Market Research Future has released its report on the global bio-based PET market which contains key figures and insights relevant to the market and its growth. MRFR has observed that the global bio-based PET market exhibits potential for rapid growth which it will likely experience over the forecast period of 2017 to 2023. The features bio-based PETs display such as non-toxicity, high resistance to breakage and recyclability are significant factors which drive the market.
The global focus on environmental conservation has resulted in the swift adoption of green, bio-based products. This has affected various end-use industries which are experiencing consumer demand for eco-friendly packaging. Food & beverage, cosmetics and personal care, electrical & electronics and consumer appliances among others are introducing products which have ecological packaging, thus driving the demand for bio-based PET. Moreover, the hazardous impact of plastic on the environment combined with stringent regulations, banning single-useplastic is expected to provide the bio-based PET market with a surge in demand. Another important factor which supports the rising demand for bio-based PET is the fluctuating cost of crude oil. Use of plant sources such as sugar cane and corn which are abundantly available are expected to lead to a positive outcome for the bio-based plastics sector. Development oftechnology for the production of bi0-based plastic will likely advance the market and offer opportunities for growth in the future.
TORAY INDUSTRIES INC, Anellotech Inc., Indorama Ventures Public Company Limited, Amyris, Novamont S.p.A, M&G Chemicals, Gevo, Inc., NatureWorks LLC, TEIJIN LIMITED, Plastipak Holdings, Inc., Braskem, Toyota Tsusho Corporation, and others are some of the important market players highlighted in MRFR’s report.
The global bio-based PET market is led by North America due to the high manufacturing of PET bottles in the region. U.S leads market growth for the region and has a truly significant F&B and automotive sector where there is a high demand for bio-based PET. Meanwhile, the Asia Pacific accounts for the fastest growing region which is set to display the highest CAGR over the forecast period. The abundant availability of raw material in the region, low production costs for manufacturing of bio-based PET products and the flourishing automotive industry in the region are expected to drive the market. India and China are the most significant emerging economies which drive the APAC bio-based PET market.
Latest Industry News
- Pepsi Co is the latest to join the NaturALL Bottle Alliance, which is a research consortium aimed at developing 100% sustainable packaging using renewable resources. Other notable brands in the alliance include Nestle Waters and Danone.
- US-based Only Natural Pet, has launched its pet food line in sustainable bio-based packaging which has been developed using Braskem’s biopolymer. The line is called Mindful Meals and uses sugarcane sourced bioplastics.
Global Bio-based PET Share, by the Application (%)
The segmental analysis of the global bio-based PET bases its study on factors such as raw material, application, and region. By raw material, the market is segmented into sugar, molasses, and corn. Sugar and molasses are both sugarcane derivatives. By applications, the market is categorized into consumer goods, automotive, bottles, electronics, and others. Among these, the bottles segment accounts for the largest share of the market due to the rising demand for eco-friendly packaging in the F&B industry.
The global segmentation of the market divides it into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
For More Information, Visit Report Page @ https://www.marketresearchfuture.com/reports/bio-based-pet-market-5823
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Source: Market Research Future, press release, 2018-09-21.
Author: Sanjay Singh