The global bio-based Polyethylene Terephthalate (PET) market is
expected to reach USD 6.73 billion by 2025, according to a new report conducted
by Grand View Research, Inc. Growing demand for sustainable packaging solutions
including bottles and cartons is expected to drive the demand for bio-based
PET. The adoption of Kyoto Protocol in economies, such as Japan, Australia, and
Canada, and the Montreal Protocol in the U.S. and Canada, are expected to
further restrict the use of products contributing to GHG emission, thus,
driving the demand for bio-based products such as PET.
Consumer goods are projected to
witness growth at a CAGR of 11.2%, in terms of volume, from 2016 to 2025.
Rising demand for eco-friendly packaging among personal care companies
including P&G is expected to play a vital role in increasing the market
size for bio-based PET in consumer goods.
Browse full research report on Bio-based Polyethylene
Terephthalate (PET) Market: http://www.grandviewresearch.com/industry-analysis/bio-based-polyethylene-terephthalate-pet-industry
Further key findings from the report suggest:
- Bio-based PET is used in the form of sheets, foams,
and fabrics for automotive and electronics applications. High shatter
resistance and light weight properties are expected to fuel bio-based PET
demand for the manufacturing of internal and exterior automotive parts.
- Europe was the second largest market, which is likely
to account for 27.1% of global volume by the end of 2025. Rising awareness
about reducing greenhouse gas emissions in the manufacturing sector in
accordance with the implementation of Horicon 2020 Strategy on a regional
level is expected to remain a favorable factor.
- Central & South America is projected to be one of
the most lucrative destinations for producing bio-based PET on account of
abundance availability of sugar alcohol sources including corn and
sugarcane in Brazil. In addition, rapid growth of soft drinks market in
Brazil is expected to remain a key driving factor over the next nine
years.
- Rapid industrialization across the Middle East is
anticipated to drive the growth of various sectors such as construction,
packaging, electronics, and automotive in the region which is expected to
play a fundamental role in increasing the demand for bio-based PET over
the next nine years. The market is estimated to be worth USD 241.6 million
by 2025.
- The market is marked by the presence of few players
including The Coca-Cola Company, Toray Industries Inc., Teijin Limited,
M&G Chemicals, and Toyota Tsusho. Companies are focusing on research
for the development of 100% PET, which is sourced from bio-based MEG and PTA.
Read Our Blog: http://www.grandviewresearch.com/blog/bio-based-polyethylene-terephthalate-pet-market-size-share
Grand View Research has segmented the global bio-based
polyethylene terephthalate (PET) market by application and region:
Application Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2014 - 2025)
- Bottles
- Technical
- Consumer
Goods
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2014 - 2025)
- North
America
- U.S.
- Europe
- Germany
- UK
- Asia
Pacific
- Japan
- Central
& South America
- Brazil
- MEA
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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