The bio-based polyethylene terephthalate market to grow to $8,682.6 million by 2023 from $3,917.4 million in 2017, at a healthy 14.7% CAGR between 2018 and 2023. Such plastic contains 70% purified terephthalic acid (PTA) derived from fossil fuels and 30% ethylene glycol derived from plant matter or biomass. This is why bio-based PET is fully biodegradable, recyclable, renewable, and compostable. Such bioplastics are answering the need for sustainable plastics, since mass-scale plastic recycling is yet to pick up and the demand for these materials is rising fast.
Moreover, bioplastics also last longer and offer better breathability, which is important for food products, to keep them fresh. All these advantages are encouraging plastic producers to invest in research and development (R&D) to come up with better bio-based PET and also produce more of it. In 2015, compared to synthetic plastics, only 1% bio-based plastic was produced, and by 2020, the production of the latter was targeted to reach 2.5%.
For instance, backed by extensive R&D, The Coca-Cola Company developed a fully recyclable PET bottle, named PlantBottle, containing 70% PTA and 30% plant-based PET, in 2015. This followed the creation of a green bottle from pine bark, switch grass, and corn husk by its biggest competitor, PepsiCo Inc., in 2011. Moreover, PepsiCo has plans to replace the PTA in its PlantBottle with plant material, to achieve 100% bioplastic material, and use oat hulls, orange peel, and other agricultural byproducts in such bottles.
Thus, with extensive R&D to keep GHG emissions in control and check plastic pollution, the usage of bio-based PET and other sustainable plastics will keep rising.
Read more: https://www.psmarketresearch.com/market-analysis/bio-based-pet-market
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