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Bio-based polyethylene terephthalate (PET) is a polyester resin derived from natural sources such as sugarcane, corn, molasses, and others. It is used in the production of products including, packaged goods, automotive interiors, bottles, construction products, and electronics. Bio-based PET is produced from ethylene glycol derived from plant sources, which contain mono-ethylene glycol (MEG) and terephthalic acid. Bio-PET offers properties such as recyclability, minimum carbon footprint, non-toxic, and resistance to shatter. The increasing adoption of green and bio-based production to reduce harm on the environment is one of the major reasons driving the growth of the bio-based PET market.
The market for bio-based PET is driven due to stringent regulations on the use of petroleum-based polymers. Regulations imposed by the governments to restrict the use of synthetic PET, and to minimize carbon and greenhouse gas emissions has resulted into growth in demand for bio-PET.
Key Market Driver -
Stringent regulations on the use of petroleum-based polymers
Key Market Restraint -
Irregular supply of feedstock
The irregular supply of feedstock is expected to act as a market restraint for the global bio-based PET market. Bio-based PET is derived from natural sources such as corn, sugarcane, and molasses. The irregularity in the supply of raw materials required for the production of bio-PET will restrict the growth of the bio-based PET market. Additionally, the high production cost of bio-based PET compared to that of petroleum-based PET, is expected to hinder the growth of the market.
Based on application, the market is segmented into bootle, consumer goods, technical, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Some of the key players in the bio-based pet market includes, Toyota Tsusho Corporation, Toray Industries, Inc., TEIJIN LIMITED, M&G Chemicals, Plastipak Holdings, Inc., Novamont S.p.A., NatureWorks LLC, Anellotech, Gevo, and other key players.
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The bio-based PET market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to witness rise in demand for bio-based PET due to thehigh demand for eco-friendly, and recyclable bottles from industries such as foods & beverages, pharmaceuticals, and cosmetics. In Europe, regulations imposed by the government regarding carbon emissions from vehicles will increase the demand for bio-based PET from automotive industry to reduce the weight of the vehicle. Availability of raw materials, and low cost of production of bio-based PET in Asia Pacific, will increase the bio-based PET market in this region. In Latin America, and the Middle East & Africa, the growth of bio-based PET market will be due to the rapid industrialization activities and the growing concern towards the environment.
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