Volatile crude oil prices and increasing awareness towards
eco-friendly sources is expected to foster the global bio-based
polyethylene terephthalate (PET) market growth over the next eight
years. Bio-based PET is manufactured from bio MEG and petroleum derived
PTA. Presently, bio-based PET contains only up to 30% bio-content. Major
companies are investing heavily to investigate feasibility for 100%
renewable content bio-based PET, and this is expected to create immense
opportunities for the market participants.
The Torray Industries and Coca-Cola Company has formed partnership
with Anellotech and Virent to develop bio PTA. This is anticipated to
drive bio-based PET market growth over the forecast period. The
development is also anticipated to resolve the PET supply problem for
many industries to meet the demand. Impulsive petrochemical prices and
crude oil reserves depletion is projected to shift the synthetic PTA
based companies towards bio-based PTA. Sustainable growth of packaging
market is anticipated to have positive impact on bio-based PET market
growth over the foreseeable future.
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The European Commission and U.S. EPA are converging on diminishing
conventional products and development of renewable sources such as bio
plastics and bio diesels. Most of the countries in North America and
Europe have framed regulatory protocols to minimize greenhouse gases
emission, which led industries to shift towards unconventional sources.
Stringent regulations are also expected to create favorable scenario for
bio-based PET market in the region over the forecast period. Uncertain
bio-based MEG supply due to increasing ethanol demand in food &
beverage and bio-fuel industries is projected to hinder the bio-based
PET market over the next eight years. Growing substitutes demand such as
Polyethylene Furanoate (PEF) owing to high temperature sustainability
and lower weight is expected to have negative effect on global bio-based
PET market growth over the forecast period.
Segmentation on the basis of application is majorly governed by
carbonated soft drink (CSD) packaging. It covered about 75% market share
in 2013. Increasing focus of major companies including Coca-Cola and
PepsiCo towards sustainable packaging and increasing CSD demand in BRICS
is anticipated to fuel the global bio-based PET market growth over the
forecast period. Technical applications include bottles and exterior
& interior parts of automobiles. Owing to lightweight
characteristic, PET is used as interior as well as exterior components
of automobiles which are expected to boost the bio-based PET application
market growth over the foreseeable period. AT&T, Nissan and Toyota
have announced to implement bio-based product in their vehicles which is
anticipated to have positive impact on bio-based PET market. Other
applications of the product include carrier bag and consumer goods
packaging.
Asia Pacific was the largest market in 2013 accounting for over 30%
market share, and the same trend is expected over the next eight years
on account of increasing consumption of alcoholic beverage and CSD
particularly in emerging economies such as China and India. Australian
government has formed APC department to impose sustainable packaging
materials which is projected to drive the bio-based PET market growth.
Japanese government has targeted to consume 20% bio-plastics by 2020
which is anticipated to have positive impact on global bio-based PET
market. North American EPA and European Commission framed stringent
regulations to limit the conventional resources usage which is expected
to bolster the global bio-based PET market growth over the forecast
period.
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Major players in global bio-based PET market include Coca-Cola,
Torray Industries, Toyota Tsusho, Teijin Limited and M&G Chemicals.
Coco-cola has its branded PET bottles named as PLANTBOTTLE, while other
participants use PLANT FIBER and GLOBIO. Participants are collaborating
with other biotechnology companies to develop new bio-based sources
which are anticipated to create immense opportunities to increase global
market share. They are also merging with bio MEG manufacturing firms to
maintain raw material supply for sustainable market growth.
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