Transparency Market Research Report Added "Bio-based PET Market" to its database
Albany, NY -- (SBWIRE) -- 10/16/2014 -- Polyethylene terephthalate or PET is mainly used for packaging of food and beverages. Bio-based PET and traditional PET are the two primary materials used for the packaging of soft drinks, water, alcoholic beverages, and food. With growing environmental consciousness, the bio-based PET market has received tremendous impetus in recent times. Owing to its benefits, the global demand for bio-based PET has surged to over 50 million tons per year and the market is expected to grow at an estimated CAGR of 9% during the forecast period of 2013 to 2019.
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Factors affecting the worldwide bio-based PET market
Growing consciousness about environmental sustainability and increasing popularity of green plastics drive the bio-based PET market. Bio-based PET reduces the dependency on petroleum resources since it uses chemical intermediates. In addition, government initiatives, development of lower-cost technologies, and growth in production capacities have increased the market attractiveness of bio-based PET, thereby driving the overall market.
Despite its many advantages, the overall use of bio-based PET is still low compared to traditional PET. Experts have found that in terms of climate impact, even though bio-based PET has proved to be favorable, there are still some issues that are yet to be taken care of. Moreover, the farming and processing of plants used as raw material has adversely affected the environment, causing relentless acidification of the ground water and soil. Apart from this, since PET is inherently a derivative of crude oil, the bio-based PET market depends largely on the fluctuating prices of crude oil. All these factors hamper the growth of the global bio-based PET market.
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Geographic evaluation of the global market
The global bio-based PET market can be divided on the basis of geography into North America, Europe, Asia-Pacific, and Rest of the World. Europe led the overall bio-based PET market, accounting for the largest market share, followed by North America. Mounting research and development activities and strong government support and investments are responsible for the growth of the bio-based PET market in Europe and North America. Constant efforts and initiatives to reduce carbon footprint such as regulatory programs by The American Chemistry Council have also aided the bio-based PET market in these regions.
However, cost-effective and favorable manufacturing process in Asia-Pacific and South America has caused the production base of bio-based PET to shift to these regions. In addition to this, absence of sustainable alternatives to PET for bottling and packaging and profuse availability of low-cost sugar raw materials have also fueled the growth of the bio-based PET market in Asia-Pacific and South America.
Coca Cola, Micromidas paving the way for bio-based PET market
The growing popularity of bio-based PET can be attributed to a handful of companies who have developed new, innovative and ground-breaking technologies and promoted the use of bio-based PET in order to attract customers and revive environmental consciousness.
The Coca-Cola Company has been using green packaging as a USP in order to boost sales as well as encourage customers to use bio-based PET. Coca Cola’s concept of plant bottle technology is an example of a sustainable and renewable solution to reduce carbon footprint. The PlantBottle Technology is a recyclable PET plastic bottle that has been partially made from plants.
U.S.-based startup Micromidas Inc. has developed a technology that manufactures bio-based PET from rice hull, another agricultural feed stock. This reduces the dependency on sugar, which is an essential bio-ethanol fuel.
These innovations, and many more to come, are expected to boost the bio-based PET market in the coming years.
Bio-based PET market: Industry participants
The global bio-based PET market has many small and established players competing against each other. Some of the leading industry participants include Draths Corporation, The Groupe Danone, Anellotech, Inc., The Coca-Cola Company, Gevo, Inc., Virent, Inc., and PepsiCo Inc.