Global Bio-Based
Polyethylene Terephthalate (PET) Market is expected to reach 5,800
kilo tons by 2020, according to a new study by Grand View Research, Inc.
Volatile crude oil prices and growing sustainable packaging market have fuelled
bio-based PET market growth in packaging, automotive and electronic
applications. Growing GHG emission concerns has fuelled demand for eco-friendly
substitute, which is expected to boost bio-based PET market growth in the near
future. Companies such as The Coca Cola Company, Heinz & Co., Ford Motors,
Nike Co. and Proctor & Gamble have signed Plant PET Technology
Collaborative (PTC), intended for development and use of 100% bio-based PET in
their product offerings. These developments are expected to provide new market
opportunities over the forecast period.
Bio-based PET was predominantly used for the packaging of
CSD (Carbonated Soft Drinks), accounting for more than 75% of market share in
2013. Growing beverage consumption in emerging markets of BRICS is expected to
drive bio based PET market growth. CSD marketing companies such as Coca-Cola
are committed on promoting the use of bio-based PET in packaging, which is
expected to have a major impact on market growth in the near future.
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Further key findings from the study suggest:
- Bio based PET is also used in technical applications such as electronics and automotive vehicles. Growing demand for lightweight material in automobiles is expected to propel bio-based plastics demand, resulting in bio-based PET market growth over the forecast period.
- Asia Pacific accounted for over 30% of global bio based PET demand in 2013. The Japanese government’s target of 20% of bio-based plastics consumption by 2020 coupled with application growth of packaging and technical applications in China and India is expected to boost regional market growth over the next six years.
- European Commission has included bio-based production as a key priority area intended for increasing industry share in EU’s GDP from 15% to 20%, which in turn is expected to provide new opportunities for the market in the near future.
- The market is expected to be highly competitive, on account of limited presence of manufacturers such as Coca-Cola Company, Toyota Tsusho and Teijin Limited. Raw material manufacturers including Gevo, Virent and Anellotech have invested in the development of fully bio-based PTA, intended for 100% bio-based PET production.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc.
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Email: sales@grandviewresearch.com
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