In 2019, the global polyethylene furanoate (PEF) market was worth USD 27.1 million. It is projected to grow at a 6.6% compound annual growth rate (CAGR), between 2020 and 2027. The market for polyethylene furanoate will grow over the forecast period due to increasing demand for bio-based solutions in the packaging sector and growing consumer awareness. Growing concerns about toxic issues related to and petrochemicals have prompted the development of biobased polymers. The government regulations restricting the use of petro-based plastics in certain applications (e.g. Food Packaging) and in medical devices are expected to encourage further production.
PEF has superior properties to Polyester Terephthalate (PET), such as a better gas and moisture barrier and a lower melting point. PEF can replace PET in terms of its properties and manufacturing cost when it is produced on a large-scale.
PEF is used in three main forms: bottles, films and fibers. PEF is used in the production of flexible and rigid packaging solutions for various industries such as food, beverages, pharmaceuticals, and consumer goods. It's also used to make clothing, textiles, fabrics, diapers, cloths, and filters .
The coronavirus pandemic, which has affected consumer purchasing behavior and preferences when it comes to choosing products and services, is also a major factor. The environmental impact, recyclability and time it takes for products to decompose in landfills is something consumers are more aware of. Customers will be more likely to choose products made of bio-based or recyclable plastics than conventional plastics.
In 2019, the bottles segment accounted for over 75.0% of global revenue. This is due to the growing demand for packaging applications such as food and beverages, personal and care packaging, films, sheets and household care product packaging.
The rising awareness of sustainable packaging by consumers, combined with increasing landfill regulations around the world, particularly in Europe, has compelled manufacturers to use biobased and recyclable plastics as packaging. The ban on single-use plastics is a major driver of demand for PEF in the bottle application segment.
Flexible Packaging will be a key contributor to the market's growth over the forecast period. Flexible packaging offers sustainable, environmentally-friendly packaging solutions to a wide range of non-food and food industries. It reduces packaging material and produces less waste than traditional flexible packaging. This packaging is a sustainable option for many eco-friendly businesses as it uses less natural resources and takes less transit time.
Market growth in the packaging sector has been moderately affected by the COVID-19 epidemic. Due to various governments' lockdown and halting industrial production, the demand for packaging for healthcare, retail, and ecommerce has increased rapidly, while demand for industrial, luxury, and some B2B packaging has fallen.
PEF fibers have superior properties than PET and can be used to replace PET. PEF fibers can also be used to make carpets and clothing fabrics.
Asia Pacific dominated the market, accounting for over 45.0% of global revenue in 2019. Market growth is expected to be positive due to the shift in production of biodegradable materials toward emerging economies like China and India.
COVID-19 is expected to negatively impact Asia Pacific's growth in the PEF market, as there is very little cross-border trade between the economies. Due to the increasing demand for processed and packed food as well as the growing popularity of e-commerce, the region's demand for PEF is driven by the end-use industries such as medical and food and beverage.
Europe is the second largest consumer of polyethylene furanoate. This is due to a variety of factors including the growing environmental awareness among consumers, strict environment-friendly laws and increased R&D investments by both private and public organizations in bio-based, completely recyclable plastics. The forecast period will also see an increase in demand for PEF due to government initiatives, such as the EU's decision to reduce single-use plastic product consumption by approximately 90% by 2021.
The main reason for an increase in PEF consumption is the increasing demand in countries like the UAE, Saudi Arabia, South Africa. This is due to the growing demand for bio-based, completely recyclable plastics in end-use industries such as packaging and agriculture. The market will be driven by strict government regulations and the ban of single-use plastics over the forecast period.
PEF manufacturing companies are involved in the development of new processes and technologies. They also license those technologies to other companies to gain competitive advantage in the PEF market. Avantium, for example, has developed YXY technology to produce FDCA (the main component in the manufacture of PEF). In collaboration with the European Union, Avantium launched a project called "PEFerence" to improve the supply chain for FDCA as well as PEF. The following are the major players in the global market for polyethylene furanoate:
Up Market Research published a new report titled “Polyethylene Furanoate Market research report which is segmented by Application (Fibers, Bottles, Films), By Players/Companies Danone SA, Toyobo Co, Alpla, Ltd, Avantium Technologies BV, The Coca-Cola Company”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Polyethylene Furanoate Market Research Report |
By Application | Fibers, Bottles, Films |
By Companies | Danone SA, Toyobo Co, Alpla, Ltd, Avantium Technologies BV, The Coca-Cola Company |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 225 |
Number of Tables & Figures | 158 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (Fibers, Bottles, Films).
Polyethylene Furanoate Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Polyethylene Furanoate Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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