Bio-based PET Market is forecasted to reach USD 15.26 Billion at a CAGR 14.93% by 2027
The global Bio-based PET market is forecasted to grow at a rate of 14.93% from USD 5.09 Billion in 2019 to USD 15.26 Billion in 2027. The demand for Bio-based PET is growing due to the rising concern for a healthy lifestyle and increasing standard of living in the developing nations.
Bioplastics are the materials gotten from a plant source that can be separated by microorganisms into the water, normally happening gases and biomass. Bio-determined PET, polylactic corrosive (PLA), polybutylene succinate (PBS), starch-based plastics, and polyolefin elastomer (PE) are instances of bioplastics.
The interest for these bioplastics is on the ascent inferable from their few favorable circumstances over fossil-based bundling materials. When contrasted with fossil-based plastics, bioplastics give longer time span of usability, higher breathability (essential for the bundling of vegetables and natural products), and better compostability and sustainability. Thus, inferable from these preferences, the interest for bioplastics is developing in the bio-based PET market, universally.
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Top Players in the Global Bio-based PET Market:
Braskem (Brazil), Gevo, Inc. (U.S.), Teijin Limited (Japan), Anellotech, Inc. (U.S.), Toray Industries, INC. (Japan), Indorama Ventures Public Company Limited (Thailand), M&G Chemicals (Italy), Nature Works LLC (U.S.), Novamont S.p.A (Italy), Plastipak Holdings, Inc. (U.S.), Amyris (U.S.), Toyota Tsusho Corporation (Japan)
Biodegradable plastic is a rising trend which most of the manufacturers are quickly adopting. Bioplastics are used in all sorts of packaging, insulation, medical implants, among many other things. This is driving the market for bio PET.
Market segmentation based on Feedstock Outlook:
- Food Crops
- By-products of Food Crops
- Non-food Crops
- Films & Sheets
- Cosmetic Containers
- Molded Parts & Components
End-Use Industry Outlook:
- Food & Beverage
- Cosmetics & Pharmaceuticals
- Automotive & Transportation
- Electrical & Electronics
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Frequently Asked Questions Answered in the Report:
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