Press release
The Global Bio-Based PET Market will grow at a good CAGR during the 2019-2024 period
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Bottles hold a significant share in the market
Bio-based PET bottles hold a significant share in the market on account of eminent brands introducing PET bottles made from sugar so as to reduce carbon dioxide emission. In 2009, the Coca-Cola Company launched PlantBottle, the world’s first fully recyclable PET bottle made from plants, that replaced around 30% of the petroleum content with material from sugarcane and plants.
Packaging holds a major share in the market and is expected to grow at a substantial rate over the forecast period
Packaging holds a major share in the market owing to a growing propensity towards achieving sustainable packaging sourced from renewable sources. The bio-based PET market in packaging is expected to grow at a good rate on account of the increasing number of packaging manufacturers opting for bio-PET. For an instance, in March 2018, Hasbro has announced that it will begin using plant-based PET for blister packs and plastic windows in its product packaging starting in 2019.
North America holds a significant share in the market
The North America bio-based PET market holds a significant share in the market owing to strict regulations regarding carbon dioxide emission and ban on single-use plastics that are produced from petroleum PET. This is boosting the demand for bio-based PET in the region. The demand for bio-based PET is expected to grow at a steady rate on account of key players investing in research and development to develop 100% bio-based PET bottles in the region.
Some of the major players discussed in the reports are TORAY INDUSTRIES, INC., Anellotech, Inc., THE COCA-COLA COMPANY, SCG Chemicals Co., Ltd., FKuR Kunststoff GmbH, Toyota Tsusho Corporation, and M&G Chemicals.
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