The global bio-PET market is expected to witness a CAGR of over 11% during the forecasted period, majorly driven by growing popularity of bio-PET in food & beverage packaging, especially bottles, which is experiencing huge demand from global soft drink majors, like Coca-Cola and Pepsi Co.
Bio-PET (Polyethylene Terephthalate) is made of sustainable raw materials and is deemed to be less harmful than PET bottles made of raw materials derived from crude oil. Many people from developed nations, worldwide are voluntarily giving up the consumption of plastic bottles that are difficult to recycle, due to their harmful effects on environment in terms of greenhouse emissions. Bio-PET offers a sustainable alternative to these petroleum based ones and the government regulations that are drafted to reduce the greenhouse emissions are expected to favorably affect the Bio-PET market.
Bottles are the major application for PET and bio-PET is expected to be used largely in the manufacture of these bottles in the future. The demand for these bottles, especially from soft drink manufacturers, like Pepsi Co. and Coca-Cola is expected to hugely boost the bio-PET market. These companies are actively spending huge resources in the manufacture of bio-PET bottles and are doing their part in order to protect the environment.
The Asia-pacific is home to half of the population in the world and its consumption of PET bottles is in a huge scale. This region is expected to play a prominent role in the growth, in usage of bio-PET, as it is massively helps for the wide-scale acceptance of bio-PET in multiple applications like textile, packaging etc. The high cost of bio-PET is a deterrent or its wide acceptance in this region due to the cost conscious nature of the consumer. Major manufacturers are focusing on lowering the price of bio-PET, and the success in lowering the prices hugely affects the market shift towards bio-PET.
Major Players: Arkema, Exxon Mobil Corporation, Ford Motors, Coca-Cola Co., and PepsiCo, amongst others.
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