food industry is predicted to expand over the forecast period as a result of the anticipated rise in local demand for high-end packaged food products in this region.
Meanwhile, the automotive sector is creating an increasing need for bio-based polyethylene terephthalate in order to make high-quality automotive products with a low environmental impact. The Southeast Asia bio-based polyethylene terephthalate market is expected to grow over the upcoming years as a result of the rise in demand for passenger and commercial electric vehicles.
Key Market Players
The major players in the Southeast Asia bio-based polyethylene terephthalate market report are:
• Teijin Limited
• Indorama Ventures
• Braskem
• FKuR Kunststoff GmbH
• Toray Industries, Inc.
• Far Eastern New Century Corporation
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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