Bio-based PET Market Projected to Hit Striking Revenue by 2029 | Bio-based PET Industry Future Growth and Comprehensive Analysis Research Report

Pune, India, Nov. 14, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global bio-based PET market size is expected to showcase a substantial growth during the forecast period. This growth is attributable to the increasing demand for reducing greenhouse emissions and the stringent government regulations regarding the adoption of petroleum-based polymers. This information is published by Fortune Business Insights.

Bio-based PET is primarily a bioplastic material that is fully biodegradable, renewable, recyclable, and compostable. It is derived from naturally occurring polyester resin and is used in the production of several industrial applications such as packaged goods, automotive interiors, and bottles, among others. The growing innovation has further led to the development of PET bottle derived from plants that is propelling the demand for biodegradable bottles to reduce the carbon footprint and promote sustainability across the globe.

The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been at a standstill with zero operational activities. However, a collective effort from the government, as well as the industries is anticipated to bring the economy back on track and aid in resuming industrial activities.

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Report Scope & Segmentation:

List of the Companies Profiled in the Global Market for Bio-based PET:

• Toyota Tsusho Corporation
• Toray Industries, Inc.
• TEIJIN LIMITED
• M&G Chemicals
• Plastipak Holdings, Inc.
• Novamont S.p.A.
• NatureWorks LLC
• Anellotech
• Gevo
• Other key players

What does the Report Include?

The global market for bio-based PET report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market, affecting the growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our analyst using several research methodologies for the market.

The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026. 

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DRIVING FACTORS

Increasing Focus on Reduction of Greenhouse Emissions to Aid Growth

According to a report by the Plastics Solutions Fund, annual emissions are expected to grow by 2.75 billion metric tons of carbon-dioxide from plastic incineration and production by 2050. The problem of plastic pollution is posing a threat to the Earth's climate with the rising global temperature every year.

Therefore, to reduce the greenhouse emissions, manufacturers are developing innovative bio-based PET to avert the degradation of environment and reduce the carbon footprint. The growing adoption of bio-based products worldwide is further expected to boost the global bio-based PET market during the forecast period.

REGIONAL INSIGHTS

Increasing Demand for Eco-Friendly Products in North America to Favor Growth

Among all the regions, North America is expected to dominate and hold the highest position in the global bio-based PET market in the forthcoming years. This dominance is attributable to the increasing demand for eco-friendly bio-based PET products from several industries such as pharmaceuticals, food & beverage, and cosmetics in the region.

The market in Europe is anticipated to experience an exponential growth backed by stringent government regulations imposed to reduce carbon emissions from the automotive that would favor the demand for bio-based PET to reduce the weight of the vehicle between 2019 and 2026.

COMPEITITVE LANDSCAPE

Product Launches by Major Companies to Expand Their Product Portfolios & Boost Sales Revenue

The market is consolidated by the presence of major companies that are striving to consolidate their positions by introducing innovative bio-based PET products to expand their product portfolios during the forecast period. The other key players are adopting strategies such as merger and acquisition, collaboration, and partnership to further boost their sales revenue that is anticipated to bode well for the global bio-based PET market in the forthcoming years.

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Key Takeaways:

• Asia-Pacific dominates the bio-based PET market size. The increase in demand for applications such as bottles, films and others is the main factor driving the region's growth.
• One of the primary factors contributing to the bio-based PET market favorable outlook is significant growth around the world.
• The global bio-based PET industry is being driven by the increasing use of green, safe and bio-based goods to protect the environment.

Industry Development:

• August 2020 – Kalion Inc. announced that it received a $746,822 grant by National Science Foundation (NSF) to conduct research and development activities to improve the production of bio-based glucaric acid. The acid is favorable to produce future bio-based PET bottles and other wide range of sustainable products.

For Prepare TOC Our Analyst Deep Researched the Following Things:

Report Overview: It includes major players of the Bio-based PET Market covered in the research study, research scope, market segments by type, market segments by application, years considered for the research study, and objectives of the report.

Global Growth Trends: This section focuses on industry trends where market drivers and top market trends. It also provides growth rates of key producers operating in the Bio-based PET Market. Furthermore, it offers production and capacity analysis where marketing pricing trends, capacity, production, and production value of the Bio-based PET Market are discussed.

Market Size by Type: This section concentrates on product type segments where production value market share, price, and production market share by product type are discussed.

Value Chain and Sales Analysis: It deeply analyzes customers, distributors, sales channels, and the value chain of the Bio-based PET Market

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Check out more Related Insights:

Bio-Based Polypropylene Market to Hit USD 996.9 Million by 2028; Increasing Preference for Biodegradable Polymers to Brighten Market Prospects, Says Fortune Business Insights™

Bio-based Chemicals Market to Hit USD 144.63 Billion by 2028 | Global Bio-based Chemicals Industry Register a CAGR of 9.4%

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