How is Rising Concerns Regarding Environment Driving Bio-Based PET Market?
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Moreover, governments of several countries are imposing strict rules and regulations for decreasing greenhouse gas (GHG) emissions. For example, France adopted the Energy Transition for Green Growth Law in 2015 for reducing GHG emissions and diversifying its energy supply by decreasing the use of nuclear and fossil fuels.
Attributed to all these factors, the demand for bio-based polyethylene terephthalate (PET) is growing swiftly. Bio-based PET is produced by utilizing renewable biomass, such as different sugars generated from agricultural activities. This material is made of 70% fossil-derived terephthalic acid and 30% of plant-derived material.
Bioplastics, in general, have higher breathability, longer shelf life, and better renewability and compostability, which is why there is growing across the world. It is because of all these factors that the global bio-based PET market is expected to generate a revenue of $8,682.6 million in 2023, increasing from $3,917.4 million in 2017, progressing at a 14.7% CAGR during the forecast period (2018-2023).
Cosmetic containers, bottles, 3D printing, and bags are the major application areas of bio-based PET. Some other application areas include foils, trays, sanitary products, blister packs, and carpets. The largest demand for this material was created for bottle applications in the past, which ascribed to the fact that bio-based PET is widely being used as packaging materials for bottles.
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In addition to this, companies in the domain are increasingly investing in research and development for the development of 100% bio-based PET bottles.
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