Bio-based Polyethylene Terephthalate Market to Grow at a CAGR of 14.8% during Forecast Period | BlueWeave Consulting

Based on sales outlets, Asia-Pacific region is anticipated to maintain its leading position in the market for bio-based PET during the forecasted period. During the projected period, it is also anticipated to increase at the fastest rate. Key businesses in China and India expanding their bio-derived PET production capacity are a significant factor driving market expansion in the area. Additionally, the high use of alcoholic beverages and carbonated soft drinks in the area fuels the industry.


New Delhi, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Global Bio-based Polyethylene Terephthalate Market is flourishing owing to the growing utilization of bio-based PET across a range of industries, including packaging, automotive, electronics, textile, medicine and horticulture.

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Bio-based Polyethylene Terephthalate Market is projected to grow at a CAGR of 14.8%, earning revenues of around USD 12.4 billion by 2028. The expanding usage of bio-based PET in a variety of industries, including packaging, automotive, electronics, textile, medicine, and horticulture, is a key factor fueling the market's expansion. The rising use of eco-friendly products worldwide and strict environmental regulations supporting the use of bio-friendly products in businesses have led to a growth in demand for polyethylene terephthalate materials made from bio-based components. Furthermore, the Global Bio-based Polyethylene Terephthalate Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, fluctuation in raw material prices and the existence of alternatives, in turn, may act as a huge restraining factor for market growth.

Environmental Laws and Developments

Furthermore, the market players would benefit from profitable prospects during the forecast period of 2022 to 2029 due to the severe environmental rules that encourage the usage of bio-friendly goods in enterprises. Additionally, the market for bio-based polyethylene terephthalate (PET) will continue to increase as a result of technological advancements in the industry. This results in offering lucrative opportunities for the Global Bio-based Polyethylene Terephthalate Market during the forecast period (2022-2028).

Growing Usage in Several Industries

Because of its lightweight and biodegradable properties, bio-based polyethylene terephthalate is widely used in the packaging of food, cosmetics, pharmaceuticals, soft drinks, alcoholic beverages, and edible oils. It is also used in the production of bottles, construction materials, packaged goods, electronics, and automobile interiors. The market for bio-based polyethylene terephthalate (PET) is predicted to increase rapidly due to the increasing use of PET in a range of end-use industries. Furthermore, increased consumer preference for green packaging is expected to promote market expansion.

Request for Sample Report @ https://www.blueweaveconsulting.com/report/bio-based-polyethylene-terephthalate-market/report-sample

Challenge: Variable Raw Materials

The raw materials' overall cost is further inflated by the ambiguity surrounding their availability. The market for bio-based polyethylene terephthalate (PET) is expected to face obstacles as a result of fluctuating raw material costs, which affect the product's total cost structure. As a result, the market's growth rate is constrained by changes in the price of raw materials.

 

Segmental Coverage

Global Bio-based Polyethylene Terephthalate Market – By End-User

Based on end-user, the Global Bio-based Polyethylene Terephthalate Market is segmented into Packaging, Consumer Goods, Automotive, and Semiconductor Electronics. Among these, the packaging segment holds the largest market share. Furthermore, because bio-based polyethylene terephthalate is utilized in water packaging, sweet beverage packaging, fruit juice packaging, beer containers, food containers, and other applications, it is likely to maintain its dominance during the projection period. During the forecast period, all of these factors contribute to the growth of the Global Bio-based Polyethylene Terephthalate Market (2022-2028).

Please Visit the Press Release: https://www.blueweaveconsulting.com/press-release/bio-based-polyethylene-terephthalate-market-to-grow-at-a-cagr-of-14-8-during-forecast-period

Impact of COVID-19 on Global Bio-based Polyethylene Terephthalate Market

The current coronavirus outbreak harmed the biobased polyethylene terephthalate (PET) business. The market has suffered huge financial setbacks as a result of major disruptions in various manufacturing and supply-chain operations caused by various precautionary lockdowns imposed by governments to prevent disease transmission. Because the outbreak has significantly harmed the majority of people's general economic situation, consumer demand has decreased as they are now more focused on lowering non-essential expenses from their budgets. The aforementioned determinants are predicted to evaluate the market's revenue trajectory during the forecast period.

Competitive Landscape

The leading market players in the Global Bio-based Polyethylene Terephthalate Market are Torey Industries, PlatiPak Holdings, Origin Materials, Metabolix, Braskem, Virent Inc, Avantium, Cocacola, PepsiCo, Anellotech. The Global Bio-based Polyethylene Terephthalate Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

Don’t miss the business opportunity in the Global Bio-based Polyethylene Terephthalate Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Bio-based Polyethylene Terephthalate Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Bio-based Polyethylene Terephthalate Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.



Recent Development

  • In August 2021, NatureWorks expanded its operations by investing USD 600 Million to build a plant for biopolymers in Thailand. With the help of this bigger plant, the company will be able to integrate its production rate and distribution channel.
  • In February 2021, Coca-Cola, the world leader in the beverage industry, which also manufactures its plastic bottles, launched its new bottles which were made from rPET, the recycled PET which is 100% made from recycled PET. This step from Coca-Cola was taken by considering the sustainable operations of the company.

Scope of the Report

AttributesDetails
Years ConsideredHistorical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts CoveredRevenue in USD Billion
Product Service/SegmentationBy Application, By End-User, By Region
Key PlayersTorey Industries, PlatiPak Holdings, Origin Materials, Metabolix, Braskem, Virent Inc, Avantium, Cocacola, PepsiCo, Anellotech. 

By Application

  • Bottles
  • Foam
  • Pressure Sensitive Adhesive Tape
  • Substrate In thin Film Solar Cells
  • Cosmetics

By End-User

  • Packaging
  • Consumer Goods
  • Automotive
  • Semiconductor Electronics

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa



Please Find Below Some Related Report:

About Us 

BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.

Contact Us:

BlueWeave Consulting & Research Pvt. Ltd

+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

info@blueweaveconsulting.com
https://www.blueweaveconsulting.com/

https://www.linkedin.com/company/blueweaveconsulting/