The growing demand of the Bio-based PET as an alternative to fossil fuel-derived PET plastic and the increasing preference of bio-plastics in the end-use industries is expected to boost the Bio-based PET market growth.
New York, June 02, 2020 (GLOBE NEWSWIRE) -- 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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The COVID-19 impact:
COVID-19 has impacted the market negatively. The weaker consumer demand for lifestyle and well-being products due to the imposition of lockdown and social restrictions will have a negative impact on the demand for fuel and transportation. The COVID-19 pandemic has crippled various industries, along with public construction. The activity will more likely cease due to the imposition of lockdown and social distancing, and work will halt due to the supply chain disruption, the termination of contracts to control expenses, and the shortage of subcontractors and materials. However, the ease in restrictions and the government initiatives to start the economic activities in the consumer goods market creates hope for the imminent recovery of the market.
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.
- Key participants include Braskem, Gevo, Inc., Teijin Limited, Anellotech, Inc., Toray Industries, INC., Indorama Ventures Public Company Limited, M&G Chemicals, Nature Works LLC, Novamont S.p.A, Plastipak Holdings, Inc., Amyris, Toyota Tsusho Corporation, and others.
- The players in the bio-based PET market are going into vital coalitions so as to take into account the developing interest for reasonable bundling items. For instance, in 2017, Danone and Nestlé Waters launched the NaturALL Bottle Alliance with California startup Origin Materials to develop 100% bio-based bottles.
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For the purpose of this report, Reports and Data have segmented into the global Bio-based PET market on the basis of feedstock, application, end-use industry, and region:
Feedstock Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Food Crops
- By-products of Food Crops
- Non-food Crops
Application Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Films & Sheets
- Cosmetic Containers
- Molded Parts & Components
End-Use Industry Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Food & Beverage
- Cosmetics & Pharmaceuticals
- Automotive & Transportation
- Electrical & Electronics
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/bio-based-pet-market
Regional Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Saudi Arabia
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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