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The market for Bio-PET is expected to witness a CAGR of over 11% during the forecast period. One of the major factors driving the market studied is the growing GHG (Greenhouse Gases) emission concerns. However, the development of PEF (Polyethylene Furanoate) is likely to restrain the market.
– Environmental factors that are encouraging a paradigm shift are also likely to boost the demand for Bio-PET, during the forecast period.
– Focus on renewable sources is likely to act as an opportunity for market growth in the future.
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– Asia-Pacific dominated the market across the world, closely followed by North America. Asia-Pacific is likely to witness the highest growth rate during the forecast period as well.
Key Market Trends
Bottles Application to Dominate the Market
– Bottles are the major application for PET, and bio-PET is expected to be used largely in manufacturing these bottles in the future.
– The demand for these bottles, especially from soft drink manufacturers, like Pepsi Co. and Coca-Cola, is expected to hugely boost the bio-PET market.
– These companies are actively spending huge resources in manufacturing bio-PET bottles and are doing their part, in order to protect the environment.
– Also, bio-PET (Polyethylene Terephthalate) is made of sustainable raw materials and is deemed to be less harmful than PET bottles made of raw materials derived from crude oil.
– Owing to the abovementioned reasons, the bottles application is likely to dominate the market.
Asia-Pacific to Dominate the Market
– Asia-Pacific region is home to half of the population in the world, and its consumption of PET bottles is high.
– This region is expected to play a prominent role in the growth, in the usage of bio-PET, as it massively helps for the wide-scale acceptance of bio-PET in multiple applications, like textile, packaging, etc.
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– The high cost of bio-PET is a deterrent for its wide acceptance in this region, due to the cost-conscious nature of the consumer.
– Major manufacturers are focusing on lowering the price of bio-PET, and the success in lowering the prices hugely affects the market shift toward bio-PET.
– China, owing to the steady growth of its FMCG and packaging industries, accounts for the highest share of the market in the Asia-Pacific region.
– Hence, owing to the aforementioned reasons, Asia-Pacific is likely to dominate the bio-PET market, during the forecast period.
The bio-PET market is partially consolidated. The majority of the market share is divided among a few players. Some of the key players in the bio-PET market include THE COCA-COLA COMPANY., Indorama Ventures Public Company Limited., Toyota Tsusho Corporation, TEIJIN LIMITED, and TORAY INDUSTRIES INC. among others.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Environmental Factors Encouraging a Paradigm Shift
4.1.2 Growing GHG (Greenhouse Gases) Emission Concerns
4.2.1 Development of PEF (Polyethylene Furanoate)
4.2.2 Low Melting Point Hinders Usage in Some Applications
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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