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the base for a majority of the commercially-available bio-based PET . Large companies operating across industries have committed to develop and adopt 100 % bio-based PET products . This is fueling market growth . Growing popularity of biomass-derived chemicals is another favorable factor .
However , fall in crude oil prices could lead to higher demand for the conventional synthetic product . Moreover , bio-based PET faces threat of substitutes . Bio-based polyethylene furanoate ( PEF ) is light weight and has good tensile strength , rendering it a viable alternative for bio-based PET . Also , it requires lesser feedstock than bio-based PET , propelling its demand for bottles in food & beverage packaging .
The global bio-based PET market is segmented as per applications and regions . Bottles , consumer goods , and technical are the main application types . Bottles led the market in 2015 . Brands such as Coca-Cola and H . J . Heinz emphasize on using bio-based PET bottles for their products . Escalating worldwide consumption of carbonated soft drinks and alcohol should generate this segment ’ s growth in the forecast period . Regional fragments include North America , Europe , Asia Pacific , and RoW ( Rest of the World ). Asia Pacific , notably India and China , held the maximum market share in 2015 . North America regional market is projected to witness stupendous growth , at a CAGR of 40 % till 2024 . This region is more inclined towards green initiatives like sustainable packaging .
The bio-based PET market is characterized by stiff competition . Leading market players comprise Toray Industries , Toyota Tsusho , M & G Chemicals , & Plastipak Holdings . Anellotech , Virent , and Gevo are the major raw material vendors .
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