Global Bio-based PET Market: Overview
Bio-based PET is essentially made up of monoethylene glycol (MEG) and terephthalic acid (PTA), and is bio-degradable. It is extensively used for the production of various packaging solutions, mainly in the food and beverages and automotive industries. It also has myriad applications in making bottles, packaged goods, automotive interiors, and construction materials. The emergence of bioplastics that are biodegradable in manufacturing packaging solutions has provided strong impetus to the evolution of the bio-based PET market. Increasing eco-friendly inclination toward the use of bio-friendly products amongst consumers across the globe and stringent environmental regulations promoting the use of eco-friendly products across industries have led to an intensive demand for bio-based PET materials.
The report on the global bio-based PET market provides an incisive analysis of the key drivers and inhibitors, recent technological advancements, product offerings of key market players, and regulatory landscape. Prepared with the help of insights from various industry experts and thought leaders, the report keeps a close tab on current and emerging trends, change in regulatory framework in major regions, and their impact on the competitive dynamics. The strategies adopted by players to diversify the products in order to consolidate their market positions are analyzed in the study. The insights are helpful in impactful strategy formulation.
Global Bio-based PET Market: Key Drivers, Trends, and Opportunities
The growth of the bio-based PET market is primarily driven by the increasing demand for its application in various packaging solutions in the food and beverages industry and stringent regulatory framework to reduce carbon emission in major regions. Coupled with this, the rise in government initiatives in different countries to promote the use of bio-based and biodegradable materials has spurred the demand for bio-based PET materials. Furthermore, the introduction of innovative manufacturing technologies and research in advanced chemicals and materials are expected to boost the market across major regions.
The increased inclination toward the adoption of green plastics is a key trend that is expected to fuel the growth of the market. Various beverage manufacturers venture into projects that focus on producing cost-competitive bio-based PET bottles to garner significant competitive benefits and attract a large number of consumers.
Global Bio-based PET Market: Regional Outlook
Europe and North America are the prominent markets for bio-based PET materials. Technological innovations combined with the rise in consumer inclination toward green packaging are anticipated to propel the market growth in North America. Owing to favorable government regulations and cost-effective manufacturing processes in Asia Pacific and South America, the regions are expected to showcase promising growth opportunities. The adoption of bio-based PET materials in packaging has created abundant growth opportunities for the market players here.
Global Bio-based PET Market: Competitive Landscape
The industry is expected to be intensively competitive in nature. Key market players are launching sustainable packaging solutions made from bio-based PET by using state-of-the art, fully recyclable technologies. Extensive efforts are being made by companies to invest in research activities that focus on the development of 100% bio-based PET made naturally-derived PTA and from bio-based MEG. Major players operating in the bio-based PET market include Coca Cola, PepsiCo, Inc., Danone, Gevo, Inc., Anellotech, Inc., and Draths Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.