Bio-Based PET Market Is Projected To Be Around $7.54 Billion By 2025
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A research study titled, “Bio-based PET Market by Product, Application, Source Type, and Modality - Global Industry Analysis and Forecast To 2025” published by Crystal Market Research, states that the Bio-based PET Market is projected to be around $7.54 billion by 2025.
In 2016 the global bio-based polyethylene terephthalate (PET) market size was approximated at nearly 2.09 billion and is anticipated to reach approximately 7.54 billion by 2025 at a CAGR of 15.32% during forecast period. Polyethylene terephthalate (PET) is known to be the most generic thermoplastic polymer resin that belongs to the polyester family and is commonly utilized in fibers that are used for clothing, containers for food and liquids and in consolidation of glass fiber for engineering resins. Bio-based polyethylene terephthalate (PET) is a polyester resin that is derived naturally and is useful in a variety of applications such as bottles and packaged goods, construction goods, electronics, automotive interiors. Bio-based polyethylene terephthalate is also used in the packaging of carbonated as well as alcoholic beverages like wine, sodas and spirits.
The bio-based polyethylene terephthalate (PET) market has witnessed significant growth owing to factors such as preference of bio-based products over petroleum based products for food packaging. Increasing demand for bio-based based polyethylene terephthalate for the manufacturing of bottles is anticipated to influence the growth of this market. Rising demand in multiple sectors and favorable regulation are factors that can spur the demand of bio-based polyethylene terephthalate. Moreover, rising demand of food and beverage packaging materials that are environmental friendly are expected to spur the growth of this market. Rising concerns associated with greenhouse gasses and bioplastics being used as an alternative in packaging and automotive sector are said to have a positive impact on the growth of this market. In addition, growing need of sustainable packaging is one of the factors that boost the growth of this market.
On the grounds of application the bio-based polyethylene terephthalate (PET) market is segmented into Technical, Consumer Goods and Bottles. The key players in this market are Toyota Tsusho, The Coca-Cola Company, Toray Industries, Gruppo Mossi Ghisolfi chemicals and Teijin Chemicals Company. Geographically, the market is segmented into Asia Pacific, Europe, North America and Rest of the world.
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Key findings of the bio-based polyethylene terephthalate (PET) market
- Bio-based polyethylene terephthalate is utilized in the form of fabrics, foams and sheets in electronics and automotive applications. High resistance to damage and light weight features are anticipated to boost the demand of the product for the production of external and internal parts of cars.
- The second largest market for the bio-based polyethylene terephthalate was Europe and it is anticipated to grow significantly in the future owing to rising awareness of greenhouse gas emissions.
- Central and South America is anticipated as the most profitable destinations for the production of bio-based polyethylene terephthalate owing to great amount of supply of sugar alcohol sources. Additionally, swift growth of the market of soft drinks market in Brazil is aid to boost the growth of the product in the region.
- Increasing industrialization in the Middle East is expected to boost the growth in multiple sectors like automotive, packaging, construction and electronics which is expected to boost the bio-based polyethylene terephthalate in the following years.