Southeast Asia Bio-Based Polyethylene Terephthalate Market Report and Forecast 2024-2032

Southeast Asia Bio-Based Polyethylene Terephthalate Market Outlook 

The Southeast Asia bio-based polyethylene terephthalate market size is expected to grow at a CAGR of 12.4% between 2024 and 2032. The market is being driven by the growing demand for bio-based polyethylene terephthalate in the packaging industry owing to the growing trade of food, beverages, and pharmaceutical products. 

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Key Trends in the Market

Bio-based polyethylene terephthalate (PET) is a thermoplastic packaging product which is obtained from renewable raw materials and fossil fuels. Bio-based PET is costlier than the conventional PET but exhibits superior barrier and thermal properties. Bio-based polyethylene terephthalate is recyclable and contains around 30% monoethylene glycol (MEG). Further, the high breaking strength of the product makes it useful in the packaging sector, leading to a greater Southeast Asia bio-based polyethylene terephthalate market growth.

• The stringent regulations by governments in the region aimed towards curbing carbon emissions and reducing the impact of the packaging sector on the environment are likely to propel the demand for bio-based polyethylene terephthalate.
   
• There is heightened application of bio-based polyethylene terephthalate across various end-use industries including pharmaceuticals, textiles, and food, among others. The increasing sale of carbonated beverages, energy drinks, and alcoholic beverages in the region is further fuelling the Southeast Asia bio-based polyethylene terephthalate market.
   
• The growing expansion of the e-commerce industry is another crucial market driving trend aiding the demand for bio-based polyethylene terephthalate, as there is an increased demand for sustainable packaging options for products purchased online. 

Market Analysis 

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Based on application, the market can be segmented into bottles, textile fabrics, sheet and foam, and film and adhesive tapes, among others. On the basis of end-use, the market can be classified into beverages, food industry, textile, automotive, and pharmaceuticals, among others. By distribution channels, the market has been categorised into direct and indirect. Based on country, the Southeast Asia market for bio-based polyethylene terephthalate can be divided into Indonesia, Malaysia, Thailand, Vietnam, Singapore, and the Philippines.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Southeast Asia bio-based polyethylene terephthalate market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

• Teijin Limited
   
• Indorama Ventures
   
• Braskem
   
• FKuR Kunststoff GmbH
   
• Toray Industries, Inc.
   
• Far Eastern New Century Corporation
   
• Others

Market Share by Application

The bottles segment, based on application, holds a significant share in the Southeast Asia bio-based polyethylene terephthalate market. Bio-based PET bottles are used for manufacturing diverse edible and personal care products such as soda, juice, carbonated drinks, shampoo, and liquid soap, among others. Bio-based PET is recyclable, which is leading to a large-scale production of recyclable PET bottles, expected to be used in the food industry. In addition to this, 60% energy is saved during the production of the new bio-based PET bottle. 

Meanwhile, bio-based PET film and adhesive tapes are extensively utilised in oil and natural gas transportation pipes, which is further fuelling the Southeast Asia market for bio-based polyethylene terephthalate.

Market Share by End-Use

The food industry accounts for a healthy share of the Southeast Asia bio-based polyethylene terephthalate market based on end use. Bio-based polyethylene terephthalate is widely used in the packaging process of clean-labelled food products such as ready-to-eat cooked meat products, vegetables, and fruits, among others. Over the forecast period, the anticipated increase in the domestic demand for premium packaged food products in this region is expected to propel the application of bio-based polyethylene terephthalate in the food industry. 

The automotive industry, on the other hand, is generating a significant demand for bio-based polyethylene terephthalate to produce high-grade automotive products with minimal impact on the environment. In the coming years, the anticipated increase in demand for passenger and commercial electric vehicles is expected to bolster the Southeast Asia market for bio-based polyethylene terephthalate.

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Competitive Landscape

Teijin Limited is a leading Japanese chemical manufacturing company headquartered in Tokyo. The company was established in the year 1918 and has a total workforce of 21.815. Teijin Limited caters to the demands of various industries such as healthcare, IT, and materials, among others.

Indorama Ventures is a prominent petrochemical producer which operates in more than 35 countries and has a total of 147 manufacturing facilities. With a workforce of 26,000 employees, Indorama Ventures is a significant producer and recycler of polyethylene terephthalate polymers. 

Braskem: is one of the largest chemical and petrochemical producers around the world. The company was established in the year 2002 and is currently headquartered in Sao Paulo, Brazil. This company offers innovative solutions to various end use industries including housing, food and beverage, and mobility, among others.

Other market players include FKuR Kunststoff GmbH, Toray Industries, Inc., and Far Eastern New Century Corporation, among others.

Key Highlights of the Report