Market Summary:
The global bio-based Polyethylene Terephthalate (PET) market was valued at USD 4.96 Billion in 2022 and is projected to reach USD 8.45 Billion by 2032, with a notable revenue Compound Annual Growth Rate (CAGR) of 13.2% over the forecast period. A significant driver behind this market revenue surge is the increasing demand for sustainable and environmentally friendly packaging solutions, as people become more conscientious about the detrimental effects of plastic waste on the environment.
Bio-based PET has emerged as a favored choice for packaging across various end-use sectors, encompassing food and beverage, pharmaceuticals, and personal care. It stands out as a sustainable and biodegradable material, crafted from renewable resources like sugarcane and corn. The enforcement of stringent government regulations and policies aimed at curbing plastic waste and endorsing sustainable packaging alternatives further contributes to the market's revenue growth.
Furthermore, the textile industry plays a pivotal role in propelling market revenue growth, primarily due to the growing demand for PET derived from bio-based sources. Bio-based PET finds extensive utilization in multiple textile applications, including clothing, home textiles, and industrial textiles, serving as a viable substitute for conventional polyester fibers. PET fibers originating from biomaterials exhibit a reduced carbon footprint compared to their traditional polyester counterparts, while also offering superior attributes such as strength, durability, and resistance to wrinkles. The demand for bio-based PET in the textile sector is poised to escalate as eco-friendly fashion gains traction, and consumer awareness regarding sustainable fashion continues to rise.
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Bio-Based Polyethylene Terephthalate (PET) Market: Strategic Development
In 2021, The Coca-Cola Company revealed its intentions to introduce the first-ever paper bottle prototype crafted using Bio-based PET within Europe. This paper bottle is created from sustainably sourced wood and Bio-based PET, offering an eco-friendly and recyclable packaging solution.
In 2020, PepsiCo Inc. unveiled its plans to launch Bio-based PET bottles in Europe, utilizing Bio-based feedstocks like corn, potato, and cassava. The company's objective is to decrease its carbon footprint by employing renewable and sustainable packaging materials.
Also in 2020, Toyota Tsusho Corporation, in collaboration with ITOCHU Corporation and Kuze Co. Ltd., announced a joint venture to manufacture Bio-based PET bottles in Japan. The joint venture is dedicated to producing environmentally friendly and sustainable packaging materials for the Japanese market.
During the same year, Indorama Ventures Public Company Limited disclosed its acquisition of PET recycling assets in France and Poland, with the goal of expanding its recycling capacity and supporting the growth of Bio-based PET.
In 2020, Gevo Inc. entered into a partnership with Coca-Cola to produce Bio-based PET using renewable isobutanol. The partnership's aim is to establish a low-carbon and sustainable supply chain for Bio-based PET production.
Segmentation:
Market Statistics:
- The market value for 2022 amounted to USD 4.96 billion.
- The Compound Annual Growth Rate (CAGR) from 2022 to 2032 is projected at 13.2%.
- The revenue forecast for 2032 is expected to reach USD 8.45 billion.
Data Parameters:
- Base year used for estimation: 2022
- Historical data considered: 2020-2021
- Forecast period covered: 2022-2032
- Quantitative units: Revenue measured in USD billion
CAGR Calculation:
- The CAGR is computed over the period from 2022 to 2032.
Report Coverage:
- The report encompasses revenue forecasts, company rankings, analysis of the competitive landscape, examination of growth factors, and identification of trends.
Segments Covered:
- The analysis is divided based on Product Type Outlook, Application Outlook, and Regional Outlook.
Product Type Outlook:
- Subdivisions include Bottles, Films, Fibers, and Others.
Application Outlook:
- Segments involve Packaging, Automotive, Textiles, Bottles, and Others.
Regional Scope:
- The geographic coverage spans North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Competitive Landscape:
A handful of prominent players wield substantial influence and contribute significantly to the revenue share of the global Bio-based PET Market. Among the key players in this market are:
- The Coca-Cola Company
- PepsiCo Inc.
- Toyota Tsusho Corporation
- Toray Industries Inc.
- Plastipak Holdings Inc.
- Indorama Ventures Public Company Limited
- Teijin Limited
- M&G Chemicals
- Gevo Inc.
- Anellotech Inc.
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