December 27, 2019
— In 2017, the global bio-based polyethylene terephthalate (PET) market reached a value of $3,917.4 million and is expected to advance at a CAGR of 14.7% during the forecast period (2018–2023). The market is growing due to the rising demand for bioplastics, increasing environmental issues caused by synthetic PET products, and surging research & development (R&D) investments by major players in the packaging industry. A biomass-derived, fully biodegradable, compostable, renewable, and recyclable bioplastic material is called bio-based PET. The material is made of fossil-derived terephthalic acid (70%) and plant-derived ethylene glycol (30%).
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On the basis of application, the bio-based PET market is categorized into 3D printing, cosmetic containers, bottles, bags, and others (which include blister packs, sanitary products, foils, carpets, and trays). During the historical period (2013–2017), the market was dominated by the category of bottles, both in terms of volume and value, with more than 75.0% and 70.0% market shares respectively, in 2017. This was due to the increasing usage of bio-derived PET as a packaging material for bottles.
When industry is taken into consideration, the bio-based PET market is divided into textile, automotive, electronics, packaging, and others (which include horticulture and medical). Among these, the automotive industry is predicted to register the fastest growth, with 16.7% and 16.4% CAGRs, in terms of value and volume respectively, during the forecast period. This is because of the growing concerns regarding greenhouse gas (GHG) emissions and decomposability due to which the requirement for eco-friendly automotive products, such as dashboard components, seat covers, vehicle covers, and battery cases, is on the rise.
A major driving factor of the bio-based PET market is the growing environmental issues caused by synthetic PET products. PET, a high-performance plastic, is made from a synthetic material and is utilized extensively in the plastic industry for the packaging of films, bottles, fibers, and other goods. However, due to its poor degradability and sustainability, it adversely affects the environment when it is disposed. Because of this, the need for sustainable plastics, such as bio-based PET, which are eco-friendly and require 22% less fossil fuel than their counterparts, has increased.
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Another contributing factor to the bio-based PET market growth is the increasing demand for bioplastics. The material for bioplastics is derived from a plant source which can be broken down by microorganisms into biomass, water, and naturally occurring gases. Since bioplastics, such as bio-based PET, polybutylene succinate, polyolefin elastomer, and starch-based plastics, provide higher breathability, better renewability and composability, and longer shelf life, they are in high demand. Moreover, owing to these factors, manufacturers have also increased the production of bioplastics and have invested in the R&D of bio-based plastics.
A major opportunity has been opened up in the bio-based PET market due to the regulations imposed by various governments for reducing GHG emissions. France adopted Energy Transition for Green Growth Law in 2015 in order to diversify its energy supply by reducing the consumption of nuclear and fossil fuels and decreasing GHG emissions. Similarly, the adoption of Montreal Protocol by the U.S. and Canada and of Kyoto Protocol by Australia and Japan is further predicted to restrict the usage of products which contribute to GHG emissions.
Hence, the surging environmental issues caused by synthetic PET products and rising demand for bioplastics are leading to the growth of the market