The global bio-based polyester market has reached US$ 2.1 billion in 2022 and is predicted to balloon at a stupendous CAGR of 16% to reach a market valuation of US$ 9.6 billion by the end of 2032. The bio-based polyester market is a growing sector within the broader bio-based chemicals industry. Bio-based polyesters are polymers that are made from renewable resources such as corn, sugarcane, and other biomass feedstocks. They are used in a variety of applications, including textiles, packaging, automotive parts, and building materials
One of the main drivers of the bio-based polyester market is the increasing demand for sustainable and environmentally-friendly products. Bio-based polyesters are seen as a more sustainable alternative to traditional petroleum-based plastics, which are derived from non-renewable resources and can take hundreds of years to decompose.The bio-based polyester market is also benefiting from technological advancements and innovations in the production process. This has led to increased efficiency and cost-effectiveness, making bio-based polyesters more competitive with traditional petroleum-based plastics
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Key Takeaways from Bio-based Polyester Market Study
- Over the projection period (2022-2032), bio-based polyethylene terephthalate is expected to offer an absolute $ potential of $4.67 billion.
- By 2032, it is expected that bio-based polylactic acid would hold an 18.1% market share.
- By its own nature, market value for utilisation in the manufacturing of aromatic polyester is predicted to reach US$6.54 billion by 2032.
- By 2032, it is anticipated that North America would hold around 29% of the worldwide market for bio-based polyester.
- By the end of 2032, Europe is predicted to offer a total monetary opportunity worth US$ 2.77 billion.
Major corporations should put a strong emphasis on resource and cost optimisation, which will lower incidental expenses and raise overall firm profitability. To enhance their volume sales, top bio-based polyester manufacturers should work with end users including medical and packaging businesses.
In the recently released analysis, Fact.MR has provided comprehensive details on the pricing points of major producers of bio-based polyesters positioned across geographies, sales growth, manufacturing capacity, and hypothetical technical progress.
Key players in the Bio-based Polyester Market
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Regional Analysis For Bio-based Polyester Market
North America is one of the largest markets for bio-based polyesters, with the United States being the largest contributor to the region’s growth. The market in North America is driven by the demand for sustainable products, as well as government regulations aimed at reducing carbon emissions and promoting renewable energy sources. Companies such as DuPont Tate & Lyle Bio Products and Archer Daniels Midland Company are leading players in the North American market.
Europe is another significant market for bio-based polyesters, driven by similar factors as North America. The European market is characterized by strong government support for renewable energy and sustainable products, as well as a strong focus on reducing carbon emissions. Key players in the European market include Teijin Frontier Co. Ltd., Toray Industries Inc., and Indorama Ventures Public Company Limited.
Asia Pacific is also a growing market for bio-based polyesters, driven by increasing demand for sustainable products and government initiatives promoting renewable energy sources. Countries such as China, Japan, and India are significant contributors to the growth of the market in the region. Leading players in the Asia Pacific market include Teijin Frontier Co. Ltd., Toray Industries Inc., and Indorama Ventures Public Company Limited.
Latin America and the Middle East & Africa are relatively smaller markets for bio-based polyesters, but are expected to grow in the coming years. The market in these regions is driven by increasing awareness of sustainable products and the adoption of government initiatives promoting renewable energy sources. Leading players in these regions include Braskem S.A. and NatureWorks LLC
Key Questions Covered in the Bio-based Polyester Market
- What is the current market size of the bio-based polyester market, and how is it expected to grow in the coming years?
- What are the main drivers of growth in the bio-based polyester market, and what factors may hinder its growth?
- What are the key applications of bio-based polyester, and which applications are expected to see the most growth in the coming years?
- What are the different types of bio-based polyester available, and how do they compare in terms of performance, cost, and sustainability?