Bio-Based Polyethylene Terephthalate (PET) Market Trends, Company Share To 2020: Grand View Research, Inc.
Global bio based PET market is expected to reach 5,800 kilo tons by 2020, according to a new study by Grand View Research, Inc. Volatile crude oil prices and growing sustainable packaging market have fuelled bio-based PET market growth in packaging, automotive and electronic applications. Growing GHG emission concerns has fuelled demand for eco-friendly substitute, which is expected to boost bio-based PET market growth in the near future. Companies such as The Coca Cola Company, Heinz & Co., Ford Motors, Nike Co. and Proctor & Gamble have signed Plant PET Technology Collaborative (PTC), intended for development and use of 100% bio-based PET in their product offerings. These developments are expected to provide new market opportunities over the forecast period.
Bio-based PET was predominantly used for the packaging of CSD (Carbonated Soft Drinks), accounting for more than 75% of market share in 2013. Growing beverage consumption in emerging markets of BRICS is expected to drive bio based PET market growth. CSD marketing companies such as Coca-Cola are committed on promoting the use of bio-based PET in packaging, which is expected to have a major impact on market growth in the near future.
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