The Bio-Based Polyethylene Terephthalate market was valued at US$ 1,883.5 Million in 2016, according to Bio-Based Polyethylene Terephthalate Market, by Application (Bottles, Bags, 3D Printing, Foils and Fibers, Carpets and Others), By End-Use Industry (Packaging, Automotive, Textile and Others), published by Coherent Market Insights. The bio-based polyethylene terephthalate market is projected to reach US$ 7,116.3 Million by 2025, exhibiting a CAGR of 16.1% during the forecast period.
Rising initiatives taken up by the regulating bodies in the adoption of sustainable packaging to reduce carbon footprint combined with increasing research and development activities for manufacturing of 100% bio-based polyethylene terephthalate bottles is one of the major factors driving growth of the market. For instance, The Coca Cola Company developed the first 100% bio-based polyethylene terephthalate (PET) bottle in 2015, based on technology developed by biofuels and biochemical company Virent Inc. Moreover, increasing use of bio-based PET in the automotive sector due to the lightweight and environment friendly qualities, is expected to boost the demand for the same further.
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The major players operating in the global bio-based polyethylene terephthalate market include, Toray Industries Inc., The Coca-Cola Company, Teijin Limited, Toyota Tsusho Corporation, Anellotech Inc., Gevo Inc., Plastipak Holdings Inc., Virent Inc. and Ford Motor Company.
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