(MENAFN- America News Hour) The global bio-based polyethylene teraphthalate (PET) market is growing at the CAGR of 29.9% and will contribute $73900 billion till 2028. The global bio-based polyethylene teraphthalate (PET) market is sub-segmented into applications and regional outlook. In the application segment, the market is divided into bottles, packaging, fibers, automotive, injection molding, and others. The bottle and packaging segment dominates the application segment. The major rise in the application of bio-based PET is due to its lightweight and durable characteristics.
'The CAGR value Could change due to COVID-19 Pandemic'
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PET is used as an exterior as well as interior components of their automobiles which is expected to propel the bio-based PET application market growth over the forecast year. Nissan, Toyota, and AT & T have announced to use the bio-based products in their vehicles which are expected to have a positive effect on the growth of the bio-based PET market. Other applications of the product include consumer goods packaging and carrier bags.
In the regional outlook, the market is divided into North America, Asia Pacific, Europe and the Rest of the World. Asia Pacific dominates the global bio-based polyethylene Teraphthalate (PET) Market having around 35% of market shares, this dominance is expected to be in forecast year. India, China, and Japan are the major countries in the Asia Pacific region. The Japanese government started an initiative related to green plastics; the Japanese government has projected to target the consumption of around 20% of bioplastics by 2020. North America and the European region have stringent rules and regulations towards standard PET usage, as it is harmful to the environment, which is boosting up the global bio-based polyethylene teraphthalate (PET) market in these regions.
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'Final Report will add the analysis of the impact of COVID-19 on this industry.'
Rising crude oil prices are expected to boost the global bio-based polyethylene terephthalate (PET) market growth over the forecast year. Bio-based polyethylene teraphthalate is manufactured from bio-based products such as bacteria, regenerated cellulose, cornstarch, and other organic products. Presently, bio-based polyethylene teraphthalate contains around 35% bio-content. Major players are investing heavily to investigate the feasibility for 100% renewable content bio-based polyethylene teraphthalate, and it is expected to create greater opportunities for the market participants. The Coca-Cola Company and Torray industries have formed a partnership with Virent and Anellotech to develop bio polyethylene teraphthalate. This is anticipated to fuel bio-based polyethylene teraphthalate market growth over the next five years.
The development is also expected to solve the polyethylene teraphthalate supply problem for many manufacturing industries to meet their demand. Crude oil reserves depletion and overgrowing petroleum prices are projected to shift the synthetic polyethylene teraphthalate based industries towards the bio-based polyethylene teraphthalate. The tremendous growth of the packaging material market is anticipated to have a positive influence on bio-based polyethylene teraphthalate market growth in the forecast period.
Some of the major market players are the Coca Cola company, Natureworks, Indorama Ventures, Novamont S.P.A, Metabolix Inc., Ianan Biologics materials, Tiajjin green biomaterials, Evonik industries, RTP Company, Technopolymer Co. Ltd., Toray Industries Inc., etc. Acquisition, mergers, and expansions are the key strategies adopted by the market players to sustain in the market.
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What aspects regarding the regional analysis of the Bio-Based Polyethylene Teraphthalate (PET) market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
- The report consists of a detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
COMPANY PROFILES
1. BRASKEM
2. COCA-COLA
3. GEVO
4. INDORAMA VENTURES
5. M & G CHEMICALS
6. METABOLIX INC
7. NATUREWORKS
8. NOVAMONT S.P.A
9. PEPSICO
10. PLASTIPAK HOLDINGS INC
11. TEIJIN LIMITED
12. TIANAN BIOLOGIC MATERIALS
13. TIANJIN GREENBIO MATERIALS
14. TORAY INDUSTRIES INC
15. TOYOTA TSUSHO
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