Asia Pacific Bio-based Pet Market Forecast 2017-2025
The Asia Pacific Bio-based pet market is expected to grow from $ 1418 million in the year 2016 and is expected to reach $8024 million in the year 2025, with a CAGR of 21.27%. Unstable crude oil prices, rising utilization of sustainable packaging, consumer favoring bio-based plastic products over conventional petroleum-based plastic products are the key factors driving the growth of the market.
The bio-based pet market is segmented by application on the basis of bottles, packaging, automotive, fibers and others. Irregular supply of feedstock, lack of cultivable land and easy availability of alternate products are restricting the growth of the market. Supportive government regulations, hazardous nature of conventional plastics, increasing production activity and rising government support in the Asia-pacific region are some of the factors that may open up new doors for the bio-based pet market. The presence of alternative biopolymers and industrialization and urbanization leading to the conversion of agricultural land into the industrial area are the challenges faced by the bio-based pet market.
Major players in the bio pet market are Braskem, Dak America, Indorama Ventures, M&G Chemicals, Novamont S.p.A, Teijin Limited, Tianjin Greenbio Materials, Toray Industries, Toyota Tsusho, BASF, Avantium Technologies, Gevo Inc, Du Pont, Plastipak Packaging Inc and Lotte Chemical.