Bio-based PET Market 2021-2031 : Growth Trends, Innovations, and Future Prospects

According to the report published by Allied Market Research, the global bio-based PET market was estimated at $441.3 million in 2021 and is expected to hit $941.4 million by 2031, registering a CAGR of 7.9% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

Additionally, the rising adoption of circular economy principles by governments and industries worldwide is another crucial driver of the Bio-Based PET market. The circular economy aims to minimize waste and maximize resource efficiency through recycling, reuse, and repurposing. Bio-Based PET aligns closely with these principles, derived from renewable resources and fully recyclable. Initiatives like the European Commission's Circular Economy Action Plan, which targets ensuring all plastic packaging in the EU market is reusable or recyclable by 2030, are expected to further drive the demand for Bio-Based PET as a sustainable and recyclable packaging material.

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Segmentation Overview:

The bio-based PET market has been segmented into application, end-use, and region.

Bottles were the largest application segment for bio-based PET.

In 2023, bottles were the largest segment within the bio-based PET market by application. The beverage industry has been at the forefront of adopting Bio-Based PET as a sustainable packaging solution, driven by consumer demand for eco-friendly products and corporate sustainability goals.
Packaging accounted for a significant market share in 2023.

In 2023, the packaging has been the largest sub-segment within the bio-based PET market by end-use. The packaging industry has been the primary driver of Bio-based PET demand as companies seek to reduce their environmental impact and meet consumer preferences for sustainable packaging solutions.

The global bio-based PET market is analyzed across application, end-use industry, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

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Based on application, the beverages segment held more than half of the total market revenue in 2021, and is expected to dominate by 2031. The others segment, however, would manifest the fastest CAGR of 9.4% throughout the forecast period.

Based on end-user industry, the packaging segment garnered nearly half of the total market revenue in 2021, and is expected to dominate by 2031. The electrical and electronics segment, nonetheless, would project the fastest CAGR of 8.8% throughout the forecast period.

Based on region, the global bio-based PET market across Asia-Pacific generated more than two-fifths of the total market revenue in 2021, and is anticipated to retain the lion's share by 2031. The same region would also showcase the fastest CAGR of 8.2% throughout the forecast period. The other provinces analyzed through the report include Europe, North America, and LAMEA.

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The key market players analyzed in the global bio-based PET market report include Amyris, Anellotech Inc., Biome Bioplastics, Braskem, DAIKIN, Gevo Inc., Kuraray Co., Ltd., M&G Chemicals, NatureWorks LLC, Novamont S.p.A, Total Energies, Plastipak Holdings, Inc., PTT Global Chemical Public Company Limited, Solvay, Teijin Limited, Indorama Ventures Public Company Limited, Toray Industries Inc, and Toyota Tsusho Corporation. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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