- Bottles
- Packaging
- Consumer Durables
- Furniture
- Films
- Others
Bio-Based PET Market size was USD 516.6 Million in 2023 and is expected to reach USD 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 bio-based PET 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 bio-based PET 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.
Bio-Based PET Market Key Developments:
- In September 2021, Braskem inked, an MoU with SCG Chemicals for the joint investment in a new bio-ethanol dehydration facility in Thailand to produce green bio-based polyethylene and bio-ethylene.
- In May 2021, Nestle, Toyota Tsusho Corp., and Mitsui Chemicals, Inc. joined forces to boost the industrial-scale production of renewable chemicals and plastics, including polyethylene, from 100% bio-based hydrocarbons.
Bio-based PET Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
8.2%
Largest Market
North America
Fastest Growing Market
Asia Pacific
Bio-based PET Market Dynamics
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 bio-based PET market worldwide in recent years.
Asia-Pacific Got Significant Share
Bio-based PET Market Regional Analysis
Based on regions the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. 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 2022 to 2029. The region's growth is driven by increasing support from regulatory authorities aimed at lowering greenhouse gas emissions. Conversely, North America is projected to experience significant growth during the forecast period from 2022 to 2029. 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
Bio-based PET Market Segmentation
By Application
By Raw Material
- Sugar
- Molasses
- Corn
- Others
Geography
- North America
- Europe
- The Asia Pacific
- Latin America
- MEA
Frequently Asked Questions
The global bio-based PET market size was USD 516.6 Million in 2023 and is expected to reach USD 896.9 Million in 2030 and multiply at a CAGR of 8.2% during the forecast period.
Asia-Pacific accounts for the highest rate of growth in the bio-based PET market.
The major players in the bio-based PET 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 bio-based PET 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 global bio-based PET 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.
Key Features of the Report
- The bio-based pet market report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030).
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies.
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market.
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenarios.
| 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 |
- Avery Dennison Corporation
- Dupont
- Dow Chemicals
- 3M
- B. Fuller Company
- Sealed Air
- SABIC
- Arkema
- LyondellBasell
- Exxon Mobil Corporation
- Mitsui Chemicals Inc.,
- Braskem
- TotalEnergies
- Novamont S.p.A.
- SOLVAY
- DAIKIN
- Biome Bioplastics
- PTT Global Chemical Public Company