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Bio-based Polyester Market

Bio-based Polyester Market

Bio-based Polyester Market Analysis, By Source (Starch, Cellulose, Glucose, Sucrose, Fatty Acids), By Nature (Aliphatic, Aromatic), By Product Type (Bio-based Polyethylene Terephthalate, Polylactic Acid, Polytrimethylene Terephthalate), By End-use - Global Market Insights 2022 to 2032

Bio-based Polyester Market
FACT5384MR

Bio-Based Polyester Market Outlook (2022-2032)

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.

Bio-based polyesters are one of the important categories of bioplastics generated from renewable resources such as organic fats and oils rather than from traditional fossil resources such as crude oil and natural gas.

One of the many uses of bio-based polyesters is the feedstock for the injection moulding of single-use goods such as food and drink containers. In packaging, bio-based polyesters are used as standard packing material.

In the agricultural industry, bio-based polyesters are used for soil retention sheathing. Bio-based polyesters are used in the healthcare and pharmaceutical sectors, including in tissue engineering, surgical sutures, implants, and drug delivery systems.

Report Attributes

Details

Bio-based Polyester Market Size (2021A)

US$ 1.9 Billion

Estimated Market Value (2022E)

US$ 2.1 Billion

Forecasted Market Value (2032F)

US$ 9.6 Billion

Global Market Growth Rate (2022-2032)

16% CAGR

North America Market Share (2021)

~ 26.4%

North America Market Growth Rate (2022-2032)

~ 17.3% CAGR

U.S. Market Growth Rate (2022-2032)

~ 17.6% CAGR

Market Share of Top 5 Companies

~80%

Key Companies Profiled

  • BASF
  • Biomer
  • Corbion
  • Dupont
  • Gevo
  • Mitsui
  • NatureWorks
  • Novamont
  • Novomer
  • Perstorp
  • Solvay
  • Teijin Ltd.
  • Toray Industries Inc.

Interested to Procure The Data

Sales Analysis of Bio-based Polyesters (2017-2021) Vs. Market Outlook (2022-2032)

The usage of bio-based polyesters in various end-use industries is expanding as the technology is developing all the time. Manufacturers are interested in investing in the research and development of bio-based polyesters to boost the downstream usability of these materials in sectors such as healthcare, agriculture, packaging, and others.

Leading industry players, including Total Energies Corbion, Gevo Inc., NatureWorks, and Novomer, have declared plans to expand their production capabilities over the decade. This is because there are more opportunities for bio-based polyester manufacturers in the industry.

Practically, for every traditional synthetic polyester material and application, there is a bio-based alternative in the market that has the same features and perhaps even more benefits. Reduced dependency on fossil fuel resources, smaller carbon impact, and quicker decomposition are some of the benefits of bio-based polyesters.

  • Short Term (2022 Q2 to 2025): Market anticipated to witness shallow demand due to high production costs and relatively high selling costs compared to petroleum-based polyesters. Downstream manufacturers may still prefer using petroleum-based polyesters.
  • Medium Term (2025-2028): To bridge the supply chain gap present across different countries, market players are focusing on increasing their production capacity.
  • Long Term (2028-2032): Leading manufacturers in the bio-based polyester market are focusing on building a new ecosystem inside their plants to develop novel products and advance technology for creating high-quality bio-based polyesters, which will increase the demand for bio-based polyesters over the long term.

Global demand for bio-based polyesters increased at a CAGR of 8% between 2017 and 2021, according to Fact.MR, a market research and competitive intelligence provider. Forecasts suggest that the market will exhibit even higher growth at 16% CAGR over the next ten years (2022-2032.

Bio-based polyester market forecast by Fact.MR

Market share analysis of bio-based polyesters based on source and region is provided in the above image. Under the product type segment, PET currently dominates with 44.5% market share.

Why is the Popularity of Bio-based Polyesters Rising at a Rapid Pace?

“Promising Advantages of BB Polyesters over Conventional Polyesters”

Bio-based polyesters have many advantages over conventional petroleum-based polyesters. Petroleum polyesters are made up of fossils, which are not a renewable source of energy. Thus, they have many negative impacts on the environment.

Bio-based polyesters, on the other hand, have a plus point over fossil-based polyesters in terms of environmental factors. Production of bio-based polyesters is considered to be environment-friendly. Bio-based products are more sustainable than fossil products.

“High R&D to Widen Application Areas of BB Polyesters”

Bio-based polyesters have a wide range of application areas in the medical, packaging, and agricultural fields. This has increased the scope of research and development in the application areas of bio-based polyesters.

Research and development are crucial for market players since it offers insightful information and encourages changes to current production procedures, which can boost the production capacity and reduce the cost of production. Additionally, it enables firms to innovate new products to discover additional application areas of bio-based polyesters.

“Growing Trend of Circular Economy to Drive Market Growth”

Ecosystem services and biodiversity are being harmed by the unrestricted dumping of plastics. The plastic economy is fully dependent on petrochemical resources, which harm the environment.

One approach to overcoming these difficulties is a circular economy (CE), which tries to keep plastics at their best value for the longest amount of time in the system. If used on a wide scale, bio-based polyesters can serve as carbon sinks. The manufacturing of polyesters is increasingly following the low-carbon circular economy trend.

