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Bio-based PET Market: By Application, By Raw Material Source, and Region Forecast 2019-2030
Bio-based PET Market: By Application, By Raw Material Source, and Region Forecast 2019-2030
Bio-Based PET Market size was US$ 516.6 Million in 2023 and is expected to reach US$ 896.9 Million in 2030 and multiply at a CAGR of 8.2% from 2024-2030. Bio-based polyethylene terephthalate (PET) consists of biodegradable components like monoethylene glycol (MEG) and terephthalic acid (PTA). It finds application in diverse products such as construction materials, automotive interiors, bottle manufacturing, and packaged goods. The advantages of bio-based PET include its non-toxic nature, recyclability, and reduced environmental impact. Major industries such as automotive, food, and beverage heavily rely on bio-based PET for various applications.
Increasing demand for packaging in the food and beverage sectors is driving growth in the market. Concerns over environmental degradation and stringent government regulations on environmental safety are additional factors fueling market expansion. Moreover, consumer preference for eco-friendly plastics is contributing positively to market prospects. Rising costs across various industries, particularly in food and beverage, along with stringent regulatory measures aimed at reducing carbon emissions, are expected to further propel the bio-based polyethylene terephthalate market. The global expansion of the market is expected to be hindered by the significant costs involved. Bio-based materials like biofuels and bioplastics are generally expensive, posing a major obstacle to market growth. The production of bioplastics from plant sources, for instance, represents a mere 2% of the world's total plastic production of 300 million tons, largely due to these high production costs.
Study Period
2024-2030Base Year
2023CAGR
8.2%Largest Market
North AmericaFastest Growing Market
Asia Pacific
The rising demand for environmentally friendly packaging is a significant catalyst for the bio-based polyethylene terephthalate (PET) market. As global awareness of the environmental impact of plastic waste grows among consumers and governments alike, there is increasing interest in sustainable and biodegradable packaging solutions. Bio-based PET is a type of plastic derived from renewable sources like sugarcane or corn starch, rather than petroleum. It possesses similar properties to traditional PET made from fossil fuels, making it appealing to manufacturers seeking to reduce their environmental footprint without compromising performance.
Adopting bio-based PET offers several environmental advantages, including lower greenhouse gas emissions and reduced dependence on finite fossil fuel resources. It also contributes to curbing plastic waste and supports a circular economy by promoting the use of renewable raw materials. The demand for bio-based PET is anticipated to continue expanding in the foreseeable future, driven by heightened environmental consciousness, regulatory initiatives, and consumer preferences for sustainable packaging alternatives. These factors have contributed to a notable compound annual growth rate (CAGR) for the market worldwide in recent years.
Asia-Pacific leads the bio-based polyethylene terephthalate (PET) market in terms of market share and revenue and is expected to maintain this dominance from 2024 to 2030. The region's growth is driven by increasing support from regulatory authorities aimed at lowering greenhouse gas emissions.
North America is projected to experience significant growth during the forecast period from 2024 to 2030. This growth is attributed to heightened efforts to reduce greenhouse gas emissions and promote the use of sustainable packaging within the region.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market CAGR |
8.2% |
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By Application |
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By Raw Material |
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By Region |
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The global bio based pet market size was US$ 516.6 Million in 2023 and is expected to reach US$ 896.9 Million in 2030 and growing at a CAGR of 8.2%.
Asia-Pacific accounts for the highest rate of growth in the market.
The major players in the market are Avery Dennison Corporation, Dupont, Dow Chemicals, 3M, H.B. Fuller Company, Sealed Air, SABIC, Arkema, LyondellBasell, Exxon Mobil Corporation, Mitsui Chemicals Inc., Braskem, TotalEnergies, Novamont S.p.A., SOLVAY, DAIKIN, Biome Bioplastics, and PTT Global Chemical Public Company Limited.
The key drivers for the market include rising environmental consciousness, regulatory initiatives promoting sustainability, and increasing consumer demand for eco-friendly packaging solutions, all of which encourage the adoption of renewable and biodegradable materials like bio-based PET.
