The global biobased plastic polyethylene terephthalate (PET) market is expected to reach 5,800 kilo tons by 2020, up from 650 kilo tons in 2013, — for a CAGR of 40.9 percent from 2014 to 2020 — according to a study by Grand View Research.
Volatile crude oil prices and growing sustainable packaging market have fueled bio-based PET market growth in packaging, automotive and electronic applications.
Growing GHG emission concerns have fueled demand for eco-friendly substitutes, which is expected to boost biobased PET market growth in the near future, the report says.
Companies such as Coca Cola, Heinz, Ford, Nike and Proctor & Gamble have formed the Plant PET Technology Collaborative, intended for development and use of 100 percent biobased PET in their product offerings. These developments are expected to provide new market opportunities over the forecast period.
In 2013, biobased PET was predominantly used for the packaging of carbonated soft drinks, accounting for more than 75 percent of market share. Growing beverage consumption in emerging markets of Brazil, Russia, India, China and South Africa is expected to drive bio based PET market growth.