Polyethylene Terephthalate (PET) molecule comprises of two elements, which are terephthalic acid and monoethylene glycol, also called MEG. A PET molecule is made up of 70% of terephthalic acid and 30% of MEG, however in bio-based PET, the ethanol is derived from renewable sources such as sugarcane which is followed by the fermentation process and provides plant derived MEG, thus producing bio-based PET. Bio-based PET was commercialized and produced from 2010, for engineering and semi-engineering applications such as automotive, packaging, construction and others. The introduction of bio-based PET has helped to solve various waste problems in the marine fishery, agricultural, packaging industry and construction industries, among others. Owing to these factors the bio-based PET market is expected to attract major traction in the forecast period.
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Some of the major factors driving the global bio-based PET market include rising greenhouse gas emissions, restrictions on usage of plastic packaging, increasing demand for sustainable lightweight and environment friendly material in automotive industry. Various government regulations against GHG emission is expected to accelerate the growth of bioPET. In 2015, The Green Growth and Energy Transition Law stated to reduce 25% of GHG emission by 2025 and reduce the use of nuclear and fossil fuels by diversification of energy supply across Europe. However, a major restraint for the bio-based PET market is the introduction of polyethylenefuranoate (PEF) which may hamper the growth of bio-based PET market. Companies such as Avantium and Coca-Cola came together in 2011, to produce 100% bio-based polymer which is polyethylenefuranoate (PEF) owing to its better stability and glass transition temperature, which is expected to substitute bio-based PET in the coming years, which in turn is expected to hinder the growth of bio-based PET market during the forecast period.
Among regions, Asia-Pacific is expected to have the largest traction for the bio-based PET market during the forecast period due to factors such as high consumption rate of alcohol, carbonated soft drinks and rising utilization of sustainable packaging. According to UN Social Commission for Asia and the Pacific (ESCAP) trade insights report on January, 2018, the consumption of alcohol is 4.29 litres per capita in Asia Pacific which is followed by Europe, thus creating a huge market for the bio-based PET market in Asia-Pacific. Furthermore, various plastics regulations were introduced in ASEAN countries by various boards such as Thai Bioplastics Industry Association (TBIA) and National Innovation Agency (NIA) among others which is expected to implement various laboratory test and certifications to plastics manufacturers and other industries.
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Key players operating in the field of bio-based PET market include The Coca-Cola Company, Toyota Tsusho Corporation, Teijin Limited, Toray Industries Inc., Gevo Inc., and M&G Chemicals among others.
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