United States, Rockville MD, Aug. 01, 2022 (GLOBE NEWSWIRE) -- As per a newly released report on bio-based polyesters by Fact.MR, a market research and competitive intelligence provider, the global market is valued at US$ 2.1 billion by 2022 and is anticipated to surge ahead at a CAGR of 16% over the forecast period of 2022-2032.
Enhanced ability of polyesters to maintain their properties at extreme conditions and provide fine-tune formulations for fulfilling specific end-use application requirements without affecting or interchanging other key performance properties are the major drivers of market growth.
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Bio-based polyester is a major component of the widely spread bioplastics market catering to the demands of huge industries such as medical and pharmaceuticals, packaging, textiles, and agriculture. Bio-based polyesters are widely used as feedstock for the injection moulding of single-use items such as food and drink containers. Other uses in packaging materials include garbage bags, soil retention sheathing, and basic packing material.
The rise in bio polyester demand in several industries such as medical and pharmaceuticals, textiles, automotive, agriculture, and packaging is anticipated to provide strong support to the growth of the market throughout the assessment period. Though coronavirus impacted industry expansion, the market has rebounded and is set to surge ahead over the coming years.
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.
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Key Segments Covered in the Bio-based Polyester Industry Survey
- By Source :
- Starch
- Cellulose
- Glucose
- Sucrose
- Fatty Acids
- Others (Incl. Waste Water)
- Starch
- By Nature :
- Aliphatic Polyester
- Aromatic Polyester
- Aliphatic Polyester
- By Product Type :
- Bio-based Polyethylene Terephthalate (PET)
- Polylactic Acid (PLA)
- Polytrimethylene Terephthalate (PTT)
- Polyglycolic Acid (PGA)
- Monoethylene Glycol (MEG)
- Polyhydroxybutyrate (PHB)
- Bio-based Polyethylene Terephthalate (PET)
- 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
- Medial/Pharmaceuticals
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.
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Key players in the Bio-based Polyester Market
- BASF
- Biomer
- Corbion
- Dupont
- Gevo
- Mitsui
- NatureWorks
- Novamont
- Novomer
- Perstorp
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.
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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