Bio-Based Polyethylene Terephthalate Market Will Witness Growth Owing To Enhanced Usage In Packaging Of Consumer Goods Products Such As Carrier Bags Till 2020: Grand View Research, Inc.

Global Bio-Based Polyethylene Terephthalate (PET) Market is expected to reach 5,800 kilo tons by 2020, according to a new study by Grand View Research, Inc. Volatile crude oil prices and growing sustainable packaging market have fuelled bio-based PET market growth in packaging, automotive and electronic applications. Growing GHG emission concerns has fuelled demand for eco-friendly substitute, which is expected to boost bio-based PET market growth in the near future. Companies such as The Coca Cola Company, Heinz & Co., Ford Motors, Nike Co. and Proctor & Gamble have signed Plant PET Technology Collaborative (PTC), intended for development and use of 100% bio-based PET in their product offerings. These developments are expected to provide new market opportunities over the forecast period.
Bio-based PET was predominantly used for the packaging of CSD (Carbonated Soft Drinks), accounting for more than 75% of market share in 2013. Growing beverage consumption in emerging markets of BRICS is expected to drive bio based PET market growth. CSD marketing companies such as Coca-Cola are committed on promoting the use of bio-based PET in packaging, which is expected to have a major impact on market growth in the near future.

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Further key findings from the study suggest:

• Bio based PET is also used in technical applications such as electronics and automotive vehicles. Growing demand for lightweight material in automobiles is expected to propel bio-based plastics demand, resulting in bio-based PET market growth over the forecast period.
• Asia Pacific accounted for over 30% of global bio based PET demand in 2013. The Japanese government’s target of 20% of bio-based plastics consumption by 2020 coupled with application growth of packaging and technical applications in China and India is expected to boost regional market growth over the next six years.
• European Commission has included bio-based production as a key priority area intended for increasing industry share in EU’s GDP from 15% to 20%, which in turn is expected to provide new opportunities for the market in the near future.
• The market is expected to be highly competitive, on account of limited presence of manufacturers such as Coca-Cola Company, Toyota Tsusho and Teijin Limited. Raw material manufacturers including Gevo, Virent and Anellotech have invested in the development of fully bio-based PTA, intended for 100% bio-based PET production.

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For the purpose of this study, Grand View Research has segmented the global bio-based PET market on the basis of application and region:
Bio based PET Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
    • Packaging (Bottles)
    • Technical (Automotive & Electronics)
    • Consumer goods
    • Other Packaging
Bio based PET Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
    • North America
    • Europe
    • Asia Pacific
    • RoW

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