Bio-Based Polyethylene Terephthalate (PET) Market Size, Share, Industry Analysis, Forecasts, 2032

Bio-Based Polyethylene Terephthalate (PET) Industry Prospective:

The global bio-based polyethylene terephthalate (PET) market size was evaluated at $4.52 billion in 2023 and is slated to hit $11.27 billion by the end of 2032 with a CAGR of nearly 10.68% between 2024 and 2032. 

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Bio-Based Polyethylene Terephthalate (PET) Market: Overview

Bio-based polyethylene terephthalate (PET) is made up of bio-degradable substances such as terephthalic acid and monoethylene glycol. In addition to this, the product finds a slew of applications in packaged items, construction materials, automotive interiors, and manufacturing bottles. The product offers various benefits such as recycling, non-toxicity, and reduced carbon footprints. Apart from this, food & beverages and automotive sectors make humungous use of the product.

Key Insights

• As per the analysis shared by our research analyst, the global bio-based polyethylene terephthalate (PET) market is projected to expand annually at the annual growth rate of around 10.68% over the forecast timespan (2024-2032)
• In terms of revenue, the global bio-based polyethylene terephthalate (PET) market size was evaluated at nearly $4.52 billion in 2023 and is expected to reach $11.27 billion by 2032.
• The global bio-based polyethylene terephthalate (PET) market is anticipated to grow rapidly over the forecast timeline owing to the large-scale use of the product for packaging foods & beverages.
• In terms of application, the food & beverages segment is slated to register the highest CAGR over the forecast period.
• Based on end-users, the packaging segment is predicted to contribute majorly towards the global industry share in the upcoming years.
• Region-wise, the North American bio-based polyethylene terephthalate (PET) industry is projected to register the fastest CAGR during the projected timespan.

Request Free SampleBio-Based Polyethylene Terephthalate (PET) Market: Growth Factors

Escalating product penetration in food & beverage packaging material will steer the growth of the market globally

Large-scale use of the product for packaging foods & beverages will steer the expansion of the global bio-based polyethylene terephthalate (PET) market. Growing concerns about environmental degradation and the strict execution of environmental safety laws by various governments will push the expansion of the market globally. A large-scale preference for environment-friendly plastics is anticipated to embellish the expansion of the market globally.

Bio-Based Polyethylene Terephthalate (PET) Market: Restraints

Low melting point of products can restraint the product demand in various end-use sectors

Low melting point of bio-based polyethylene terephthalate (PET) can restrict the expansion of the global bio-based polyethylene terephthalate (PET) industry.

Bio-Based Polyethylene Terephthalate (PET) Market: Opportunities

Escalating awareness about GHG emissions in environment can create a profitable roadmap for the global market

Rising concerns about greenhouse effects can shape the growth of the global bio-based polyethylene terephthalate (PET) market. Massive focus of firms on using renewable and sustainable energy sources will open pandora to growth opportunities for the global market.

Bio-Based Polyethylene Terephthalate (PET) Market: Challenges

Escalating raw component costs can challenge the growth of the global industry over forecast period

Surging costs of raw materials used for manufacturing the product and supply chain oscillations can pose a big challenge to the expansion of the bio-based polyethylene terephthalate (PET) industry across the globe.

Bio-Based Polyethylene Terephthalate (PET) Market: Segmentation

The global bio-based polyethylene terephthalate (PET) market is divided into application, end-user, and region.                                         

In application terms, the bio-based polyethylene terephthalate (PET) market across the globe is bifurcated into food & beverages, consumer goods, and sheet & films segments. Additionally, the food & beverages segment, which acquired nearly 53% of the global market earnings in 2023, is predicted to record the fastest annual rate of growth in the forecast timespan. The expansion of the segment in the next eight years can be due to the increasing usage of products in carbonated soft drinks. For instance, the product is in huge demand by PepsiCo and The Coca-Cola Company.

Based on the end-user, the global bio-based polyethylene terephthalate (PET) industry is divided into packaging, automotive, and electrical & electronics segments. Moreover, the packaging segment, which accumulated about 47% of the global industry earnings in 2023, is expected to make sizable contributions towards the global industry share over the analysis timeline. The growth of the segment in the upcoming years can be attributed to a rise in product use in water packaging, fruit juice packaging, and food container packaging material. Additionally, the growing need for the packaging of beer containers and sweet beverages will further bolster the growth of the segment in the years ahead.

Bio-Based Polyethylene Terephthalate (PET) Market: Report Scope

Bio-Based Polyethylene Terephthalate (PET) Market: Regional Insights

Europe is expected to maintain its leading position in the global market within the next few years

Europe, which accounted for nearly two-thirds of the global bio-based polyethylene terephthalate (PET) market earnings in 2023, is expected to establish dominance in the global market in the years ahead. Additionally, the regional market expansion in the next couple of years can be attributed to a rise in customer awareness about product sustainability. Apart from this, the presence of well-established recycling infrastructure in countries such as France, the UK, and Germany will prompt the growth of the market in Europe.

North American bio-based polyethylene terephthalate (PET) industry is anticipated to register the fastest growth rate in the forecast timespan. The rapid progression of the industry in the sub-continent in the assessment period can be a result of the escalating popularity of sustainable packaging services in North America along with the presence of key manufacturers in countries such as the U.S. and Canada. Moreover, the huge acceptance of environment-friendly packaging in the food & beverages segment will further spearhead the industry trends in North America.

Key Developments

• In August 2023, Neste joined hands with Suntory, Mitsubishi Corporation, and ENEOS to facilitate the manufacture of PET resin with renewable Nestle RETM on a commercial basis. Such a strategic move is anticipated to embellish the growth of the global bio-based PET business globally.

 Bio-Based Polyethylene Terephthalate (PET) Market: Competitive Space

The global bio-based polyethylene terephthalate (PET) market profiles key players such as:

• Amyris
• Toyota Tsusho Corporation
• Novamont S.p.A
• Anellotech Inc.
• M&G Chemicals
• Biome Bioplastics
• Teijin Limited
• Braskem
• DAIKIN
• PTT Global Chemical Public Company Limited
• Gevo Inc.
• Indorama Ventures Public Company Limited
• Kuraray Co. Ltd.
• NatureWorks LLC
• Plastipak Holdings Inc.
• Solvay
• Toray Industries Inc.
• Total Energies

The global bio-based polyethylene terephthalate (PET) market is segmented as follows:

By Application

• Food & Beverages
• Consumer Goods
• Sheet & Films

By End-User

• Packaging
• Automotive
• Electrical & Electronics

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa