Bio Based Polyethylene Terephthalate Market to Grow at a CAGR of 14.8% during Forecast Period
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Bio-based Polyethylene Terephthalate Market is projected to grow at a CAGR of 14.8%, earning revenues of around USD 12.4 billion by 2028. The expanding usage of bio-based PET in a variety of industries, including packaging, automotive, electronics, textile, medicine, and horticulture, is a key factor fueling the market's expansion. The rising use of eco-friendly products worldwide and strict environmental regulations supporting the use of bio-friendly products in businesses have led to a growth in demand for polyethylene terephthalate materials made from bio-based components. Furthermore, the Global Bio-based Polyethylene Terephthalate Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, fluctuation in raw material prices and the existence of alternatives, in turn, may act as a huge restraining factor for market growth.
Environmental Laws and Developments
Furthermore, the market players would benefit from profitable prospects during the forecast period of 2022 to 2029 due to the severe environmental rules that encourage the usage of bio-friendly goods in enterprises. Additionally, the market for bio-based polyethylene terephthalate (PET) will continue to increase as a result of technological advancements in the industry. This results in offering lucrative opportunities for the Global Bio-based Polyethylene Terephthalate Market during the forecast period (2022-2028).
Growing Usage in Several Industries
Because of its lightweight and biodegradable properties, bio-based polyethylene terephthalate is widely used in the packaging of food, cosmetics, pharmaceuticals, soft drinks, alcoholic beverages, and edible oils. It is also used in the production of bottles, construction materials, packaged goods, electronics, and automobile interiors. The market for bio-based polyethylene terephthalate (PET) is predicted to increase rapidly due to the increasing use of PET in a range of end-use industries. Furthermore, increased consumer preference for green packaging is expected to promote market expansion.
Challenge: Variable Raw Materials
The raw materials' overall cost is further inflated by the ambiguity surrounding their availability. The market for bio-based polyethylene terephthalate (PET) is expected to face obstacles as a result of fluctuating raw material costs, which affect the product's total cost structure. As a result, the market's growth rate is constrained by changes in the price of raw materials.
Global Bio-based Polyethylene Terephthalate Market – By End-User
Based on end-user, the Global Bio-based Polyethylene Terephthalate Market is segmented into Packaging, Consumer Goods, Automotive, and Semiconductor Electronics. Among these, the packaging segment holds the largest market share. Furthermore, because bio-based polyethylene terephthalate is utilized in water packaging, sweet beverage packaging, fruit juice packaging, beer containers, food containers, and other applications, it is likely to maintain its dominance during the projection period. During the forecast period, all of these factors contribute to the growth of the Global Bio-based Polyethylene Terephthalate Market (2022-2028).
Impact of COVID-19 on Global Bio-based Polyethylene Terephthalate Market
The current coronavirus outbreak harmed the biobased polyethylene terephthalate (PET) business. The market has suffered huge financial setbacks as a result of major disruptions in various manufacturing and supply-chain operations caused by various precautionary lockdowns imposed by governments to prevent disease transmission. Because the outbreak has significantly harmed the majority of people's general economic situation, consumer demand has decreased as they are now more focused on lowering non-essential expenses from their budgets. The aforementioned determinants are predicted to evaluate the market's revenue trajectory during the forecast period.
The leading market players in the Global Bio-based Polyethylene Terephthalate Market are Torey Industries, PlatiPak Holdings, Origin Materials, Metabolix, Braskem, Virent Inc, Avantium, Cocacola, PepsiCo, Anellotech. The Global Bio-based Polyethylene Terephthalate Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
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