The Global Bio-Based PET Market will grow at a good CAGR during the 2019-2024 period
The recent study titled “Global Bio-Based PET Market – Forecasts from 2019 to 2024”, covers an in-depth analysis of the market on the basis of application, end-user industry, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2019-2024. The report has segmented the bio-based PET market by application (bottles, foam, synthetic fibers, others), end-user industry (automotive, packaging, personal care, electronics, others), and geography (North America, South America, Europe, Middle East and Africa, Asia Pacific). Bio-based PET (Polyethylene Terephthalate) is a plastic based on 30% renewable raw material and 70% oil-based raw material. The demand for bioPET is spurring in industries such as packaging, pharmaceuticals, automotive and agrochemicals owing to their sustainability and cost-effectiveness. Burgeoning pressure from environmental organizations to reduce carbon dioxide emission is driving the bio-based PET market growth. Furthermore, with beverage brands coming up with bioPET, the bio-based PET market is expected to grow at a good rate over the forecast period. Growing investment and research and development in producing mono-ethylene glycol (MEG) from sugar, a key ingredient in PET production, is expected to boost the bio-based PET market in the upcoming years. However, the prevalence of petroleum-based PET in industries can restrain market growth.
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Bottles hold a significant share in the market
Bio-based PET bottles hold a significant share in the market on account of eminent brands introducing PET bottles made from sugar so as to reduce carbon dioxide emission. In 2009, the Coca-Cola Company launched PlantBottle, the world’s first fully recyclable PET bottle made from plants, that replaced around 30% of the petroleum content with material from sugarcane and plants.
Packaging holds a major share in the market and is expected to grow at a substantial rate over the forecast period
Packaging holds a major share in the market owing to a growing propensity towards achieving sustainable packaging sourced from renewable sources. The bio-based PET market in packaging is expected to grow at a good rate on account of the increasing number of packaging manufacturers opting for bio-PET. For an instance, in March 2018, Hasbro has announced that it will begin using plant-based PET for blister packs and plastic windows in its product packaging starting in 2019.
North America holds a significant share in the market
The North America bio-based PET market holds a significant share in the market owing to strict regulations regarding carbon dioxide emission and ban on single-use plastics that are produced from petroleum PET. This is boosting the demand for bio-based PET in the region. The demand for bio-based PET is expected to grow at a steady rate on account of key players investing in research and development to develop 100% bio-based PET bottles in the region.
Some of the major players discussed in the reports are TORAY INDUSTRIES, INC., Anellotech, Inc., THE COCA-COLA COMPANY, SCG Chemicals Co., Ltd., FKuR Kunststoff GmbH, Toyota Tsusho Corporation, and M&G Chemicals.
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