Bio-Based PET Market Size | Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast
A bio-based Polyethylene Terephthalate (PET) is produced from ethylene glycol obtained from plant sources. Market Research Future (MRFR) has published and released a research report about the global bio-based PET market that predicts growth for the market during the forecast period between 2017 and 2023.
The major factors driving the global bio-based PET
market is the increasing adaption of eco-friendly bio-based products to protect
the environment and human health. Other factors include the fluctuating cost of
the petroleum-based and related products, growing awareness about the hazardous
nature of conventional plastics, government incentives to encourage the use of
eco-friendly products, government regulations regarding environmental
protection, and rising demand for eco-friendly packaging in various end-use
industries such as automotive, consumer appliances, electrical &
electronics, & food & beverage.
The global Bio-Based PET Market
Size has been segmented on the basis of application,
raw material source, and region. Based on application, this market has been
segmented into automotive, bottles, consumer goods, electronics, and others. As
per raw material source, the market has been segmented into corn, sugar, and
molasses.
The regional segmentation of the global bio-based
PET market size segments the market into continent-based regional markets known
as Asia Pacific, Europe, North America, Latin America, and the Middle East
& Africa (MEA). North America is the leading regional market because many
key players in the market of manufacturing and selling PET bottles, consumer
goods, and others are based in the United States of America (USA), the
strongest economy in this region. In North America, the automotive sector of
USA and Canada has the highest demand for a bio-based PET. In Latin America, the
market may not as big as North America, but it is stable. The primary
country-specific markets in this region are Argentina, Brazil, and Mexico,
followed by the rest of Latin America.
According to the report, the Asia Pacific is the
fastest growing regional market during the forecast period. The reasons for
market growth include raw material availability, low-cost production, and
industrial growth in this region. The production and exports of automotive and
consumer goods in developing countries such as China and India have resulted in
market growth. Other important country-specific markets in this region are
Australia, Japan, and New Zealand, followed by the rest of the Asia Pacific
region.
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In Europe, the market is growing due to the rising
demand from automotive industries in Western European countries such as France,
Germany, and the United Kingdom (UK). Other important country-specific markets
in this region include Italy, Poland, Russia, and Spain. In the MEA region, the
demand for a bio-based PET is majorly driven by the growing environment safety
issues and the rapid industrialization in this region. The most significant
country-specific markets in this region are Bahrain, Israel, Kuwait, North
Africa, Oman, Qatar, Saudi Arabia, Turkey, and United Arab Emirates (UAE),
followed by the rest of MEA region.
Key Players
The key players in the global bio-based PET market size
include Amyris (USA), Anellotech, Inc. (the USA), Braskem (Brazil), Gevo, Inc.
(the USA), Indorama Ventures Public Company Limited (Thailand), M&G
Chemicals (Italy), NatureWorks LLC (USA), Novamont SPA (Italy), Plastipak
Holdings, Inc. (the USA), TEIJIN LIMITED (Japan), TORAY INDUSTRIES, INC.
(Japan), and Toyota Tsusho Corporation (Japan).
Latest Industry News
- PepsiCo has joined the NaturALL Bottle
Alliance, a research consortium that started last year by Danone, Nestlé
Waters, and a startup called Origin Materials to develop packaging made
with 100% sustainable and renewable resources. This partnership aims to
create bio-based beverage containers with lower carbon footprints. 13 SEP
2018
- Anellotech is collaborating with strategic
partners Axens, IFPEN, Johnson Matthey, Suntory, Toyota Tsusho, and for
the development and commercialization of the Bio-TCat Process which
consist of non-food biomass such as agricultural residues or wood. 5 APR
2018
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