PET (Polyethylene terephthalate) is widely used to package foods & beverages. However, since it is a downstream derivative of crude oil, any fluctuation in prices of crude oil directly impact PET’s market prospects. Also, PET is not environment-friendly, which is a disadvantage, given the increasing public and governmental focus on going green.
These factors have led to the development of bio-based PET. A recent study by Hexa Research, Inc. notes the global bio-based PET market to attain lucrative growth from 2016 to 2024 (forecast period).
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Since bio-based PET uses chemical intermediates, the dependence on petroleum resources is reduced to a large extent. Bio-based ethylene glycol serves as the base for a majority of the commercially-available bio-based PET. Large companies operating across industries have committed to develop and adopt 100% bio-based PET products. This is fueling market growth. Growing popularity of biomass-derived chemicals is another favorable factor.
However, fall in crude oil prices could lead to higher demand for the conventional synthetic product. Moreover, bio-based PET faces threat of substitutes. Bio-based polyethylene furanoate (PEF) is light weight and has good tensile strength, rendering it a viable alternative for bio-based PET. Also, it requires lesser feedstock than bio-based PET, propelling its demand for bottles in food & beverage packaging.
The global bio-based PET market is segmented as per applications and regions. Bottles, consumer goods, and technical are the main application types. Bottles led the market in 2015. Brands such as Coca-Cola and H.J. Heinz emphasize on using bio-based PET bottles for their products. Escalating worldwide consumption of carbonated soft drinks and alcohol should generate this segment’s growth in the forecast period.
Regional fragments include North America, Europe, Asia Pacific, and RoW (Rest of the World). Asia Pacific, notably India and China, held the maximum market share in 2015. North America regional market is projected to witness stupendous growth, at a CAGR of 40% till 2024. This region is more inclined towards green initiatives like sustainable packaging.
The bio-based PET market is characterized by stiff competition. Leading market players comprise Toray Industries, Toyota Tsusho, M&G Chemicals, & Plastipak Holdings. Anellotech, Virent, and Gevo are the major raw material vendors.
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