Fort Collins, Colorado, May 14, 2024 (GLOBE NEWSWIRE) --
The rise in demand for packaging solutions drives the industry growth.
The Bio-Based PET market is experiencing significant growth, primarily propelled by the increasing demand for sustainable packaging solutions. With the global packaging industry responsible for 36% of plastic waste, as the United Nations Environment Programme (UNEP) reported, there's a growing concern regarding the environmental impact of conventional fossil-based plastics. Bio-based PET, derived from renewable resources like sugarcane, corn, and cassava, presents a more environmentally friendly alternative to traditional petroleum-based PET. The European Bioplastics Association forecasts a substantial increase in global production capacity of bio-based plastics, from 2.42 million tonnes in 2022 to 7.59 million tonnes in 2026, with Bio-Based PET playing a significant role in this growth.
Additionally, the rising adoption of circular economy principles by governments and industries worldwide is another crucial driver of the Bio-Based PET market. The circular economy aims to minimize waste and maximize resource efficiency through recycling, reuse, and repurposing. Bio-Based PET aligns closely with these principles, derived from renewable resources and fully recyclable. Initiatives like the European Commission's Circular Economy Action Plan, which targets ensuring all plastic packaging in the EU market is reusable or recyclable by 2030, are expected to further drive the demand for Bio-Based PET as a sustainable and recyclable packaging material.
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Segmentation Overview:
The bio-based PET market has been segmented into application, end-use, and region.
Bottles were the largest application segment for bio-based PET.
- In 2023, bottles were the largest segment within the bio-based PET market by application. The beverage industry has been at the forefront of adopting Bio-Based PET as a sustainable packaging solution, driven by consumer demand for eco-friendly products and corporate sustainability goals.
Packaging accounted for a significant market share in 2023.
- In 2023, the packaging has been the largest sub-segment within the bio-based PET market by end-use. The packaging industry has been the primary driver of Bio-based PET demand as companies seek to reduce their environmental impact and meet consumer preferences for sustainable packaging solutions.
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Bio-based PET Market Report Highlights:
- The bio-based PET market growth is anticipated at a CAGR of 7.6% by 2032.
- The emerging markets have been encouraging the industry developments in the forecast period.
- The European market has been at the forefront of adopting sustainable packaging solutions, driven by stringent government regulations, consumer awareness, and corporate sustainability goals.
- Some prominent players in the bio-based PET market report include The Coca-Cola Company, Danone S.A., PepsiCo, Inc., Nestlé S.A., Anellotech, Inc., Gevo, Inc., Origin Materials, Inc., Virent, Inc., Toyota Tsusho Corporation, Braskem S.A., Avantium N.V., and Toray Industries, Inc.
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