Global Bio-based PET Market: Overview
Bio-based PET is essentially made up of monoethylene glycol (MEG) and terephthalic acid (PTA), and is bio-degradable. It is extensively used for the production of various packaging solutions, mainly in the food and beverages and automotive industries. It also has myriad applications in making bottles, packaged goods, automotive interiors, and construction materials. The emergence of bioplastics that are biodegradable in manufacturing packaging solutions has provided strong impetus to the evolution of the bio-based PET market. Increasing eco-friendly inclination toward the use of bio-friendly products amongst consumers across the globe and stringent environmental regulations promoting the use of eco-friendly products across industries have led to an intensive demand for bio-based PET materials.
The report on the global bio-based PET market provides an incisive analysis of the key drivers and inhibitors, recent technological advancements, product offerings of key market players, and regulatory landscape. Prepared with the help of insights from various industry experts and thought leaders, the report keeps a close tab on current and emerging trends, change in regulatory framework in major regions, and their impact on the competitive dynamics. The strategies adopted by players to diversify the products in order to consolidate their market positions are analyzed in the study. The insights are helpful in impactful strategy formulation.
Global Bio-based PET Market: Key Drivers, Trends, and Opportunities
The growth of the bio-based PET market is primarily driven by the increasing demand for its application in various packaging solutions in the food and beverages industry and stringent regulatory framework to reduce carbon emission in major regions. Coupled with this, the rise in government initiatives in different countries to promote the use of bio-based and biodegradable materials has spurred the demand for bio-based PET materials. Furthermore, the introduction of innovative manufacturing technologies and research in advanced chemicals and materials are expected to boost the market across major regions.
The increased inclination toward the adoption of green plastics is a key trend that is expected to fuel the growth of the market. Various beverage manufacturers venture into projects that focus on producing cost-competitive bio-based PET bottles to garner significant competitive benefits and attract a large number of consumers.
Global Bio-based PET Market: Regional Outlook
Europe and North America are the prominent markets for bio-based PET materials. Technological innovations combined with the rise in consumer inclination toward green packaging are anticipated to propel the market growth in North America. Owing to favorable government regulations and cost-effective manufacturing processes in Asia Pacific and South America, the regions are expected to showcase promising growth opportunities. The adoption of bio-based PET materials in packaging has created abundant growth opportunities for the market players here.
Global Bio-based PET Market: Competitive Landscape
The industry is expected to be intensively competitive in nature. Key market players are launching sustainable packaging solutions made from bio-based PET by using state-of-the art, fully recyclable technologies. Extensive efforts are being made by companies to invest in research activities that focus on the development of 100% bio-based PET made naturally-derived PTA and from bio-based MEG. Major players operating in the bio-based PET market include Coca Cola, PepsiCo, Inc., Danone, Gevo, Inc., Anellotech, Inc., and Draths Corporation.