The market for bio-based polyester refers to the production and consumption of a type of polyester made from renewable or biodegradable materials, such as plant-based feedstocks. This type of polyester is thought to be more environmentally friendly and sustainable than traditional polyester, which is derived from fossil fuels. The market for bio-based polyester is expected to grow significantly in the coming years, driven by rising consumer demand for sustainable products and growing awareness of traditional plastics’ environmental impact. Textiles, packaging, and automotive parts are among the many applications for bio-based polyester.
Government regulations and initiatives that encourage the use of renewable and sustainable materials, as well as advancements in manufacturing technology that have made bio-based polyester more cost-competitive with traditional polyester, are some of the key drivers of growth in the bio-based polyester market. A number of trends are also shaping the market for bio-based polyester, such as the circular economy, which emphasises the importance of reducing waste and promoting material reuse and recycling. As a result, manufacturers are focusing more on developing bio-based polyester products that are fully biodegradable or easily recyclable.
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Key Takeaways from Bio-based Polyester Market Study
- By product type, bio-based polyethylene terephthalate is projected to provide an absolute $ opportunity of US$ 4.67 billion over the forecast period (2022-2032).
- Bio-based polylactic acid is anticipated to account for 18.1% market share by 2032.
- By nature, utilization in aromatic polyester production is anticipated to reach US$ 6.54 billion in market value by 2032.
- North America is projected to capture around 29% of the global bio-based polyester market share by 2032.
- Europe is expected to provide an absolute dollar opportunity worth US$ 2.77 billion by 2032-end.
Competitive Landscape
The focus of major companies should be on resource and cost optimization, which will reduce incidental costs and increase the firm’s total profitability. Leading producers of bio-based polyesters should collaborate with end users, including medical and packaging companies, to increase their volume sales.
Fact.MR has provided detailed information about the price points of key manufacturers of bio-based polyesters positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Key players in the Bio-based Polyester Market
- BASF
- Biomer
- Corbion
- Dupont
- Gevo
- Mitsui
- NatureWorks
- Novamont
- Novomer
- Perstorp
Regional Analysis For Bio-based Polyester Market
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
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Overall, the bio-based polyester market offers significant opportunities for growth and innovation in the coming years, as consumers and businesses alike seek more sustainable and eco-friendly alternatives to traditional plastics.
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