The growth of the market is restrained primarily by high production costs compared to conventional PET, limited availability of feedstock, and challenges in achieving cost competitiveness with fossil fuel-derived PET, hindering widespread adoption across industries.
| 1.Executive Summary |
| 2.Global Bio-based PET Market Introduction |
| 2.1.Global Bio-based PET Market - Taxonomy |
| 2.2.Global Bio-based PET Market - Definitions |
| 2.2.1.Application |
| 2.2.2.Raw Material |
| 2.2.3.Region |
| 3.Global Bio-based PET Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Bio-based PET Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Bio-based PET Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Bottles |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Packaging |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Consumer Durables |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Furniture |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Films |
| 5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 5.6. Others |
| 5.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.6.3. Market Opportunity Analysis |
| 6.Global Bio-based PET Market By Raw Material, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Sugar |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Molasses |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Corn |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Others |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 7.Global Bio-based PET Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia Pacific (APAC) |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Middle East and Africa (MEA) |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Latin America |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.North America Bio-based PET Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Bottles |
| 8.1.2.Packaging |
| 8.1.3.Consumer Durables |
| 8.1.4.Furniture |
| 8.1.5.Films |
| 8.1.6.Others |
| 8.2. Raw Material Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Sugar |
| 8.2.2.Molasses |
| 8.2.3.Corn |
| 8.2.4.Others |
| 8.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1.United States of America (USA) |
| 8.3.2.Canada |
| 9.Europe Bio-based PET Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Bottles |
| 9.1.2.Packaging |
| 9.1.3.Consumer Durables |
| 9.1.4.Furniture |
| 9.1.5.Films |
| 9.1.6.Others |
| 9.2. Raw Material Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Sugar |
| 9.2.2.Molasses |
| 9.2.3.Corn |
| 9.2.4.Others |
| 9.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Germany |
| 9.3.2.France |
| 9.3.3.Italy |
| 9.3.4.United Kingdom (UK) |
| 9.3.5.Spain |
| 10.Asia Pacific (APAC) Bio-based PET Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Bottles |
| 10.1.2.Packaging |
| 10.1.3.Consumer Durables |
| 10.1.4.Furniture |
| 10.1.5.Films |
| 10.1.6.Others |
| 10.2. Raw Material Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Sugar |
| 10.2.2.Molasses |
| 10.2.3.Corn |
| 10.2.4.Others |
| 10.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.China |
| 10.3.2.India |
| 10.3.3.Australia and New Zealand (ANZ) |
| 10.3.4.Japan |
| 10.3.5.Rest of APAC |
| 11.Middle East and Africa (MEA) Bio-based PET Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Bottles |
| 11.1.2.Packaging |
| 11.1.3.Consumer Durables |
| 11.1.4.Furniture |
| 11.1.5.Films |
| 11.1.6.Others |
| 11.2. Raw Material Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Sugar |
| 11.2.2.Molasses |
| 11.2.3.Corn |
| 11.2.4.Others |
| 11.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.GCC Countries |
| 11.3.2.South Africa |
| 11.3.3.Rest of MEA |
| 12.Latin America Bio-based PET Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Bottles |
| 12.1.2.Packaging |
| 12.1.3.Consumer Durables |
| 12.1.4.Furniture |
| 12.1.5.Films |
| 12.1.6.Others |
| 12.2. Raw Material Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Sugar |
| 12.2.2.Molasses |
| 12.2.3.Corn |
| 12.2.4.Others |
| 12.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Brazil |
| 12.3.2.Mexico |
| 12.3.3.Rest of LA |
| 13. Competition Landscape |
| 13.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 13.2.1.Avery Dennison Corporation |
| 13.2.2.Dupont |
| 13.2.3.Dow Chemicals |
| 13.2.4.3M |
| 13.2.5.B. Fuller Company |
| 13.2.6.Sealed Air |
| 13.2.7.SABIC |
| 13.2.8.Arkema |
| 13.2.9.LyondellBasell |
| 13.2.10.Exxon Mobil Corporation |
| 13.2.11.Mitsui Chemicals Inc., |
| 13.2.12.Braskem |
| 13.2.13.TotalEnergies |
| 13.2.14.Novamont S.p.A. |
| 13.2.15.SOLVAY |
| 13.2.16.DAIKIN |
| 13.2.17.Biome Bioplastics |
| 13.2.18.PTT Global Chemical Public Company |
| 14. Research Methodology |
| 15. Appendix and Abbreviations |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.