Global Bio-based Polyethylene Terephthalate Market Size To Exceed USD 8.37 Billion By 2033: Forecast Analysis Report

Global Bio-based Polyethylene Terephthalate Market Size To Exceed USD 8.37 Billion By 2033 

According to a research report published by Spherical Insights & Consulting, The Global Bio-based Polyethylene Terephthalate Market Size is Expected to Grow from USD 2.47 Billion in 2023 to USD 8.37 Billion by 2033, at a CAGR of 9.82% during the forecast period 2023-2033.                          

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on The Global Bio-based Polyethylene Terephthalate Market Size, Share, and COVID-19 Impact Analysis, By Raw Material Source (Sugar, Molasses, and Corn), By Application (Bottles, Consumer Goods, Automotive, Electronics, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.                                                  

The bio-based polyethylene terephthalate (Bio-PET) market refers to the global industry focused on the production and use of Polyethylene terephthalate made partially or entirely from renewable, plant-based resources instead of petroleum. Bio-PET offers the same performance characteristics as conventional PET and is widely used in packaging, bottles, textiles, and automotive applications. Moreover, the Bio-based Polyethylene Terephthalate (Bio-PET) market is driven by rising environmental awareness, growing demand for sustainable packaging, and increasing government regulations promoting bio-based materials. Consumer preference for eco-friendly products and advancements in renewable feedstock technologies also contribute to market growth, especially in industries like beverages, textiles, and consumer goods. However, the bio-based polyethylene terephthalate (Bio-PET) market faces restraints such as higher production costs compared to conventional PET, limited availability of renewable feedstocks, and challenges in scaling up production processes for widespread adoption.

The sugar segment accounted for the largest share of the global bio-based polyethylene terephthalate market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on raw material source, the global bio-based polyethylene terephthalate market is divided into sugar, molasses, and corn. Among these, the sugar segment accounted for the largest share of the global bio-based polyethylene terephthalate market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This is due to its high fermentable sugar content, cost-effectiveness, and widespread availability. It is widely used in producing bio-based MEG, a key PET component, with strong adoption by major beverage and packaging companies driving market dominance.  

The bottles segment accounted for a substantial share of the global bio-based polyethylene terephthalate market in 2023 and is anticipated to grow at a rapid pace during the projected period.

On the basis of the application, the global bio-based polyethylene terephthalate market is divided into bottles, consumer goods, automotive, electronics, and others. Among these, the bottles segment accounted for a substantial share of the global bio-based polyethylene terephthalate market in 2023 and is anticipated to grow rapidly during the projected period. This is driven by rising demand for sustainable packaging, especially in the beverage industry, companies like Coca-Cola have adopted Bio-PET bottles. Their wide usage, recyclability, and alignment with environmental goals contribute to their dominance in the market.  

North America is projected to hold the largest share of the global bio-based polyethylene terephthalate market over the projected period. 

North America is projected to hold the largest share of the global bio-based polyethylene terephthalate market over the projected period.  This is due to high demand from the beverage and packaging industries, particularly in China, India, and Japan. Abundant raw materials like sugarcane, supportive government policies, and growing environmental awareness further boost the region’s dominance in sustainable plastic adoption.

Europe is expected to grow at the fastest CAGR of the global bio-based polyethylene terephthalate market during the projected period.  This is because strong environmental regulations, emphasis on circular economy practices, and rising consumer demand for eco-friendly packaging drive growth. Countries like Germany, France, and the Netherlands lead adoption, supported by robust recycling infrastructure and investments in bio-based material innovations.

Company Profiling

Major vendors in the global bio-based polyethylene terephthalate market are Toyota Tsusho Corporation, Avantium N.V., Gevo, Inc., Anellotech, Inc., VIRENT, INC., The Coca-Cola Company, PepsiCo, Plastipak Holdings, Inc., Indorama Ventures Public Company Limited, TEIJIN LIMITED, Mitsubishi Chemical Group Corporation, Danone India, MG Chemicals, TORAY INDUSTRIES, INC.s, and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In August 2024, Mitsubishi Corporation, along with Suntory Holdings and ENEOS, announced a pioneering move to develop a sustainable supply chain for PET bottles based on biomass. The project was expected to use bio-paraxylene produced from bio-naphtha, which is derived from renewable sources like used cooking oil. By the end of 2023, they hope to generate sufficient bio-PX for about 35 million PET bottles, a key milestone in decreasing CO2 emissions as well as dependence on fossil fuels in the manufacturing of plastics.  

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global bio-based polyethylene terephthalate market based on the below-mentioned segments:

Global Bio-based Polyethylene Terephthalate Market, By Raw Material Source

• Sugar
• Molasses
• Corn

Global Bio-based Polyethylene Terephthalate Market, By Application

• Bottles
• Consumer Goods
• Automotive
• Electronics
• Others

Global Bio-based Polyethylene Terephthalate Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa