Bio-based PET Market Share, Trend, Growth, Top Key Players Business and Forecast to 2029
The global bio-based PET market size is expected to showcase a substantial growth during the forecast period. This growth is attributable to the increasing demand for reducing greenhouse emissions and the stringent government regulations regarding the adoption of petroleum-based polymers. This information is published by Fortune Business Insights, in its upcoming report, titled, “Bio-based PET Market Size, Share & Industry Analysis, By Application (Bottles, Consumer Goods, Technical, Others) and Regional Forecast, 2022-2029.”
Bio-based PET is primarily a bioplastic material that is fully biodegradable, renewable, recyclable, and compostable. It is derived from naturally occurring polyester resin and is used in the production of several industrial applications such as packaged goods, automotive interiors, and bottles, among others. The growing innovation has further led to the development of PET bottle derived from plants that is propelling the demand for biodegradable bottles to reduce the carbon footprint and promote sustainability across the globe.
What does the Report Include?
The global market for bio-based PET report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market, affecting the growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2022 and 2029.
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Increasing Focus on Reduction of Greenhouse Emissions to Aid Growth
According to a report by the Plastics Solutions Fund, annual emissions are expected to grow by 2.75 billion metric tons of carbon-dioxide from plastic incineration and production by 2050. The problem of plastic pollution is posing a threat to the Earth’s climate with the rising global temperature every year. Therefore, to reduce the greenhouse emissions, manufacturers are developing innovative bio-based PET to avert the degradation of environment and reduce the carbon footprint. The growing adoption of bio-based products worldwide is further expected to boost the global bio-based PET market during the forecast period.
Increasing Demand for Eco-Friendly Products in North America to Favor Growth
Among all the regions, North America is expected to dominate and hold the highest position in the global bio-based PET market in the forthcoming years. This dominance is attributable to the increasing demand for eco-friendly bio-based PET products from several industries such as pharmaceuticals, food & beverage, and cosmetics in the region.
The market in Europe is anticipated to experience an exponential growth backed by stringent government regulations imposed to reduce carbon emissions from the automotive that would favor the demand for bio-based PET to reduce the weight of the vehicle between 2022 and 2029.
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Product Launches by Major Companies to Expand Their Product Portfolios & Boost Sales Revenue
The market is consolidated by the presence of major companies that are striving to consolidate their positions by introducing innovative bio-based PET products to expand their product portfolios during the forecast period. The other key players are adopting strategies such as merger and acquisition, collaboration, and partnership to further boost their sales revenue that is anticipated to bode well for the global bio-based PET market in the forthcoming years.
- August 2020 – Kalion Inc. announced that it received a $746,822 grant by National Science Foundation (NSF) to conduct research and development activities to improve the production of bio-based glucaric acid. The acid is favorable to produce future bio-based PET bottles and other wide range of sustainable products.
List of the Companies Profiled in the Global Market for Bio-based PET:
- Toyota Tsusho Corporation
- Toray Industries, Inc.
- TEIJIN LIMITED
- M&G Chemicals
- Plastipak Holdings, Inc.
- Novamont S.p.A.
- NatureWorks LLC
- Other key players
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