Home » Energy & Environment, Manufacturing & Industry, Marketing & Sales, Science, World » Global Market Insights on Bio-based Polyethylene Terephthalate (PET) Market Analysis, Size, Share, Growth, Trends and Forecasts to 2020 – Hexa Research
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Segmentation on the basis of application is majorly governed by carbonated soft drink (CSD) packaging. It covered about 75% market share in 2013. Increasing focus of major companies including Coca-Cola and PepsiCo towards sustainable packaging and increasing CSD demand in BRICS is anticipated to fuel the global “bio-based PET market” growth over the forecast period.

Volatile crude oil prices and increasing awareness towards eco-friendly sources is expected to foster the global bio-based polyethylene terephthalate (PET) market growth over the next eight years. Bio-based PET is manufactured from bio MEG and petroleum derived PTA. Presently, bio-based PET contains only up to 30% bio-content. Major companies are investing heavily to investigate feasibility for 100% renewable content bio-based PET, and this is expected to create immense opportunities for the market participants. The Torray Industries and Coca-Cola Company has formed partnership with Anellotech and Virent to develop bio PTA. This is anticipated to drive bio-based PET market growth over the forecast period. The development is also anticipated to resolve the PET supply problem for many industries to meet the demand. Impulsive petrochemical prices and crude oil reserves depletion is projected to shift the synthetic PTA based companies towards bio-based PTA. Sustainable growth of packaging market is anticipated to have positive impact on bio-based PET market growth over the foreseeable future. 

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The European Commission and U.S. EPA are converging on diminishing conventional products and development of renewable sources such as bio plastics and bio diesels. Most of the countries in North America and Europe have framed regulatory protocols to minimize greenhouse gases emission, which led industries to shift towards unconventional sources. Stringent regulations are also expected to create favorable scenario for bio-based PET market in the region over the forecast period. Uncertain bio-based MEG supply due to increasing ethanol demand in food & beverage and bio-fuel industries is projected to hinder the bio-based PET market over the next eight years. Growing substitutes demand such as Polyethylene Furanoate (PEF) owing to high temperature sustainability and lower weight is expected to have negative effect on global bio-based PET market growth over the forecast period. 

Segmentation on the basis of application is majorly governed by carbonated soft drink (CSD) packaging. It covered about 75% market share in 2013. Increasing focus of major companies including Coca-Cola and PepsiCo towards sustainable packaging and increasing CSD demand in BRICS is anticipated to fuel the global bio-based PET market growth over the forecast period. Technical applications include bottles and exterior & interior parts of automobiles. Owing to lightweight characteristic, PET is used as interior as well as exterior components of automobiles which are expected to boost the bio-based PET application market growth over the foreseeable period. AT&T, Nissan and Toyota have announced to implement bio-based product in their vehicles which is anticipated to have positive impact on bio-based PET market. Other applications of the product include carrier bag and consumer goods packaging. 

Asia Pacific was the largest market in 2013 accounting for over 30% market share, and the same trend is expected over the next eight years on account of increasing consumption of alcoholic beverage and CSD particularly in emerging economies such as China and India. Australian government has formed APC department to impose sustainable packaging materials which is projected to drive the bio-based PET market growth. Japanese government has targeted to consume 20% bio-plastics by 2020 which is anticipated to have positive impact on global bio-based PET market. North American EPA and European Commission framed stringent regulations to limit the conventional resources usage which is expected to bolster the global bio-based PET market growth over the forecast period. 

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Major players in global bio-based PET market include Coca-Cola, Torray Industries, Toyota Tsusho, Teijin Limited and M&G Chemicals. Coco-cola has its branded PET bottles named as PLANTBOTTLE, while other participants use PLANT FIBER and GLOBIO. Participants are collaborating with other biotechnology companies to develop new bio-based sources which are anticipated to create immense opportunities to increase global market share. They are also merging with bio MEG manufacturing firms to maintain raw material supply for sustainable market growth.

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