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Bio Based Polyethylene Terephthalate Market Poised to Expand at a Robust Pace by 2025
Bio-based Polyethylene Terephthalate is composed of MEG, (monoethylene glycol) a product of sugarcane ethanol, and purified PTA (terephthalic acid), a chemical-based product of crude oil. Bio based polyethylene terephthalate, due to its lightweight and bio degradable nature, is used in packaging of food products, soft drinks, alcoholic beverages, cosmetics, pharmaceutical products and edible oils. Bio based polyethylene terephthalate is also used in production of automotive interiors, bottles, construction goods, packaged goods and electronics. The increasing inclination towards the use of eco-friendly products across the globe and strict environmental regulations to promote the use of bio-friendly products in industries have resulted in increase in demand for bio based Polyethylene Terephthalate materials.
Advancement in manufacturing technology and the rate at which success is gained in Research and Development sector in Chemical and Materials domain across the major regions of Bio-based Polyethylene Terephthalate market is expected to fuel the Bio based PET consumption.
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The growth of Bio based Polyethylene Terephthalate market is expected to be geared up due to its increasing demand in various industries such as food & beverages, and stringent regulatory framework to reduce carbon emission. Accelerated with this, the government initiatives to promote the use of biodegradable products has given rise to the use of Bio based Polyethylene Terephthalate materials. Furthermore, advancement in technology & research and shifting focus towards the use of green plastics is expected to fuel the growth of Bio based Polyethylene Terephthalate market.
Chiefly due to the lightweight and biodegradable nature of Bio based Polyethylene Terephthalate, the market is expected to fuel the automotive, bottling and packaging industry. European and the U.S Commission have set norms to improve the vehicle efficiency and it is expected that Bio based Polyethylene Terephthalate market will expand as Bio based Polyethylene Terephthalate materials are of lightweight.
Bio based production is a key priority in the European Commission, which is forecasted to increase the market share of Bio based PET materials. Rise in consumer preference towards the use of green packaging combined with technological advancement is forecasted to propel the market expansion of North America.
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Japan, Canada & Australia have adopted Kyoto protocol, which restricts synthetic polyethylene terephthalate usage, because it causes GHE (Green House Emission). These norms could aid develop Bio based Polyethylene Terephthalate market. Latin America would be benefited due to high amount of sugar cultivation in Brazil, which is expected to fuel the Bio based Polyethylene Terephthalate Market.
Increasing awareness towards the use of more green material in comparison to synthetic derived polymer goods is projected to bolster the market of Bio based Polyethylene Terephthalate material in Asia Pacific Region including Japan and South Korea.
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