PET Biomass Films Market – Lucrative Opportunities Across Globe
Biomass plastic is a plant-based raw material and can be utilized as sustainably as is allows a reduction in the use of fossil fuels. Polyethylene terephthalate (PET) is a material used for developing various types of flexible packaging. It is considered as the environmentally friendly material that aids in minimizing carbon dioxide emissions. Thus, with the development in the PET biomass films, it has become possible for manufacturers to provide biomass-based packaging material in all the areas of flexible packaging.
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The PET biomass films are composed of MEG (mono-ethylene glycol) derived from sugarcane ethanol and purified terephthalic acid from isobutanol-derived paraxylene. Due to its biodegradable nature and lightweight, it can be used for packaging of everyday items such as foods & beverages, standing refill pouches for consumer care products such as hair care. Therefore, raw materials made from biomass resources would be the key point which can boost the revenue growth of PET biomass films during the forecast period.
PET Biomass Films Market: Drivers and Restraints
Expanding demand for eco-friendly packaging, advancement in the bio refining technology as well as the production process, and stringent government regulations to promote the use of sustainable products in industries are the primary factor driving the growth of the global PET biomass films market. The rise in consumer awareness, as well as increasing crude oil and naphtha prices, support investment into biomass-based products.
Additionally, advanced features such as shock and temperature resistance, and ease of tearing are some of the prominent factors fueling the growth of the PET biomass films market over the forecast period. However, the high stretchable strength of polyethylene furanoate (PEF) and petroleum-derived PET served as an alternative to PET biomass films may limit the growth of the PET biomass films market during the forecast the period.
PET biomass films market revenue is expected to grow at a rapid growth rate, over the forecast period. The market is anticipated to perform well soon attributed to shifting of consumer focus towards green packaging, an alternative to fossil fuel resources such as oil, and growing demand for flexible packaging among various end user industries.
Additionally, use of new renewable material derived from sugarcane and other plants along with some biomass ratio are the factors that can propel the market revenue growth of PET biomass films in the near future.
Based on end user industry, foods and beverages segment is projected to lead the global PET biomass films market over the forecast period attributed to the fact that it protects them from oxidation along with extended the shelf life of the product. Mainly, PET is derived from the polymerization of petroleum based terephthalic acid and ethylene glycol. Thus, companies are a focus on developing biomass derived paraxylene by using isobutanol to produce sustainable low carbon packaging solutions for customers.
PET Biomass Films Market: Region-wise Outlook
Depending on the geographic region, the PET biomass films market is classified into seven key regions: North America, Eastern Europe, Latin America, Western Europe, Japan, Asia-Pacific, and the Middle East & Africa. Asia-Pacific is expected to be the leading markets in the global PET biomass films market followed by Europe, and Japan is owing to high research and development activities in the chemical and material domain, innovative manufacturing technology, and strategic partnership among prominent players to develop flexible packaging solutions for customers.
The market in Asia-Pacific is projected to have the fastest growth due to rising demand for environmentally friendly packaging primarily from India and China, growing concern of GHS emission, and the entrance of new players in the market. Moreover, increasing government activities to support the development of biomass-based polymers, and expanding distribution channel in emerging markets are some of the factors which are anticipated to rise the growth of PET biomass films market throughout the forecast period.
PET Biomass Films Market: Key Players
Some of the prominent players in the PET biomass films market are Avery Dennison Corporation, Dai Nippon Printing Co., Ltd., Virent Energy Systems, Inc., Gevo Inc., Avantium, Toray Industries, Inc., Mondi PLC, Toppan Printing Co., Ltd., Plastipak Holdings, Inc., Braskem S.A., and others.