BIO-BASED POLYETHYLENE TEREPHTHALATE MARKET ANALYSIS
Key Takeaways from Analyst
Bio-based PET is witnessing high demand due to factors like rising environmental consciousness among consumers and stringent regulations regarding the use of plastics globally. Moreover, market players are actively investing in R&D to develop innovative and sustainable products using renewable feedstock.
High costs of bio-based PET resin as compared to conventional PET resin can hamper short-term market growth. Availability of substitute bio-plastics can also hamper the demand. Advancing technologies to lower production expenses and steady decline in prices of bio-based chemicals can offset these restraints.
Asia Pacific currently dominates the global bio-based polyethylene terephthalate market due to stringent regulations and presence of major players in these regions. However, Latin America is expected to emerge as the fastest growing regional market, owing to improving environmental sustainability initiatives by governments and manufacturers in countries like Brazil.
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