According to the latest research report by Global Market Analysis, the bio-based PET market size was 496,000 tons in 2015. The attention of global greenhouse gas emissions and the emergence of bioplastics in the packaging and automotive industries may stimulate the bio-based PET market size.

The output value of the global bio-based PET market may reach USD 13.1 billion by 2023. The importance of sustainable packaging, especially in China and India, is gradually increasing, or it may affect the growth of the bioPET market. Key players in the industry, Coca-Cola and Toray have established strategic partnerships with bio-based manufacturers such as Gevo and Virent in order to develop the PET market.

Coca-Cola, Heinz, Nike, Procter & Gamble and Ford Motors have joined forces with the Technical Cooperation Plant (PTC) to accelerate the production of 100% bio-PET for apparel, seat decoration, plastic bottles, floor carpets and footwear.

The bio-PET market in the Asia-Pacific region, led by China and India, accounted for more than 32.5% of total demand in 2015. The growing demand for carbonated beverages and alcoholic beverages in the Chinese and Indian markets has also driven the packaging market.

The Australian government has set up the Australian Packaging Convention (APC) to promote sustainable packaging, which may benefit the growth of the bio-based PET market. The Japanese government has set a goal of 20% growth in bioplastic output in the plastic market by 2020, which will also help the growth of the bio-based PET market in the next few years.

BioPET is lighter than its fossil fuel counterparts and can be used in automotive exterior and interior parts. AT & T, Nissan and Toyota Motor Corporation have announced plans to use bioplastics in their products, which may help the PET market grow in technology applications.

Sugarcane is a key raw material used in the manufacture of MEG. Sugarcane is mainly used to make edible sugar and bioethanol, and may not reach the amount of raw materials used to produce MEG. This will hinder the supply of products and affect price trends in the bioPET market.

With the decline in crude oil prices, petrochemical derivatives are competing fiercely with bio-based products. However, bio-based PET prices are expected to continue to compete with petrochemical derivatives in crude oil price adjustments and bio-based PET capacity expansion.