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Bio based PET - MARKET ADVISORY SERVICES
Bio-based PET is a biomass-derived fully recyclable, biodegradable, compostable, and renewable bioplastic material.
The material is composed of 30% plant-derived ethanol glycol and 70% fossil-derived terephthalic acid (TPA).First of all the reason for growth of Bio based PET market is that bioplastics, increasing research and development (R) activities by key players in the packaging industry, and rising environmental issues caused by synthetic PET products.
Second growing concerns regarding greenhouse gasses coupled with the emergence of bioplastics as an alternative in the packaging and automotive industry are expected to play a major role in driving growth in the near future.
Furthermore, increasing importance of sustainable packaging, especially in China and India, is expected to have a positive impact on market demand over the few years.
In 2017, the market size of Bio-based PET is 5000 million US$ and it will reach 7980 million US$ in 2023, growing with a CAGR of 10% from 2017.
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