Bio-Based PET Market Overview | Global Key Players, Types, Applications, Countries, Industry Size
A bio-based Polyethylene
Terephthalate (PET) analysis 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 Overview 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.
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 overview 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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