BIO-BASED POLYETHYLENE TEREPHTHALATE MARKET ANALYSIS

Bio-based Polyethylene Terephthalate Market, By Application (Bottles, Foam, Pressure Sensitive Adhesive Tape, Substrate in Thin Film Solar Cells, Cosmetics, Others), By End-use Industry (Packaging, Automotive, Textile, Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

In September 2023, Toray Industries and Honda Motor Co. announced a collaboration to examine a chemical recycling technique for glass fiber-reinforced nylon 6. This new method utilizes subcritical water to depolymerize nylon 6, reverting it to caprolactam, a key raw material. Supported by Japan's Ministry of the Environment, this initiative aims to recycle plastics from vehicles, fostering a decarbonized circular economy, with expectations for the technology's applications to grow by 2027.
In August 2023, Mitsubishi Corporation, Suntory Holdings, and ENEOS unveiled an innovative project aimed at establishing a sustainable supply chain for PET bottles using biomass. This research focuses on converting bio-naphtha, derived from renewable sources like used cooking oil, into bio-paraxylene. The goal was to produce enough bio-PX by 2023 to manufacture approximately 35 million PET bottles, marking a significant advancement in reducing CO₂ emissions and decreasing dependence on fossil fuels for plastic production.