A new report: the “Global Bio-based Polyethylene Terephthalate Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2018 To 2026″ has been added to ResearchAndMarkets.com’s offering.
The global bio-PET market is one that is growing fast. It is expected to grow at the CAGR of 20.8% from 2018 to 2026. Bio-PET is witnessing huge demand from various end-use industries such as food & beverages, cosmetics & pharmaceuticals, automotive, textile and so on, according to this latest report.
Traditional bio-PET is made up of 30% bio-based MEG and 70% petroleum-based resins, which has led many companies to invest in the production of bio-based MEG with the aim of eradicating the problem of inconsistent supply of raw material for the development of 100% bio-based PET.
For instance, Avantium has invested in the construction of a bio-MEG demonstration plant in the Netherlands, to ramp up the bio-based mono-ethylene glycol (MEG) production made directly from renewable sugars. Bio-based polyethylene terephthalate can be used in all existing application of conventional PET, from beverage containers, food containers, non-food containers to films & sheets, moulded parts & components, and fabrics. In 2017, beverage containers accounted for the largest share, followed by films & sheets and food containers. The beverage containers segment, writes the report, will also be the fastest growing application of bio-PET resin during the forecast period.
Rising consumer awareness about the use of green products and government measures to reduce GHG emissions to achieve climate and energy objectives are projected to boost demand for bio-PET over the coming years.
Inhibiting factors to market growth include the high cost of bio-ethylene glycol and the emergence of alternatives such as polyethylene furanoate (PEF).
Food & Beverages held the largest share of bio-based polyethylene terephthalate market by end-use industry in 2017. In the food & beverage industry, bio-PET applications include water packaging, sweet beverages packaging, fruit juice packaging, beer containers, food containers, among others. Bio-PET is also finding increasing application in the automotive industry and the textile end-use industry in line with the ambition to reduce their environmental impact across the world.
Geographically speaking, Asia-Pacific dominated the market in 2017 by value and volume. The greatest demand comes from economies, such as India and China, owing to booming food & beverages, textile, and automotive industries; a rapidly expanding middle class with high disposable income; and rapid economic growth. North America closely follows Asia-Pacific region owing to technical innovation, rising consumer awareness about the use of more sustainable products, and strict government & environmental regulations aimed at reducing GHG emissions.