The soaring demand for bioplastics, increasing environmental problems caused by polyethylene terephthalate (PET) products, and rising research and development (R&D) activities by the market players are set to drive the bio-based PET market at a CAGR of 14.7% during the forecast period (2018–2023). The market was valued at $3,917.4 million in 2017, and it is projected to reach $8,682.6 million by 2023. Moreover, government initiatives to curb greenhouse gas (GHG) emissions have led to the increasing production of sustainable products, such as bio-based PET.
This sustainable, environment-friendly material is a form of bioplastic derived from plant sources. This is why it is easily disintegrated by microorganisms into biomass, water, and naturally occurring gases. The demand for bio-based PET and other types of bioplastics, including polyolefin elastomer (PE), polylactic acid (PLA), starch-based plastics, and polybutylene succinate (PBS), is escalating due to their benefits that make them better than fossil-based packaging materials. In comparison to the former, bioplastics offer higher breathability (necessary for packing fruits and vegetables), better renewability and decomposability, and a longer shelf life.
Currently, the Asia-Pacific (APAC) region is dominating the bio-based PET market, and it is expected to maintain its position in the coming years. Moreover, the market is also set to witness the highest CAGR here as a result of the expansion of the bio-derived PET production capacity in India and China. Besides, the increasing consumption of fizzy soft drinks and alcoholic beverages and rising number of initiatives by governments and international regulatory bodies to curtail the emission of GHGs are expected to fuel the market growth in the region.
According to P&S Intelligence, North America followed APAC in 2017, in terms of bio-based PET usage, due to the presence of a large number of bottle producers in the region using this material. The continent is marked by the presence of PepsiCo Inc., The Coca-Cola Company, M&G Chemicals SA, and Origin, which are aspiring to manufacture PET bottles that are 100% plant-based, to cater to the spurring demand for bioplastics and adhere to the stringent pollution control regulations of the Environmental Protection Agency.
Thus, the increasing focus on the adoption of environment-friendly products is boosting the demand for plant-derived PET across the world.
Source: www.psmarketresearch.com
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