Bio-based PET Market - Global Industry Analysis, Forecast, 2013 – 2019

Bio-based PET Market - Global Industry Analysis, Forecast, 2013 – 2019

  • Submitted By: amyjames
  • Date Submitted: 07/08/2016 4:07 AM
  • Category: Business
  • Words: 1008
  • Page: 5

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Polyethylene terephthalate (PET) is primarily used is packaging applications of food and beverages. It is used to package water,
soft drinks, alcoholic beverages, and food among others. The demand for PET has been surging at a robust growth rate of more
than 9%, with its estimated global annual demand of more than 50 million tons per year. However as polyethylene terephthalate
is a downstream derivative of crude oil, the market is susceptible to the price volatility of crude oil.Moreover, the growing public
consciousness coupled with environmental sustainability factors has led to the development of bio-based polyethylene
terephthalate. Bio-based PET utilizes chemical intermediates which reduce the dependence on petroleum resources. Bio-based
PET is at a nascent stage in the market, and is commercially available as partially bio-based product. Most of the bio-based PET
available in the market is manufactured from bio-based ethylene glycol. However most of the market is still dominated by
traditional PET, utilizing fossil fuel, while bio-based PET accounts for about 40% of the global bio plastics production capacity.
The share of bio-based PET in bio plastics production is expected to rise astronomically in the foreseeable future.
Government initiatives have been undertaken to reduce carbon emission. The American Chemistry Council recently launched a

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