The market is expected to generate an incremental $ opportunity of US$ 2,181.7 Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00200 Format: PDF Pages: 270
Bio-based Polyethylene Terephthalate Market Size Analysis
Global Bio-Based Polyethylene Terephthalate Market was worth US$ 946.3 Mn and is expected to grow at a CAGR of 12.7% over the forecast period. The market is expected to hit US$ 3,128.0 Mn by 2032 end.
Purified terephthalic acid and modified ethylene glycol are combined to generate the monomer polyethylene terephthalate, which is then converted into a polymer by an esterification reaction. It is mostly used to manufacture synthetic fibers, bottles, etc. It resists temperatures and is durable.
Because of its lightweight and biodegradable nature, bio-based polyethylene terephthalate is used in the packaging of food, soft drinks, alcoholic beverages, cosmetics, pharmaceutical products, and edible oils. Bio-based polyethylene terephthalate is also used in the manufacture of automobile interiors, bottles, construction materials, packaged goods, and electronics.
The rising use of eco-friendly products worldwide, strict environmental regulations supporting the use of bio-friendly products in businesses, and strategic alliances and collaborations to meet the demand have led to a growth in demand for polyethylene terephthalate materials made from bio-based components.
Furthermore, technological advancements in PET, reduction in rigid packaging waste, and production of 100% bio-based PET bottles are some of the key trends expected to positively influence market growth over the forecast period.
VARIED APPLICATIONS DRIVE THE MARKET GROWTH
The market for bio-based polyethylene terephthalate is anticipated to expand due to rising demand from various industries, including food and beverage, and strict regulations aimed at lowering carbon emissions. The government’s measures to encourage biodegradable products have accelerated this trend, increasing bio-based polyethylene terephthalate materials. The market for bio-based polyethylene terephthalate is also anticipated to increase due to changes in focus toward the usage of green polymers and advancements in technology and research.
The bio-based polyethylene terephthalate market is predicted to support the automotive, bottling, and packaging industries, primarily because of its lightweight and biodegradable properties. The European and American Commissions have established standards to increase vehicle efficiency. Because bio-based polyethylene terephthalate materials are lightweight, the market for these materials is anticipated to grow.
FLUCTUATING RAW MATERIAL PRICES HAMPER THE MARKET GROWTH
The ambiguity surrounding their availability further inflates the raw materials’ overall cost. The market for bio-based polyethylene terephthalate (PET) will face obstacles due to fluctuating raw material costs, which affect the product’s total cost structure. As a result, the market’s growth rate is constrained by changes in the price of raw materials.
Polyethylene furanoate (PEF) is also used as a substitute for bio-based polyethylene terephthalate due to its stretchable strength and lightweight characteristics (PET). This element can negatively affect the expansion of the industry. Additionally, the use of polyethylene terephthalate in food and beverage packaging bottles is restricted because bio-based polyethylene terephthalate (PET) uses more staples than bio-based polyethylene furanoate (PEF). This aspect will provide the market with significant obstacles.
The market for biobased polyethylene terephthalate (PET) suffered from the current coronavirus outbreak. The market has suffered significant financial setbacks due to the major interruptions in various manufacturing and supply-chain operations brought on by the different precautionary lockdowns imposed by governments to stop the spread of the disease.
The outbreak has severely damaged the general economic condition of most people. Therefore, consumer demand has reduced as they are now more focused on cutting non-essential expenses from their budgets. The above determinants will consider the market’s revenue trajectory over the projection period.
Market Segments Covered in Report
By End User:
By Region and Country:
Which application segment is expected to dominate the market during the forecast period?
The market for bio-based polyethylene terephthalate was led by the bottles sector in 2021, and this trend is anticipated to continue during the projected period. The market is expanding because of the rising beverage consumption in emerging markets.
The demand for PET bottles made from bio-based materials is being driven by the growing trend for eco-friendly packaging materials to minimize carbon emissions. Regular plastic poses a serious threat to the environment since it does not degrade, contaminating the air, water, and land.
Which region is expected to hold a larger market share during the projected period?
Asia-Pacific dominates the bio-based polyethylene terephthalate (PET) industry with a CAGR of 14.6% and is expected to maintain its dominance from 20223-2032. The increasing support from regulating agencies to reduce greenhouse emissions is responsible for the market expansion in this region.
Due to the small number of competitors, the market is anticipated to be highly competitive. To guarantee a steady supply of PTA and bio-based MEG, these players frequently form relationships with businesses that produce raw materials. However, major efforts are presently being made by a large number of businesses for PTA manufacture utilising bio-based raw materials to generate 100% bio-based PET.
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By End-User, Application and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|