Bio Based Polyethylene Terephthalate (PET) Market to witness 40% CAGR by 2023: Toyota Tsusho, Plastipak Packaging, Inc., The Coca-Cola Company, M&G Chemicals, Danone, Toray Industries, PepsiCo
Alongside, stringent governmental norms which have built an awareness among the consumers about the benefits of using ecofriendly products, has also complemented bio based PET market growth chart.
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The market is also highly influenced by the growing strategic partnerships between the leading market giants. For instance, Toray and the Coca-Cola company have collaborated with bio-based manufacturing units like Virent and Gevo, with an aim to develop 100% bio-based polyethylene terephthalate. Bio-based PET weighs much less in comparison to its fossil fuel counterparts, as a result of which the bio based PET market demand from automotive industry is surging with each passing year.
High shatter resistance and light weight characteristic are the major two factors which are driving bio based PET market demand in manufacturing vehicle’s interior and exterior parts. The U.S. and the European Commission have set norms and standards to improve the fuel efficiency in vehicles which in a way will leave an impact on the market outlook as well.
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Bottle packaging applications will also account for a major portion of the bio based PET market share in the coming years. The projection can be grounded on the increasing investments in green technology by BRICS nations. Increasing food and beverage consumption in these regions have boosted sustainable packaging adoption in this belt. Australian Packaging Covenant’s initiations in promoting sustainable packaging have impelled the global market growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Teijin Limited
• Toray Industries
• Coca Cola
• Toyota Tsusho
• Plastipak holdings
• M&G chemicals
Asia Pacific dominated the global bio based polyethylene industry in 2018, by accounting for more than 32.5% of the industry demand. The increasing consumption of carbonated soft drinks and alcoholic beverages in China and India have widened the application scope of the market in this region. The trend is likely to continue in the coming time frame also. Latin America with Brazil at the growth front will also record tremendous gains in bio based PET market with a forecast CAGR of over 46.5% by 2023.
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The decline in crude oil price trends though is favoring synthetic product based market, however growing consumer awareness about greenhouse gas emissions undoubtedly will allow a profitable road map to the bio based PET industry. As per a report by Global Market Insights, Inc., bio based polyethylene terephthalate market is set to record a striking double digit CAGR of more than 40% by 2023.
Major competitors of bio based PET industry include Toray Industries, Teijin Limited, Coca-Cola, Plastipak Holdings, Toyota Tsusho, and M&G Chemicals.
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