Bio-Based PET Market 2022 Newest Industry Data, Future Trends and Forecast 2030 | TEIJIN LIMITED, Novamont SPA, Plastipak Holdings, Inc. Toyota Tsusho Corporation, M&G Chemicals, Braskem
Market Insights
Market
Research Future stated that the global bio-based PET market is prepared to reach
the peak valuation during the forecast period with considerable growth rate.
The
growing adaptation of environmentally friendly organic products to the
protection of the environment and human health is the single most important
factor behind the global PET market for organic products. Other factors are the
fluctuating costs of petroleum-based and related products, growing awareness of
the hazardous nature of conventional plastics, government incentives to
encourage the use of environmentally friendly products, government regulations
for environmental protection, and growing demand for environmentally friendly
products and in packaging of various end-use sectors such as cars, consumer
equipment, electricity and electronics, food and beverages.
Key
Players
The
global bio-based PET market is majorly operated by renowned manufacturers and
vendors such as Anellotech, TEIJIN LIMITED, Novamont SPA, Plastipak Holdings,
Inc. Toyota Tsusho Corporation, M&G Chemicals, Braskem, Indorama Ventures
Public Company Limited, TORAY INDUSTRIES, INC,, TORAY INDUSTRIES, INC, Amyris,
and NatureWorks LLC. Market giants are adopting various strategies to branch
out the product portfolio across untapped markets to build up their market
positions.
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Growing
inclination for green plastics adoption is one of the key drivers expected to
fuel the growth of the global market. Beverage manufacturers emphasizing on the
new projects that produce cost-effective bio-based PET bottles is likely garner
various benefits, following the trend of eco-friendly product goals led by huge
consumer base.
On the other
side, lack of raw material and developing infrastructure that focuses on raw
material is one of the restraining factors hampering the growth of the global
bio-based PET market.
Market
Segmentation
The
global bio-based PET market is broadly diversified on the basis of raw material
and application.
The
application is classified into consumer goods, automotive, electronics,
bottles, and others.
Further,
based on the raw materials source, the global bio-based PET market is
categorized into sugar, corn, and molasses.
Regional
Analysis
North America is the most important regional
market as many participants in the PET bottle production, sales, and consumer
goods market are located in the United States. strongest in the region. In
North America, the US and Canadian automotive industry are facing the highest
demand for organic PET. Latin America is expected to sustain its stability. Argentina, Brazil, and Mexico are the most
important markets in this region, followed by the rest of Latin America.
the Asia Pacific region is the rapidly evolving regional
market during the forecast period. Reasons for market growth are the
availability of raw materials, cheap production and industrial growth in this
region. The production and export of consumer goods and consumer goods in
developing countries such as China and India led to market growth. Australia,
Japan, and New Zealand, followed by the rest of the Asia Pacific region, are
other important markets for this region.
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In Europe, the market is growing due to the
growing demand from the auto industry in regions such as the United Kingdom,
France, and Germany.
In the MEA region, the demand for bio-based PET is
mainly related to the growing environmental safety problems and the rapid
industrialization of this region. The largest markets by country in this region
are Bahrain, Israel, Kuwait, and North Africa, followed by the rest of the MEA
region.
Industry
Updates
Dutch biotech company Avantium NV has set up a
10-ton pilot plant for the production of vegetable MEG (mono ethylene glycol)
at the Chemie Park Delfzij in north-east Holland. MEG, produced using
Avantium's Ray technology, can serve as a critical raw material to produce
polyester (PET) resins, films, and fibers. The unit also produces plant-derived
MPG (mono propylene glycol) used in products such as cosmetics, pharmaceuticals
and food flavorings.
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