Bio-Based PET Market Overview:
Attributable factors to the ascension of the Bio-Based PET Market Share include the increasing adoption of environment-friendly products to curb climate change and its impact on human health and the fluctuating cost of petroleum-based products. The hazardous nature of traditional plastics is pushing governments all over the world to introduce stringent regulations to curb carbon emissions and the usage of harmful plastic products. This is also estimated to provide momentum to the upscaling of the Global Bio-Based PET Market.
Bio-Based Polyethylene Terephthalate (PET) is produced from ethylene glycol that is obtained from plants. These plant sources include non-toxicity, recyclability, reduced carbon footprint, and a high resistance to shattering. Market Research Future (MRFR) has reported that the Global Bio-Based PET Market is anticipated to expand at a significant rate through the conjecture period.
Moreover, rising demand for eco-friendly packaging in several end-use industries is leading to a surge in the consumption of Bio-Based PET products. Such industries include automotive, food & beverages, electrical & electronics, as well as consumer appliances. Such an upsurge in demand for Bio-Based PET products is expected to contribute significantly to market growth. Additionally, technological developments have allowed the production of 100% Bio-Based PET. For instance, the Plant PET Technology Collaborative (PTC) by Virent, Inc uses paraxylene using beet sugar instead of fossil fuels. These technological developments are anticipated to promote higher adoption of Bio-Based PET products, fueling growth in the market.
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September 2018: PepsiCo formed a partnership with NaturALL Bottle Alliance to develop packaging made from 100% sustainable and renewable sources. This partnership was established with the intention of creating beverage bottles that have a lower carbon footprint. Following this, the Alliance aims to make 95% Bio-Based PET bottles.
Some of the prominent market vendors present in the Global Bio-Based PET Market include Braskem (Brazil), Gevo, Inc. (U.S.), TEIJIN LIMITED (Japan), Anellotech, Inc. (U.S.), TORAY INDUSTRIES, INC. (Japan), Indorama Ventures Public Company Limited (Thailand), M&G Chemicals (Italy), NatureWorks LLC (U.S.), Novamont S.p.A (Italy), Plastipak Holdings, Inc. (U.S.), Amyris (U.S.), and Toyota Tsusho Corporation (Japan).
The report on Bio-Based Pet Market by Market Research Future (MRFR) includes a detailed analysis of various types of Raw Materials Used, Applications of Bio-Based PET, as well as specific regional analysis. The raw materials studied in the report include sugar, corn, and molasses. Alternatively, the applications of Bio-Based PET products, as included in the report are bottles, automotive, electronics, and consumer goods. Bio-Based PET is expected to garner the highest demand for the manufacture of bottles during the forecast period.
Browse Key Industry Insights spread across 100 pages with 37 market data tables & 12 figures & charts from the report, “Bio-Based PET Market Information: By Raw Material Source (Sugar, Molasses, Corn), Application (Bottles, Consumer Goods, Automotive, Electronics, And Others) and Region – Growth Potential, Price Trends, Competitive Market Share & Forecast 2023” in detail along with the table of contents: https://www.marketresearchfuture.com/reports/bio-based-pet-market-5823
Detailed Regional Analysis:
MRFR has analyzed the Global Bio-Based PET Market for different regions for providing specific insights to its clientele. These regions include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these five regions, North America is leading the Global Bio-Based PET Market during the assessment period. Elevated consumption of polyethylene terephthalate for the manufacturing of bottles and other consumer goods is contributing to the burgeoning of the Bio-Based PET Market in North America. The U.S. is expected to spearhead the country-specific Bio-Based PET Market in the region. This can be attributed to the mounting demand for the same from the automotive sector residing in the country. Similarly, Canada is anticipated to consume higher Bio-Based PET to satiate the increasing demand from the country’s automotive industry.
Asia Pacific is assessed to witness the fastest CAGR in Bio-Based PET consumption. Raw material availability, lower cost of production, and rapid industrialization of the region are factors causative of accelerated growth in the region. Additionally, the production and exportation of consumer goods and automotive in various emerging economies such as India and China are anticipated to contribute to the augmentation of the market.
Europe’s Bio-Based PET Market is expected to ascend at a significant rate. This can be owed to the elevating demand for Bio-Based PET from automotive industries residing in the UK, France, and Germany.
Alternatively, the demand for Bio-Based PET in the Middle East & Africa is primarily driven by the growing environment safety issues and rapid industrialization witnessed by the region.
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