Bio-based PET Market is projected to reach $8,682.6 million by 2023, P&S Market Research.The bio-based PET market is categorized into bottles, bags, 3D printing, cosmetic containers, and others. Other applications include trays, blister packs, carpets, sanitary products, and foils. In terms of volume, bottles are expected to be the fastest-growing application in the market, registering a CAGR of 13.7% during the forecast period. This can be attributed to the growing R&D investments by key players for the development of 100% bio-based PET bottles.
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In terms of volume, North America is estimated to hold the second-largest share, of 15.3%, in the bio-based PET market, in 2017. The market is primarily driven by the presence of a large number of bio-derived PET bottle manufacturers, such as The Coca-Cola Company, Origin, PepsiCo Inc., and M&G Chemicals SA. These companies are working toward manufacturing 100% plant-based PET bottles to cater to the growing demand for bioplastics in the region. For instance, The Coca-Cola Company, which produces PET bottles with 30% plant-based material, aims to develop bottles with 100% bio-derived PET by 2020.
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One kilogram (kg) of plastic emits about six kilograms (kg) of carbon dioxide; hence, high usage of plastics is leading to global warming. Thus, governments of various countries have imposed strict regulatory norms to reduce GHG emissions. In 2015, France adopted Energy Transition for Green Growth Law to reduce GHG emissions and diversify its energy supply by reducing the consumption of fossil and nuclear fuels. Thus, government efforts to curb GHG emissions can be viewed as a factor creating lucrative growth opportunities for the players manufacturing sustainable products, such as PET, in the bio-based PET market.
Some of the major players operating in the bio-based PET market are The Coca-Cola Company, PepsiCo Inc., Toyota Tsusho Corporation, M&G Chemicals SA, Origin, Ford Motor Company, Braskem, and Teijin Limited.
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