Global Bio-based PET Market 2017-2021
About Bio-based PET
Bioplastics are plastics derived from renewable biomass sources such as corn starch, vegetable fats and oils, and microbiota. They (bioplastics) can be produced from agricultural by-products, used plastic bottles, and containers using microorganisms. Conventional plastics, such as fossil-fuel plastics (also known as petroleum-based polymers) are derivatives of petroleum or natural gas. Compared with the manufacturing of bio-based polymers (bioplastics), these plastics require large amounts of fossil fuels and lead to high greenhouse gas emissions.
Technavio’s analysts forecast the global bio-based PET market to grow at a CAGR of 25.20% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global bio-based PET market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Bio-based PET Market 2017-2021
Technavio recognizes the following companies as the key players in the global bio-based PET market: GEVO, Nestlé, PepsiCo, THE COCA-COLA COMPANY, and Toyota Tsusho Corporation.
Other Prominent Vendors in the market are: Anellotech, Danone, M&G Chemicals, Plastipak Holdings, TORAY INDUSTRIES, and TEIJIN LIMITED.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is reduction in rigid packaging waste. Post-consumer packaging waste in Europe and the Americas varies according to the legislation and available infrastructure for collection and recovery of particular wastes. According to the Packaging and Packaging Waste Directive, around 65% of all the packaging used in the European Union (EU) should be recovered. However, around 43%, i.e.,10 million tons of post-consumer plastics are buried and incinerated. The European waste legislation aims at achieving sustainability in Europe.”
According to the report, one driver in the market is strategic alliances and collaborations. Market players collaborate and form alliances for the development of innovative products, manufacturing processes, and technologies. These collaborations are expected to overcome market restraints during the forecast period. Strategic alliances and collaborations among the world’s largest manufacturing companies of bio-based PET and raw material providers have led to market growth in the recent few years. Companies are increasingly switching to bio-based plastic materials and investing in technologies to ensure sustainable product development.
Further, the report states that one challenge in the market is high price and shortage of raw materials. Bio-based products are assessed on strategic performance and technical performance. Bio-based plastics are usually costlier than the traditional materials. Companies face supply chain challenges when they switch raw materials. Multinational brand owners such as THE COCA-COLA COMPANY, Nestlé, PepsiCo, Danone, Ford Motor Company, Mazda, Toyota, Procter & Gamble, AT&T and other companies use bioplastics in their products or packaging. Companies are willing to pay a high price for technical-grade bioplastics.
GEVO, Nestlé, PepsiCo, THE COCA-COLA COMPANY, and Toyota Tsusho Corporation, Anellotech, Danone, M&G Chemicals, Plastipak Holdings, TORAY INDUSTRIES, and TEIJIN LIMITED.