Global Bio-based PET market is projected to reach $8,682.6 million by 2023. The market growth is mainly driven by growing demand for bioplastics, increasing research and development (R&D) activities by key players in the packaging industry, and rising environmental issues caused by synthetic PET products. Bio-based PET is widely used in packaging products, automobile parts, electronic devices, and fibers and coils.
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On the basis of application, the bio-based PET market is categorized into bottles, bags, 3D printing, cosmetic containers, and others. Other applications include trays, blister packs, carpets, sanitary products, and foils. In terms of volume, bottles are expected to be the fastest-growing application in the market, registering a CAGR of 13.7% during the forecast period.
Based on industry, the bio-based PET market is categorized into packaging, automotive, electronics, textile, and others. Other industries include medical and horticulture. The packaging industry contributed the largest share in the market during the historical period and is estimated to account for more than 75.0% share in terms of volume and more than 70.0% share in terms of value in the market in 2017.
APAC is expected to continue being the largest and fastest-growing bio-based PET market in the coming years. Increasing support from regulatory bodies to reduce greenhouse gas (GHG) emissions is one of the key factors driving the growth of the market in the region.
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Some of the major players operating in the bio-based PET market are The Coca-Cola Company, PepsiCo Inc., Toyota Tsusho Corporation, M&G Chemicals SA, Origin, Ford Motor Company, Braskem, and Teijin Limited.
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