Bio-based PET market is projected to reach $8,682.6 million by 2023, P&S Market Research.The market growth is mainly driven by growing demand for bioplastics, increasing research and development (R&D) activities by key players in the packaging industry, and rising environmental issues caused by synthetic PET products. Bio-based PET is widely used in packaging products, automobile parts, electronic devices, and fibers and coils.
Polyethylene Terephthalate (PET) molecule comprises of two elements, which are terephthalic acid and monoethylene glycol, also called MEG. A PET molecule is made up of 70% of terephthalic acid and 30% of MEG, however in bio-based PET, the ethanol is derived from renewable sources such as sugarcane which is followed by the fermentation process and provides plant derived MEG, thus producing bio-based PET. Bio-based PET was commercialized and produced from 2010, for engineering and semi- ... Read more
