The Global Bio-Based PET Market is spanned across five regions namely North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. North America is the leading region in the Global Bio-Based PET Market due to the high production and use of the product in the packaging of food products, medical products, and automotive. The U.S. Toxic Substances Act, Clean Water Act, and Clean Air Act are few of the initiatives taken by the Government to protect the environment and human health, thereby, increasing the demand for Bio-Based Polymers. Furthermore, the presence of National Association for PET Container Resources (NAPCOR) in the U.S. and Canada to promote PET packaging is anticipated to drive the global market during the assessment period.
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The Asia Pacific is anticipated to be the fastest growing region in the Global Bio-Based PET Market due to high demand for the product from the consumer goods, electronics, and automotive industries. The increasing demand for these products can be attributed to the changing lifestyle and the high disposable income. The increasing production and sales of lightweight and efficient electronics and automotive in Japan and China have augmented the market growth. The Chinese government has implemented the VOC control policies in the country to limit the CO2 emissions, which are likely to fuel the market growth over the next seven years.
Europe is the second largest region in the Bio-Based PET Market due to the increasing demand for the product from food & beverage, automotive, and pharmaceuticals industries in the region. The EU Commission has approved Reach to control the carbon emissions, which will boost the market growth.
The high availability of raw material such as corn and maize in Brazil and Mexico may increase the production of Mono-Ethylene Glycol, which may further drive the Global Bio-Based PET Market in Latin America.
Key Players:
Some of the Manufacturers Operating in the Global Bio-Based PET Market are Braskem (Brazil), Gevo, Inc. (U.S.), TEIJIN LIMITED (Japan), Anellotech, Inc. (U.S.), TORAY INDUSTRIES, INC. (Japan), Indorama Ventures Public Company Limited (Thailand), M&G Chemicals (Italy), NatureWorks LLC (U.S.), Novamont S.p.A (Italy), Plastipak Holdings, Inc. (U.S.), Amyris (U.S.), Toyota Tsusho Corporation (Japan), and others.
Segmentation:
The Global Bio-Based PET Market is segmented based on the raw material source, application, and region.
The raw material source to produce bio-based PET are sugar, molasses, and corn.
The Global Bio-Based PET Market is segmented based on the application as bottles, consumer goods, automotive, electronics, and others.
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