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.
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.
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.
The leading competitors in the global bio-based PET market are:
Toyota Tsusho Corporation
TORAY INDUSTRIES INC
PTT Global Chemical Public Company Limited
ptt global chemical public company limited
Kuraray Co Ltd
Indorama Ventures Public Company Limited
Daikin Industries Ltd
The global bio-based PET market segmentation focuses on Application, End Use industry and Region.
Segmentation based on Application
Sheet and Films
Segmentation based on End Use Industry
Electrical and Electronics
Segmentation based on Region
Rest of Western Europe
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America