According to the latest research report from Global Market Analysis, the market size of bio based PET was 496000 tons in 2015. The global greenhouse gas emissions and the emergence of bioplastics in the packaging and automotive industries, which have attracted attention, may stimulate the market size of bio based PET.

The global market size and output value of bio based PET are expected to reach 13.1 billion US dollars by 2023. The importance of sustainable packaging, especially in China and India, is gradually becoming prominent, which may affect the growth of the biopET market size. Key players in the industry, Coca Cola and Dongli, have established strategic partnerships with bio based manufacturers such as Gevo and Virent to develop the PET market. Coca Cola, Heinz, Nike, Procter&Gamble, and Ford have partnered with technology cooperation factories (PTC) to accelerate the production of 100% bio PET for clothing, seat decorations, plastic bottles, floor carpets, and footwear products.

The biopET market in the Asia Pacific region, led by China and India, accounted for over 32.5% of the overall demand in 2015. The growth in demand for carbonated 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 be beneficial for the growth of the bio based PET market. The Japanese government has set a target of increasing the production of bioplastics in the plastic market by 20% by 2020, which will also contribute to the growth of the bio based PET market in the coming years.

 

Compared to its counterparts in fossil fuels, bioplastics are lighter in weight and can be used for external and internal parts of automobiles, AT&T. Nissan and Toyota have announced plans to use bioplastics in their products, which may contribute to the growth of the PET market in the technology application field.

Sugar cane is a key raw material used in MEG manufacturing. Sugarcane is mainly used to produce edible sugar and bioethanol, and may not meet the raw material requirements for producing MEG. This will hinder the supply of products and affect the price trend of the biopET market.

The PET of petrochemical derivatives is fiercely competing with bio based products as crude oil prices fall. However, the price of bio based PET is expected to continue to compete with petrochemical derivatives in crude oil price adjustments and expansion of bio based PET production capacity.