Bio Based Polyethylene Terephthalate Market
Bio-based polyethylene terephthalate (PET) is produced from terephthalic acid (PTA) and monoethylene glycol (MEG). Bio-based PET is gaining popularity due to increasing environmental concerns. The wastes from these bio-based materials emit approximately 50% less carbon dioxide as compared to conventional plastics. Furthermore, bio-based polyethylene terephthalate is a widely used as a material in the packaging textile and automotive industry.
Market Dynamics
Fluctuating oil prices and awareness regarding the growing GHG emission are the major factors propelling the growth of the bio-based PET market. Further, bio-based PET is highly resistant to heat which in turn, is acting a major factor for high demand from the packaging industry. However, most of the bio-based PET produce currently, contains 30% monoethylene glycol which is made from sugar molasses with the rest made from petroleum- based purified terephthalic acid (PTA). The replacement of PTA with a bio-based content is expected to propel the growth of the bio based PET market significantly, as this will eliminate the dependency on oil-based products. Several leading players operating in the global bio-based PET market are focusing on the production of 100% bio based PET. For instance, in 2017, Nestle S.A. and Groupe Danone S.A. had started working with the Origin Materials based in West Sacramento, California for commercial- scale production of containers made of 100 percent bio-based PET.
Asia Pacific dominated the bio based PET market in 2021 and is expected to retain market dominance throughout the forecast period. Further, Asia Pacific is also expected to witness the fastest growth during the forecast period. This is attributed to the increasing concerns about GHG emissions. According to the Asian Development Bank (ADB), without any climate policy interventions, South Asia would become increasingly carbon intensive by 2030. Furthermore, bio-based PET is a lightweight material and thereby, its transportation cost is low. These are some of the key factors largely supporting the growth of the Bio-Based PET market in Asia Pacific.
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