Market Insights
Market Research Future stated that the global bio-based PET market is prepared to reach the peak valuation during the forecast period with considerable growth rate.
The growing adaptation of environmentally friendly organic products to the protection of the environment and human health is the single most important factor behind the global PET market for organic products. Other factors are the fluctuating costs of petroleum-based and related products, growing awareness of the hazardous nature of conventional plastics, government incentives to encourage the use of environmentally friendly products, government regulations for environmental protection, and growing demand for environmentally friendly products and in packaging of various end-use sectors such as cars, consumer equipment, electricity and electronics, food and beverages.
Key Players
The global bio-based PET market is majorly operated by renowned manufacturers and vendors such as Anellotech, TEIJIN LIMITED, Novamont SPA, Plastipak Holdings, Inc. Toyota Tsusho Corporation, M&G Chemicals, Braskem, Indorama Ventures Public Company Limited, TORAY INDUSTRIES, INC,, TORAY INDUSTRIES, INC, Amyris, and NatureWorks LLC. Market giants are adopting various strategies to branch out the product portfolio across untapped markets to build up their market positions.
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Growing inclination for green plastics adoption is one of the key drivers expected to fuel the growth of the global market. Beverage manufacturers emphasizing on the new projects that produce cost-effective bio-based PET bottles is likely garner various benefits, following the trend of eco-friendly product goals led by huge consumer base.
On the other side, lack of raw material and developing infrastructure that focuses on raw material is one of the restraining factors hampering the growth of the global bio-based PET market.
Market Segmentation
The global bio-based PET market is broadly diversified on the basis of raw material and application.
The application is classified into consumer goods, automotive, electronics, bottles, and others.
Further, based on the raw materials source, the global bio-based PET market is categorized into sugar, corn, and molasses.
Regional Analysis
North America is the most important regional market as many participants in the PET bottle production, sales, and consumer goods market are located in the United States. strongest in the region. In North America, the US and Canadian automotive industry are facing the highest demand for organic PET. Latin America is expected to sustain its stability. Argentina, Brazil, and Mexico are the most important markets in this region, followed by the rest of Latin America.
the Asia Pacific region is the rapidly evolving regional market during the forecast period. Reasons for market growth are the availability of raw materials, cheap production and industrial growth in this region. The production and export of consumer goods and consumer goods in developing countries such as China and India led to market growth. Australia, Japan, and New Zealand, followed by the rest of the Asia Pacific region, are other important markets for this region.
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In Europe, the market is growing due to the growing demand from the auto industry in regions such as the United Kingdom, France, and Germany.
In the MEA region, the demand for bio-based PET is mainly related to the growing environmental safety problems and the rapid industrialization of this region. The largest markets by country in this region are Bahrain, Israel, Kuwait, and North Africa, followed by the rest of the MEA region.
Industry Updates
Dutch biotech company Avantium NV has set up a 10-ton pilot plant for the production of vegetable MEG (mono ethylene glycol) at the Chemie Park Delfzij in north-east Holland. MEG, produced using Avantium's Ray technology, can serve as a critical raw material to produce polyester (PET) resins, films, and fibers. The unit also produces plant-derived MPG (mono propylene glycol) used in products such as cosmetics, pharmaceuticals and food flavorings.
