The global bio based polyethylene teraphthalate (PET) market is growing at the CAGR of 29.9% and will contribute US$73900 bln till 2022 as per Research and Markets.
The global bio based polyethylene teraphthalate (PET) market is sub segmented into applications and regional outlook. In application segment, market is divided into bottles, packaging, fibers, automotive, injection molding and others. Bottle and packaging segment dominates the application segment. The major rise in application of bio based PET is due to its lightweight and durable characteristic. PET is used as exterior as well as interior components of their automobiles which is expected to propel the bio-based PET application market growth over the forecast year.
Asia Pacific dominates the global bio based PET Market having around 35% of market shares, this dominance is expected to be in forecast year. India, China and Japan are the major countries in Asia Pacific region. Japanese government started an initiative related to green plastics; Japanese government has projected to target the consumption of around 20% of bio plastics by 2020. North America and European region have stringent rules and regulations towards standard PET usage, as it is harmful for the environment, which is boosting up this market in these regions. Rising crude oil prices is expected to boost market growth over the forecast year. Bio-based PET is manufactured from bio based products such as bacteria, regenerated cellulose, cornstarch and other organic products. Presently, bio-based PET contains around 35% bio-content.