Global bio-PET market projected to grow at CAGR of 23.5% from 2014 to 2019

29-Jul-15

The global bio-polyethylene terephthalate market was valued at US$457.9 mln in 2014, and is projected to reach US$1317.5 mln by 2019, at a CAGR of 23.5% from 2014 to 2019, as per Research and Markets. Bio-PET is a thermosetting resin, manufactured from bio-based ethylene glycol. It is primarily used to manufacture packaging products such as bottles, consumer goods, food packaging, and others. Due to its superior properties in comparison to the petroleum-based products, there is an increasing demand of such materials among end-user industries, such as remodeling/ construction, automobile, and consumer goods. Rise in demand of bio-PET from varied industry verticals and increasing initiatives undertaken by companies to expand its bio-based product portfolio are factors contributing to the growth of global bio-PET market. The global bio-PET market is mainly segmented on the basis of application and geography. By geography, this market is classified into North America, Europe, Asia-Pacific, and rest of the world. North America dominates the global bio-PET market in terms of volume, by accounting for a share of 41.9% in 2014. The bottles application segment of this market accounted for a share of 95.2% in 2014. This growth is mainly attributed to the increasing demand for bottles among various industries, such as food & beverage, and medical among others