According to the latest report published by Credence Research, Inc. “Global Bio-based Polyethylene Terephthalate Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global bio-based polyethylene terephthalate market expected to grow at the CAGR of 20.8% from 2018 to 2026.
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Due to eco-friendly nature and superior properties than PET, bio-PET is witnessing huge demand from various end-use industries such as food & beverages, cosmetics & pharmaceuticals, automotive, textile and so on. Traditionally, bio-PET comprises 30% bio-based MEG and 70% petroleum-based resins however, many companies are investing to increase the production of bio-based MEG to eradicate the problem of inconsistent supply of raw material for the development of 100% bio-based PET. For instance, Avantium invested in the construction of bio-MEG demonstration plant in the Netherlands, to ramp up the bio-based mono-ethylene glycol (MEG) production made directly from renewable sugars. Bio-based polyethylene terephthalate can be used in all existing application of conventional PET such as beverages containers, food containers, non-food containers, films & sheets, moulded parts & components, and fabrics. In 2017, beverages containers accounted for the largest share, followed by films & sheets and food containers. Properties such as good physical, optical, and lightweight properties along with environment friendly nature make bio-based polyethylene terephthalate a key material in these applications. Beverages containers segment is also identified as the fastest growing application of bio-PET resin during the forecast period. Rising consumer awareness about the use of green products, and government efforts for reducing regarding GHG emission market to achieve climate and energy objectives projected to catapult the bio-PET market demand in coming years. However, the high cost of bio-ethylene glycol is still and emergence of competitive substitute such as polyethylene furanoate (PEF) expected to restrain the market growth in coming years.
Food & Beverages held the largest share of bio-based polyethylene terephthalate market by end-use industry in 2017. In food & beverage industry, bio-based polyethylene terephthalate are used in water packaging, sweet beverages packaging, fruit juice packaging, beer containers, food containers, and others. Features such as good compatibility with food grade materials, superior gas barrier properties, and retention of carbonation during the normal distribution & usage of carbonated beverages fuelling the material growth in food & beverages industry. Bio-based polyethylene terephthalate market also has a positive outlook in automotive and textile end-use industry on account of move towards greater efficiency materials while addressing the prevailing environment problem across the world.
Based on the geography, Asia-Pacific dominated the market in 2017 by value and volume. Majority of the demand comes from economies such as India and China owing to booming food & beverages, textile, and automotive industries, rising middle class population with high disposable income, and rapid economic growth. North America closely follows Asia-Pacific region owing to technical innovation, rising consumer awareness about the use of green products, and strict government & environment regulation for reducing GHG emission market.
Key manufacturers of bio-based polyethylene terephthalate operating in the market includes The Coca-Cola Company, Teijin Limited, Gevo Inc., Virent Inc., M&G Chemicals, Toray Industries Inc., and Toyota Tsusho Corporation among others.
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