Global Bio-Based Polyethylene Terephthalate Market is estimated to be valued at US$ 2456.00 Mn in 2021, according to the Global Bio-Based Polyethylene Terephthalate Market Report, by Application (Bottles, Bags, 3D Printing, Foils and Fibers, Carpets and Others), By End-use Industry (Packaging, Automotive, Textile and Others), and by Region (North America, Europe, Asia-pacific, Latin America, Middle East & Africa), published by Coherent Market Insights.
Global bio-based polyethylene terephthalate market was valued at US$ 2456.00 Mn in 2021. Bio-based polyethylene terephthalate market is expected to register a CAGR of 17.57 % over the forecast period (2022–2030), to reach US$ 10111.51 Mn by 2030.
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Key Trends and Analysis of the Global Bio-Based Polyethylene Terephthalate Market:
Based on application, bio-based polyethylene terephthalate market is segmented into bottles, bags, 3D printing, foils & fibers, carpets and others. Bottles accounted for the largest market share in 2021 and the same is expected to retain market dominance throughout the forecast period. Rising demand for beverages coupled with government participation for reduction of greenhouse emissions and stringent regulations are some of the major factors boosting the demand for Bio-Based PET market. For instance, post completion of the of the Lead Market Initiative, the European Commission established an Expert Group for Bio-based Products in 2013 in line with the commission’s Bioeconomy Strategy. The strategy majorly focused on shifting the European economy towards the usage of renewable resources and the development of bio-based product sector by increasing the conversion of waste streams into value-added products.
Key Takeaways of the Global Bio-Based Polyethylene Terephthalate Market:
Asia Pacific held a dominant position in the global bio-based polyethylene terephthalate market and is projected to exhibit a CAGR of 17.57 % during the forecast period. Steadily increasing consumption of alcoholic beverages and carbonated soft drinks in the region is also expected to boost the growth of the bio-based polyethylene terephthalate market in the region. According to the Economic and Social Commission for Asia and the Pacific (ESCAP), in 2020, North and Central Asia accounted for the highest volume of alcohol consumption which was close the total volume consumption of alcohol in Europe. Further, according to the Thailand Board of Investment, Thailand holds the major growth opportunity for bio plastic industry, as Thailand has a flourishing agricultural sector in products including cassava, rice and sugarcane. Thailand’s large agricultural base is projected to be used as a biomass feedstock for bio plastics. In addition, Thailand government along with the National Innovation Agency (NIA), worked on various supporting programs such as establishment of the Thai Bioplastics Industry Association (TBIA). TBIA was founded in 2007, which assists bio plastic firms to reach international standards by certification and laboratory testing. These are the factors propelling the market growth of bio-based PET in the region.
Europe was the second largest region in the global bio-based polyethylene terephthalate market in 2021 and is expected to retain its position during the forecast period. Growing environmental awareness is expected to propel the demand for bio-based PET over petroleum-based plastics in the region. Further, according to the European Biomass Industry Association (EUBIA), rising food and beverage industry in Germany, the U.K. and France is expected to boost the market for bio-based PET in those countries. According to Plastics Europe, bio-based plastics such as Bio-PET and bio-PE are majorly used in packaging. These are the factors, largely supporting the market growth of bio-based polyethylene terephthalate in Europe.