NEW YORK, March 22, 2018 (GLOBE NEWSWIRE) -- According to the new research report published by P&S Market Research, global Bio-based PET market is projected to reach $8,682.6 million by 2023, The market growth is mainly driven by growing demand for bioplastics, increasing research and development (R&D) activities by key players in the packaging industry, and rising environmental issues caused by synthetic PET products. Bio-based PET is widely used in packaging products, automobile parts, electronic devices, and fibers and coils.
On the basis of application, the bio-based PET market is categorized into bottles, bags, 3D printing, cosmetic containers, and others. Other applications include trays, blister packs, carpets, sanitary products, and foils. In terms of volume, bottles are expected to be the fastest-growing application in the market, registering a CAGR of 13.7% during the forecast period. This can be attributed to the growing R&D investments by key players for the development of 100% bio-based PET bottles.
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Based on industry, the bio-based PET market is categorized into packaging, automotive, electronics, textile, and others. Other industries include medical and horticulture. The packaging industry contributed the largest share in the market during the historical period and is estimated to account for more than 75.0% share in terms of volume and more than 70.0% share in terms of value in the market in 2017. This can be attributed to the high demand for bioplastics from the packaging industry for bottles, organic food, and premium products.
APAC is expected to continue being the largest and fastest-growing bio-based PET market in the coming years. Increasing support from regulatory bodies to reduce greenhouse gas (GHG) emissions is one of the key factors driving the growth of the market in the region. According to the Australian Government Department of the Environment and Energy, under the 2015 Paris Agreement, plastic manufacturers in Australia are focusing toward the adoption of novel approaches in order to bring innovation in packaging materials and processes that can help reduce GHG emissions.
In terms of volume, North America is estimated to hold the second-largest share, of 15.3%, in the bio-based PET market, in 2017. The market is primarily driven by the presence of a large number of bio-derived PET bottle manufacturers, such as The Coca-Cola Company, Origin, PepsiCo Inc., and M&G Chemicals SA. These companies are working toward manufacturing 100% plant-based PET bottles to cater to the growing demand for bioplastics in the region. For instance, The Coca-Cola Company, which produces PET bottles with 30% plant-based material, aims to develop bottles with 100% bio-derived PET by 2020.
Browse report overview with 90 tables and 39 figures spread through 123 pages and detailed TOC on "Bio-Based Polyethylene Terephthalate (PET) Market”: https://www.psmarketresearch.com/market-analysis/bio-based-pet-market
One kilogram (kg) of plastic emits about six kilograms (kg) of carbon dioxide; hence, high usage of plastics is leading to global warming. Thus, governments of various countries have imposed strict regulatory norms to reduce GHG emissions. In 2015, France adopted Energy Transition for Green Growth Law to reduce GHG emissions and diversify its energy supply by reducing the consumption of fossil and nuclear fuels. Thus, government efforts to curb GHG emissions can be viewed as a factor creating lucrative growth opportunities for the players manufacturing sustainable products, such as PET, in the bio-based PET market.
Some of the major players operating in the bio-based PET market are The Coca-Cola Company, PepsiCo Inc., Toyota Tsusho Corporation, M&G Chemicals SA, Origin, Ford Motor Company, Braskem, and Teijin Limited.
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