Bio Based Polyethylene Terephthalate (PET) Market size over $13 Billion by 2023: Global Market Insights, Inc.
Bio Based Polyethylene Terephthalate (PET) Market size was 496.0 kilo tons in 2015, as per the latest research report by Global Market Insights, Inc. Growing concerns towards GHG emissions coupled with bioplastics emergence as an alternative in packaging and automotive industry may stimulate global bio based PET market size.
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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. 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.
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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.
APAC bio PET market size, led by China & India, was dominant and accounted for over 32.5% of the overall demand in 2015. Growing CSD (carbonated soft drinks) & alcohol beverage demand in China and India have resulted in increased scope for packaging.
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 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.
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.
Key insights from the report include:
- Global bio PET market size may attain 44.2% CAGR up to 2023 and reach 6.74 million tons by 2023. Europe, with food & beverage industry growth in Germany, France & UK, is set to gain significant growth rates and register over USD 2.8 billion by 2023.
- Europe bottling applications are forecast to grow at over 37% CAGR in revenue terms and register over USD 2.3 billion by 2023.
- North America technical application occupied a small chunk of the share may register over USD 235 million by 2023 with expected gains at above 36% CAGR.
- Latin America, with Brazil contributing to regional demand, may witness significant growth rates at over 46.5% CAGR up to 2023. Latin America bottling applications may register over USD 1.5 billion by 2023.
- Global biobased PET market share is competitive with limited industry participants dominating production. Key industry participants include Teijin Limited, Toray Industries, Coca Cola, Toyota Tsusho, Plastipak holdings and M&G chemicals. Gevo, Anellotech, and Virent are some key raw material suppliers and have invested for bio PTA production for 100% bio polyethylene terephthalate manufacturing.