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.
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.
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.
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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.
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