Bio-Based Polyethylene Terephthalate Market Size Worth $3,128.0 Million By 2032 | CAGR: 12.7%: – Witness the Evolving Trends with ChemView Consulting’s Report

Bio-Based Polyethylene Terephthalate Market Overview

According to a recent survey conducted by ChemView Consulting, in 2022, the Global Bio-Based Polyethylene Terephthalate Market was worth US$ 946.3 Mn and is expected to grow at a CAGR of  12.7% over the forecast period. The market is expected to hit US$ 3,128.0 Mn by 2032 end.

The rising use of eco-friendly products worldwide, strict environmental regulations supporting the use of bio-friendly products in businesses, and strategic alliances and collaborations to meet the demand have led to a growth in demand for polyethylene terephthalate materials made from bio-based components.

Furthermore, the hazardous impact of plastic on the environment, combined with stringent regulations prohibiting single-use plastic, is expected to drive demand for bio-based PET. The fluctuating price of crude oil is another important factor supporting the rising demand for bio-based PET. Plant sources such as sugar cane and corn, which are readily available, are expected to benefit the bio-based plastics sector.

In addition, technological advancements in PET, reduction in rigid packaging waste, and production of 100% bio-based PET bottles are some of the key trends expected to positively influence market growth over the forecast period.

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Market Segments Covered in Report

By End User:

  • Packaging
  • Consumer Goods
  • Automotive
  • Semiconductor Electronics

By Application:

  • Bottles
  • Foam
  • Pressure-sensitive Adhesive Tape
  • The substrate in thin-film solar cells
  • Cosmetics

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Market Dynamics

  • The need for Bio-Based Polyethylene Terephthalate is expected to increase due to stringent laws intended to reduce carbon emissions and demand from several industries, including the food and beverage sector.
  • Bio-Based Polyethylene Terephthalate materials have increased due to the government’s initiatives to promote biodegradable products. The market for Bio-Based Polyethylene Terephthalate is expected to grow as a result of shifting attention to the use of green polymers, as well as developments in science and technology.
  • The unpredictability around their availability adds to the overall cost of the raw resources. The bio-Based Polyethylene Terephthalate (PET) market will encounter challenges since shifting raw material prices impact the final product’s overall cost structure. As a result, the price of raw materials limits the market’s expansion rate. Additionally, due to its stretchy strength and lightweight properties, polyethylene

Report Key Highlights and Coverage

  • Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
  • Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
  • The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
  • Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
  • Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
  • Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
  • Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
  • Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
  • Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
  • Strategic market analysis, recommendations, and future headways on crucial winning strategies.

Key Market Takeaways

  • The bottles sector led the market for bio-based polyethylene terephthalate in 2021, and this trend is anticipated to continue during the projected period. The market is expanding due to the rising beverage consumption in emerging markets.
  • The demand for PET bottles made from bio-based materials is driven by the growing trend for eco-friendly packaging materials to minimize carbon emissions. Regular plastic poses a serious threat to the environment since it does not degrade, contaminating the air, water, and land.
  • The Asia-Pacific region is expected to maintain its market leadership in bio-based PET during the forecasted period. It is also expected to increase at the fastest rate during the forecast period. Key companies in China and India expanding their bio-derived PET production capacity are a significant factor driving market expansion. Additionally, the area’s high consumption of alcoholic beverages and carbonated soft drinks fuels the industry.

Competition Analysis

The existence of numerous manufacturing firms has led to the moderately fragmented nature of the global Bio-Based Polyethylene Terephthalate market. Market leaders maintain their dominance by investing in R&D, incorporating cutting-edge technology into their products, and providing improved products for customers. Other strategies are used, such as strategic alliances, contracts, mergers, and partnerships.

Some of the key market players profiled in the report includes Torey Industries, PlastiPak Holdings, Origin Materials, Metabolix, Braskem, Virent Inc, Avantium, CocaCola, PepsiCo, Anellotech, and Draths Corporation.

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About ChemView Consulting

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