Sustainability Efforts Driving Bio-Based Polyethylene Terephthalate Usage

The soaring demand for bioplastics, increasing environmental problems caused by polyethylene terephthalate (PET) products, and rising research and development (R&D) activities by the market players are set to drive the bio-based PET market at a CAGR of 14.7% during the forecast period. The market was valued at $3,917.4 million in 2017, and it is projected to reach $8,682.6 million by 2023. Moreover, government initiatives to curb greenhouse gas (GHG) emissions have led to the increasing production of sustainable products, such as bio-based PET.

The industry segment of the bio-based PET market is categorized into packaging, textile, automotive, electronics, and others, which include horticulture and medical. During the historical period (2013–2017), the packaging category accounted for the largest market share due to the high demand for bioplastics for packaging organic food and premium products. The application of PET material is further increasing here for the production of bottles due to the rising investments in R&D by market leaders for the development of 100% bio-based PET bottles.

The automotive category is projected to exhibit the highest growth rate during the forecast period, on account of the soaring demand for environment-friendly dashboard components, seat covers, vehicle covers, and battery cases. Moreover, the bio-based PET material is being used in large volumes for the production of bags, bottles, cosmetic containers, trays, carpets, blister packs, foils, and sanitary products. This is because this material is fully recyclable, compostable, biodegradable, and renewable, as it is composed of 70% terephthalic acid (TPA) derived from fossil fuels and 30% ethanol glycol produced from plant matter.

Currently, the Asia-Pacific (APAC) region is dominating the bio-based PET market, and it is expected to maintain its position in the coming years. Moreover, the market is also set to witness the highest CAGR here as a result of the expansion of the bio-derived PET production capacity in India and China. Besides, the increasing consumption of fizzy soft drinks and alcoholic beverages and rising number of initiatives by governments and international regulatory bodies to curtail the emission of GHGs are expected to fuel the market growth in the region.

Thus, the increasing focus on the adoption of environment-friendly products is boosting the demand for plant-derived PET across the world.

Source: www.psmarketresearch.com

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