Rising awareness toward reducing greenhouse emissions in the manufacturing sector is expected to play a crucial role in shrinking the market for synthetic-based chemicals. As a result, manufacturing units operating in the automotive, construction, packaging, and electronics sectors are expected to promote the usage of biopolymers including bio-based PET over the forecast period.
Over the past few years, automotive manufacturers including Ford Motors, Nissan, and Toyota have not only been using bio-based polymers as lightweight materials to provide comfort to drivers but also to increase their carbon credits from regulators. For instance, Japan-based Teijin supplied bio-based PET fibers to Nissan in December 2012 for use in seats and interior trim surfaces of 100% electric Nissan LEAF vehicle.
Automotive companies are expected to reduce their reliance on metal and conventional plastic materials. The companies are more likely to use advanced engineered polymers and biologically derived plastics including bio-based PET. The above mentioned favorable trend in the automotive industry towards the usage of biopolymers is expected to remain a key driving force for bio-based PET industry over the projected period.
Germany bio-based PET market volume share, by application, 2015 (%)
Over the past few years, the European Union countries including Germany, the UK, and the Netherlands implemented numerous regulations aimed at reducing the usage of synthetically derived plastic bags on a domestic level. For instance, European Commission’s Horizon 2020 strategy, which is aimed at promoting the consumption and production of naturally derived chemicals over the next few years.
Similarly, in August 2014, the Thailand government approved a Soft-Loan Program worth THB100 billion (USD 3.1 billion) for promoting investments in the domestic bioplastics industry. The government support in the country is expected to play a crucial role in opening new avenues for manufacturers operating in biopolymer products including bio-based PET over the next nine years.
Several companies have been undertaking several initiatives to establish their presence in the global market in accordance with new governmental reforms across numerous countries. For instance, in January 2015, Anellotech and Suntory announced the establishment of 100% bio-based PET production unit in the U.S. by utilizing thermal catalytic biomass conversion technology (Bio-TCatTM). The technology is aimed at the conversion of biomass to BTX building blocks which are further processed to produce bio-based PTA. This is expected to be one of the promising strategic partnerships for producing 100% bio-based PET in the near future.
In June 2015, The Coca-Cola Company launched 100% bio-based PET by using Bio-PX. Bio-PX is sourced from Virent and is expected to act as a substitute to petroleum-based PTA over the next nine years. These aforementioned technological developments are expected to play a crucial role in increasing the market penetration of 100% bio-based PET over the next nine years.
In-depth report on global bio-based polyethylene terephthalate (PET) market by Grand View Research:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.