Bio-Based PET Market Analysis | Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends
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 analysis 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 analysis 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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