An Adaptive Approach to Modern-day Research Needs

Country-Wise Analysis

Why is the U.S. a Large Market for Bio-based Polyesters?

U.S. domestic manufacturers are focusing more on the country's supply chain gaps by forming joint ventures and strategic relationships with small-scale businesses involved in the packaging and textile industries, as well as third-party distributors.

Global market players, on the other hand, are concentrating on developing long-term partnerships with end-use industries by providing generous margins to build a brand reputation in the market. To maximize their income from sales, well-known U.S. manufacturers are also seeking to reduce their manufacturing costs by implementing cutting-edge production technologies.

Due to strong disposable income and government stimulus funds that increased bio-based polyester demand, and, in turn, increased the sales of bio-based polyesters in the U.S., the packaging business also saw great growth over time.

Because there are fewer producers in the market, new entrants employ high price points to boost their profit margins. The U.S. bio-based polyester market is anticipated to expand at a CAGR of 17.6% and reach US$ 2.3 billion by 2032.

How is the Germany Bio-based Polyester Market Faring?

By partnering with local manufacturers, several German players are entering underdeveloped regions, helping manufacturers speed up regional growth. Expanding production capacity is essential to satisfy the increased demand in the future years.

German producers can gain a considerable market share by competing with the manufacturing capabilities of major international firms. Important firms must concentrate on building strategic alliances with local distributors and adjusting their operating networks to lower marginal losses and guarantee better profitability.

Companies put more emphasis on environment-friendly production practices to boost facility efficiency and spend more on finding reliable raw material suppliers to save procurement costs.

The Germany BB polyester market is set to surge at a CAGR of 17.3% to reach US$ 6.3 billion by 2032-end.

Category-Wise Analysis

Will Bio-based Polyethylene Terephthalate Bring in More Profits for Market Players?

Bio-based polyethylene terephthalate (PET) is prominently used for the injection moulding of single-use items. In packaging, bio-based polyesters are used as standard packing material. Polylactic acid (PLA) is essential in the creation of bone fixation screws, suture threads, and devices for drug delivery that are used in the medical industry.

In the medical industry, consumers prefer bio-based PLA due to its unique qualities that make it a prime contender for use in biological applications.

Owing to the aforementioned factors, PET and PLA are anticipated to remain prime growth generators in the market value for bio-based polyesters during the forecast period. The PET segment is anticipated to expand rapidly at a CAGR of 17% to reach US$ 4.6 billion at the end of 2032.

Which Application of BB Polyesters is the Most Rewarding for Industry Players?

PLA spontaneously breaks down in situ through a process called hydrolysis. This reduces the need for additional procedures to remove the incorporated medical devices, enhancing patient rehabilitation and lowering expenses for the healthcare system.

As a result, PLA has garnered a lot of interest in the biomedical community. These characteristics make PLA a good choice for the emerging nanomedicine paradigm, which states that nanoparticles are dispersed throughout the body and may be taken up by cells. Due to this, medical applications of bio-based polyesters are expected to create an absolute dollar opportunity of US$ 2.1 billion by the end of the assessment period.

  • NatureWorks, a well-established market player, recently announced a new, fully-integrated PLA production facility that is expected to be opened in Thailand by 2024.

Competitive Landscape

Top bio-based polyester manufacturers are BASF, Biomer, Corbion, Dupont, Gevo, Mitsui, NatureWorks, Novamont, Novomer, Perstorp, Solvay, Teijin Ltd., and Toray Industries Inc.

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.

Segmentation of Bio-based Polyesters Industry Research

  • By Source :

    • Starch
    • Cellulose
    • Glucose
    • Sucrose
    • Fatty Acids
    • Others (Incl. Waste Water)
  • By Nature :

    • Aliphatic Polyester
    • Aromatic Polyester
  • By Product Type :

    • Bio-based Polyethylene Terephthalate (PET)
    • Polylactic Acid (PLA)
    • Polytrimethylene Terephthalate (PTT)
    • Polyglycolic Acid (PGA)
    • Monoethylene Glycol (MEG)
    • Polyhydroxybutyrate (PHB)
  • By End-Use Industry :

    • Medial/Pharmaceuticals
      • Drug Delivery Systems
      • Wound Closure
      • Surgical Sutures
      • Implants
      • Tissue Engineering
    • Textiles
    • Automotive
    • Agriculture
      • Soil Retention Sheathing
      • Others
    • Packaging
      • Disposable Cup Manufacturing
      • Waste Bag Manufacturing
      • Others
    • Others
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

The global bio-based polyester market is currently valued at US$ 2.1 billion.
Bio-based polyester sales are expected to surge at 16% CAGR through 2032.
Bio-based polyethylene terephthalate (PET) and bio-based polylactic acid (PLA) enjoy higher demand over the other types.
Sales of bio-based polyesters increased at 8% CAGR during 2017-2021.
Key manufacturers of bio-based polyester materials are involved in strategic partnerships with third-party distributors, along with the development of an effective supply chain to deliver end products faster.

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