The global bio-based PET market revenue was around US$ 794.5 million in 2021 and is estimated to reach US$ 9470.3 million by 2030, growing at a compound annual growth rate (CAGR) of 31.7% during the forecast period from 2022 to 2030.
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Light Detection and Ranging (LiDAR) sensors are remote sensing technology that is used to measure distance and detect things. Autonomous vehicle sensors required for the development of autonomous vehicles are automotive LiDAR scanners. Additionally, a crucial part of autonomous vehicles is their LiDAR sensors, which give users a detailed 3D view of their surroundings.
Factors Influencing Market Growth
The rise in environmental deterioration concerns and the implementation of strong government environmental safety policies. These factors fuel the market growth.
Increases in the cost of several businesses, including the food and beverage sector, as well as rigorous regulations to decrease carbon emissions. Thus, it is anticipated to drive the market growth.
Bio-based materials, such as biofuels and bioplastics, are produced at a high cost. Thus, it hampers the market growth.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the market. Due to the government enacted a lockdown, the entire production process was delayed as a result of supply chain interruptions brought on by erratic transit, which increased the lead time of raw materials such as maize starch.
However, after the pandemic, governments in various nations changed their laws regulating single-use and disposable plastics to stop the virus from spreading.
Regional Insights
Asia-Pacific dominated the market in terms of shares. A major element driving the market expansion in the region is companies in India and China increasing their bio-derived PET production capacity. Cost increases across a range of industries, including the food and beverage industry, as well as strict restrictions aimed at reducing carbon emissions. As a result, market expansion is predicted to be driven by it. Additionally, heavy consumption of carbonated soft drinks and alcoholic beverages fuels the market in this region.
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Leading Competitors
The leading competitors in the global bio-based PET market are:
Amyris
Total Energies
Toyota Tsusho Corporation
TORAY INDUSTRIES INC
Anellotech Inc
Teijin Limited
Solvay
PTT Global Chemical Public Company Limited
ptt global chemical public company limited
Plastipak Holdings
Novamont S.p.A
NatureWorks LLC
M&G Chemicals
Kuraray Co Ltd
Indorama Ventures Public Company Limited
Gevo Inc
Biome Bioplastics
Braskem S.A
Daikin Industries Ltd
Others
Segmentation Analysis
The global bio-based PET market segmentation focuses on Application, End Use industry and Region.
Segmentation based on Application
Beverages
? Alcoholic
? Non-alcoholic
Sheet and Films
Consumer Goods
Food Packaging
Others
Segmentation based on End Use Industry
Packaging
Electrical and Electronics
Automotive
Others
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Bio-based PET Market Research Report Scenario includes:
>The report provides qualitative and quantitative trends of global Bio-based PET Market across type, type of products, service, and geography.
>The report starts with the key takeaways, highlighting the key trends and outlook of the global Bio-based PET Market.
>Provides the research methodology of the study.
>Further provides PEST analysis for each region.
>Highlights the key industry dynamics in the Bio-based PET Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
>Discusses the global Bio-based PET Market scenario, in terms of historical market revenues, and forecast till the year 2031.
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