The bio based polyethylene terephthalate market size is anticipated to expand from $4099 million in 2016 to $24091 million by 2025, at a CAGR of 21.76% between 2017 and 2025. The base year considered for the bio PET market report is 2016 and the forecast period is from 2017 to 2025. Rising utilization of sustainable packaging, and instability in crude oil prices are the dominant drivers of the global bio PET market.
The biobased pet market is segmented by application on the basis of bottles, packaging, automotive, fibers and others. Irregular supply of feedstock, lack of cultivable land and easy availability of alternate products are restricting the growth of the market. Supportive government regulations, hazardous nature of conventional plastics, increasing production activity and rising government support in the Asia-pacific region are some of the factors that may open up new doors for the bio based pet market. Presence of alternative biopolymers and industrialization and urbanization leading to conversion of agricultural land into industrial area are the challenges faced by the bio based pet market.
The bio PET market in Asia-Pacific is expected to hold a colossal share by 2025. The major driving forces responsible for the proliferation such as raw material availability, strong economy, industrial growth and low cost of production. After China and India, the U.S. and Canada are anticipated to be the developing markets for the bio PET. The mentioned countries are estimated to adopt most of the technological developments, compared to other geographical regions.
Major players in the bio PET market are Braskem, Dak America, Indorama Ventures, M&G Chemicals, Novamont S.p.A, Teijin Limited, Tianjin Greenbio Materials, Toray Industries, Toyota Tsusho, BASF, Avantium Technologies, Gevo Inc, Du Pont, Plastipak Packaging Inc and Lotte Chemical.