Global bio-based PET plastic film and packaging market will reach $13.1 billion in 2023

The global bio-based PET market will have a production value of $13.1 billion in 2023. The importance of sustainable packaging, especially in China and India, has gradually highlighted or affected the growth of the bioPET market. Key players in the industry, Coca-Cola and Toray have established strategic partnerships with bio-based manufacturers such as Gevo and Virent to develop the PET market.

Nike, Coca-Cola, Heinz, Procter & Gamble and Ford Motor have joined forces to develop 100% bioPET for apparel, seat decoration, plastic bottles, floor carpets and footwear.

The bio-PET market in the Asia-Pacific region, led by China and India, accounted for more than 32.5% of total demand in 2015. The growing demand for carbonated beverages and alcoholic beverages in the Chinese and Indian markets has also driven the packaging market.

The Australian Government has established the Australian Packaging Convention (APC) to promote sustainable packaging, which may benefit the growth of the bio-based PET market. The Japanese government has set a target of 20% growth in bioplastics production in the plastics market by 2020, which will also help the growth of the bio-based PET market in the next few years.

BioPET is lighter than fossil fuel counterparts and can be used in automotive exterior and interior parts, AT&T, Nissan and Toyota Motor Corporation have announced plans to use bioplastics in their products, which may help PET in technical applications. Market growth.

Sugar cane is a key raw material for MEG manufacturing. Sugar cane is mainly used to make edible sugar and bioethanol, and may not reach the amount of raw materials used to produce MEG. This can hinder the supply of products and affect the price trend of the bioPET market.

PET for petrochemical derivatives is competing with bio-based products as crude oil prices fall. However, bio-based PET prices are expected to continue to compete with petrochemical derivatives in crude oil price adjustments and bio-based PET capacity expansion.