The global Bio-based PET market is forecast to reach USD 15.26 Billion by 2027, according to a new report by Reports and Data. The worldwide bio-based materials showcase is going to observe a substantial interest during the gauge time frame 2017 – 2027, inferable from developing concerns respect condition all through the world. Bio-based items have as of late increased an enormous ubiquity inferable from the developing ecological concerned populace.
Bio-based materials are extricated from inexhaustible sources like that of feedstock, which includes corn, sugarcane, or different polymers, which will debase in the earth inside a range of one year. There are various focal points related to utilizing bio-based material over conventional materials, which scarcely debases in the earth along these lines compromising the climate. One of the central points pushing the worldwide bio-based materials showcase is the consistent cost of horticultural feedstock with correlation with petrochemicals. This is probably going to make the cost of biobased items stable, hence preferring the development of the worldwide bio-based materials showcase
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Top Players in the Global Bio-based PET Market:
Braskem, Gevo, Inc., Teijin Limited, Anellotech, Inc., Toray Industries, INC., Indorama Ventures Public Company Limited, MG Chemicals, Nature Works LLC, Novamont S.p.A, Plastipak Holdings, Inc., Amyris, Toyota Tsusho Corporation
Further key findings from the report suggest
- Due to the eco-friendly nature and superior properties than traditional PET, bio-based PET is witnessing a huge demand from several end-use industries such as food beverages, cosmetics pharmaceuticals, textile, and automotive, among others.
- Traditionally, the bio-PET comprises of 30% bio-based mono-ethylene glycol (MEG) and 70% petroleum-based resins. However, many companies are investing to increase the production of bio-based MEG to eliminate the issues due to an inconsistent supply of raw material for the development of 100% bio-based PET.
- Food Beverages held the largest share of 61.2% by the end-use industry in 2019. In the food beverage industry, bio-PET applications include packaging for water, sweet beverages, fruit juice, beer, food, among others.
- Geographically the Asia-Pacific region dominated the market in 2019 with a market share of 31.5% by value. The demand in this region comes from economies, such as India and China, owing to the booming food beverages, textile, and automotive industries, a rapidly expanding middle class with high disposable income, and the fast-paced economic growth.
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Market segmentation based on Feedstock Outlook:
- Food Crops
- By-products of Food Crops
- Non-food Crops
Application Outlook:
- Bottles
- Films Sheets
- Bags
- Cosmetic Containers
- Molded Parts Components
- Fibers
- Others
End-Use Industry Outlook:
- Food Beverage
- Cosmetics Pharmaceuticals
- Automotive Transportation
- Electrical Electronics
- Textile
- Packaging
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Frequently Asked Questions Answered in the Report:
- What is the estimated revenue growth rate of the global Bio-based PET market over the forecast period?
- What are the major factors driving the global market revenue growth?
- Which are the leading manufacturers and suppliers in the global Bio-based PET market?
- Which regional market is expected to lead in terms of revenue share in the global Bio-based PET market over the forecast years?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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