Global bioPET market estimated to reach US$1317.5 mln by 2019, at a CAGR of 23.5%

The global bio-polyethylene terephthalate market was valued at US$457.9 mln in 2014, and is projected to reach US$1317.5 mln by 2019, at a CAGR of 23.5% from 2014 to 2019, as per MicroMarket Monitor. Rise in demand of bio-polyethylene terephthalate from varied industry verticals and increasing initiatives undertaken by companies to expand its bio-based product portfolio are factors contributing to the growth of global bio-polyethylene terephthalate market. Bio-polyethylene terephthalate is a thermosetting resin, manufactured from bio-based ethylene glycol. It is primarily used to manufacture packaging products such as bottles, consumer goods, food packaging, and others. Due to its superior properties in comparison to the petroleum-based products, there is an increasing demand of such materials among end-user industries, such as remodeling/ construction, automobile, and consumer goods. The global bio-PET market is mainly segmented on the basis of application and geography. By geography, this market is classified into North America, Europe, Asia-Pacific, and rest of the world. North America dominates the global bio-polyethylene terephthalate market in terms of volume, by accounting for a share of 41.9% in 2014. The bottles application segment of this market accounted for a share of 95.2% in 2014. This growth is mainly attributed to the increasing demand for bottles among various industries, such as food & beverage, and medical among others. Key Players in the Global Bio-Polyethylene Terephthalate Market Include Indorama Ventures (Thailand), Toyota Tsusho Corporation (Japan), Teijin Limited (Japan), Gevo Inc. (U.S.), Toray Industries Inc. (Japan), Virent Inc. (U.S.), China Man-Made Fiber Corporation (China),The Coca- Cola Company (U.S.), Exxon Mobil Corporation (U.S.), Ineos (U.K.), Braskem S.A. (Brazil), and Arkema S.A. (France) among others. Diversified applications of bio-polyethylene terephthalate in varied industry verticals is the major reason influencing the overall demand of these products across the globe. However, bio-based extraction of bio-polyethylene terephthalate leads to acidification of ground water and soil, which in turn hampers the growth of the bio-PET market. The North American region has dominated the global bio-polyethylene terephthalate market, having accounted for a share of 41.9% in 2014. Stringent governmental regulations favoring the use of bio-polyethylene terephthalate has significantly contributed to the rising demand of bio-polyethylene terephthalate in this region.