The increased use of bio-based polyethylene (PE) colourants and chemicals in pharmaceutical and medical applications will hasten market growth. Moreover, increased manufacturing of beauty products in developing countries is anticipated to be a significant driver during the forecast period. The employment of bio-based polyethylene (PE) in packaging applications such carry bags, plastic films, and bottles is expanding, which will further accelerate market growth. Furthermore, the high cost of digital technology and an increase in the sale of cosmetics and personal care products online will fuel demand for sustainable packaging options, leading to market value growth. The changing consumer lifestyle and the rising global awareness of sustainable packaging are expected to support the market's expansion. Governments from a number of countries are urging people to utilise sustainable packaging options that are more likely to be recycled as a result of growing environmental concerns and public knowledge of the harmful impacts of traditional plastic materials. Another element driving growth is the growing demand for carbon-free goods to reduce greenhouse gas (GHG) emissions and the depletion of fossil fuels.
According to Coherent Market Insights, In terms of revenue, the global Bio- based Polyethylene Terephthalate Market was estimated to be worth US$ 2456.00 Mn in 2021, exhibiting a CAGR of 17.57% over the forecast period (2022 to 2030).
Prominent Players in the Bio- based Polyethylene Terephthalate Industry:
1. Toray Industries Inc.
The company was founded in 1926 and has its headquarters in Chuo City, Tokyo, Japan. The company is an industrial product specialist with a focus on biochemistry, polymer chemistry, and synthetic organic chemistry technologies. Toray created eco-friendly PET film in December 2022 that offers superior application and adhesion for water-based and solvent-free coatings in printing, mould release, and adhesive processing. Toray Develops Skin-Friendly Persistently Hydrophilic Spunbond Nonwoven Fabric in Sep 2022
2. The Coca-Cola Company
The business was founded in 1892 and has its headquarters in Atlanta, Georgia, U.S. The business produces, sells, and markets alcoholic drinks along with other non-alcoholic beverage concentrates and syrups. The Coca-Cola Corporation announced plans to delay Coca-Cola Beverages Africa's listing as a publicly traded company in June 2022. Coca-Cola debuted its first limited-edition beverage, Coca-Cola Starlight, along with its new global innovation platform, Coca-Cola Creations, in February 2022.
3. Teijin Limited,
The business was founded in 1918 and is based in Chiyoda City, Tokyo, Japan. Teijin Limited provides solutions in the areas of demographic change and elevated health consciousness, safety, security, and environmental value. For smaller and more functional fuel cells, Teijin creates the industry's thinnest level gas-diffusion layer in March 2023. To strengthen its functional food ingredient business, Teijin launched the Teijin Meguro Institute in October 2022.
4. Toyota Tsusho Corporation,
The firm was founded in 1948 and is based in Nagoya, Aichi, Japan. The company sells energy, steel, industrial machinery, chemicals, trucks, cars, and trucks in both domestic and foreign markets. Toyota Tsusho stated in February 2023 that it would provide an optimised delivery planning service for last-mile deliveries, collaborating with WILLPORT and Pioneer to promote DX in logistics.
5. Gevo Inc.
The company was founded in 2005 and has its headquarters in Englewood, Colorado, United States. The business creates bio-based substitutes for petroleum-based goods by combining biotechnology and conventional chemistry. Gevo, Inc. is happy to announce that it has signed an asset acquisition agreement with Butamax Advanced Biofuels LLC ("Butamax") and its partner, Danisco US Inc., to purchase a number of patents in October 2021.
6. Virent Inc.
The company was established in 2002 and is based in Wisconsin, United States. As a provider of energy technology, Virent Energy Systems, Inc. enables the substitution of renewable energy sources for fossil fuels. Its BioForming platform technology uses fossil fuels to produce a variety of chemicals, fuel gases, and transportation fuels in a renewable manner.
7. Ford Motor Company
The company was founded in 1903 and has its headquarters in Dearborn, Michigan, United States. The Ford Motor Company creates, produces, and maintains automobiles and trucks. Through its subsidiary, the Business also offers financing, leasing, and insurance for vehicles.
*Definition: PETE, often known as polyethylene terephthalate, is a polyester-based plastic resin. Because to its great strength, adaptability, and recyclable nature, it is often utilised as a packaging material.
