The market for polyethylene furanoate films is expected to grow at a CAGR of around 9.8% from 2020 to 2027 and expected to reach the market value of around US$ 412.2 Thousand by 2027.
Polyethylene Furanoate (PEF) is a bio-based polymer developed in 2000 particularly with the intention to replace the plastic industry's giant polyethylene terephthalate (PET). It's a 100% recyclable bio-based polymer produced using renewable raw materials (sugars) derived from plants. Moreover, its aromatic polyester made of ethylene glycol and is a chemical analogue of polyethylene terephthalate (PET) and polyethylene naphthalate (PEN). PEF has gained extensive growth in recent past years due to its high barrier properties to oxygen and carbon dioxide. It can also be integrated with the recycled PET bottles for further use in the packaging of beverages such as water, soft drinks, and fruit among others.
The increasing demand for packaged food, snacks, and ready-to-eat meals products is supporting market growth. Growing demand for sustainable packaging applications coupled with favorable regulations related to the use of bio-based materials is expected to bolstering the market growth. Government initiatives against the usage of synthetic polymers in several countries, such as the U.K., China, the Netherlands, Japan, and the US are further supporting the demand for bio-based materials. The increasing environmental concerns due to continuous degradation are further supporting the demand and usage of Polyethylene Furanoate films in the global market. The market is also gaining pace due to the increasing demand for PEF film-based pouches and laminations due to their high tensile strength and excellent oxygen barrier capacity.
Furthermore, the ongoing research & development activities in order to expand industrial applications over the forecast period are further projected to create potential opportunities over the forecast timeframe.
Polyethylene Furanoate Films are sued in various industry verticals including food, electronics, and pharmaceuticals among others. Scientists in the construction industry are researching the usage of PEF films in roofing, water shielding, wall lining, and window flashing. Additionally, the usages are likely to increase in LED and OLED displays in near future. The rising development of bio-based transparent conductive film comprised of silver nanowires for flexible optoelectronic devices is further projected to create potential growth. The demand is also projected to witness major growth in solar panels applications due to its high thermal stability and low melting temperature. The ongoing investment in R&D activities by major players in order to take advantage of available opportunities in the market is supporting the market growth.
Packaging is leading the market with maximum revenue share
By application, the packaging is the leading segment in the polyethylene furanoate film market. The increasing demand for packaged food products is supporting segmental market growth. The increasing discretionary income of people in emerging economies is bolstering the regional market value. The rising awareness about the bio-based material properties due to favorable initiatives by the government and companies is further boosting the market growth.
Asia Pacific led the Polyethylene Furanoate Films Market in 2019
In 2019, Asia Pacific along with its major economies is leading the polyethylene furanoate film market with maximum share (%) in terms of revenue (US$ Mn). The developing economies are experiencing major growth in the packaging market. The increasing disposable income coupled with the increasing spending power of people is bolstering the market growth. The rising awareness about bio-based products in the region is contributing to the regional market value. The increasing investment by major players in the emerging economies of the region is further bolstering the regional market value. Additionally, the region is also projected to exhibit the fastest growth with a major CAGR (%) throughout the forecast timeframe from 2020 to 2027.
Key Market Players
The players profiled in the report include Avantium Technologies B.V. (Canada), Danone S.A. (France), The Coca-Cola Company (US), Toyobo Co., Ltd. (Japan), Alpla (Austria), and others. The major market players were involved in mergers and acquisitions, partnerships & collaborations, and new product development for the expansion of market share.
Market By Application
Market By End-use
Market By Geography
Middle East & Africa
The market for polyethylene furanoate films is expected to reach a market value of around US$ 412.2 Thousand by 2027.
The polyethylene furanoate films market is expected to grow at a CAGR of around 9.8% from 2020 to 2027.
The increasing demand of packaged food, snacks, and ready-to-eat meals products, growing demand for sustainable packaging applications coupled with favorable regulations related to the use of bio-based materials, Government initiatives against the usage of synthetic polymers in several countries, and the increasing environmental concerns due to continuous degradation are some of the factors driving the market growth.
Avantium Technologies B.V. (Canada), Danone S.A. (France), The Coca-Cola Company (US), Toyobo Co., Ltd. (Japan), Alpla (Austria), and others are the prominent players in the market.
Asia Pacific held the highest market share in the Polyethylene Furanoate Films market
Asia Pacific is expected to be the fastest growing market over the forecast period
The polyethylene furanoate films market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).